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Old 09-12-2012, 06:35 PM   #1
westjones
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Recent College Grad Salary vs Debt?

Just wondering if anyone is willing to share information on people they know who just recently graduated college and tell us:

1. How long did it take to find a job?
2. What was their starting salary?
3. How much college debt do they have?

Just curious as to what is going on at the other end of college. I have twins who just started college last month, and all of this discussion about college cost and debt and what to expect makes me wonder why is going on for those who just graduated.

Thanks
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Old 09-12-2012, 06:46 PM   #2
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I was an "older" graduate in 2009. I have my BSN in nursing. I don't know that my experience with be as helpful because my life circumstances were quite different from the average college student (married, became pregnant during college, husband was unemplyed most of that time, took 5 years to fininsh my 4 year degree, was already employed at the place that hired me as a RN- so the time I had already worked counted towards seniority raises, low cost of living area... etc). But here it is....

1. I worked as a SNA (student nurse associate- similar to CNA) at the hospital prior to becoming a RN. I just transitioned into a department and was hired before passing boards.
2. Starting salary was configured on time already spent on the job. Sign on bonus of $2500. I also get shift differential for nights and weekends. I made about $40,000/ year coming out of school and was up to $50,000/year six months after.
3. I had a lot of loans because it was really our main income for 3 years. Five years of school- $35,000 in loans.
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Old 09-12-2012, 06:49 PM   #3
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My DD23 graduated in 2010 with no college debt and was hired from her first interview, in the Admissions Department of her college. So she had a job waiting at graduation, but it was a temporary, one year position, although it did have benefits. She was offered a full time job after her first year, and has since received another promotion. So from full time temporary to full time permanent to a promotion in two full years - she just began her third year of paid work August 16.

She was a double major in English and Spanish, btw.

I'd rather not reveal her salary but she is making 7K more per year than her starting salary. She is completely financially independent except for a gift Sirius radio account. She lives in a smaller city with a lower cost of living and is able to save money from her paycheck each month.

She had no college debt and she has no car payments since I allowed her to trade in her used car (also purchased by me) for a new car and gifted her the amount due as a college graduation present.

Also, I paid all her personal expenses during high school and college and allowed her to save all of her earnings from babysitting and part-time school year and summer jobs. That is the only way she was able to accumulate a nest egg of several thousand dollars, which I felt was more important for her long term financial security.
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Old 09-12-2012, 07:00 PM   #4
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I was actually thinking about this the other day. Of her high school friends, three of the girls found jobs and went to work right away or within six months, and two went to grad school for a year. Both of the grad school students had a "year off" from real world responsibilities - one essentially traveled with a boyfriend (and had family financial backing_ for a year, then went to grad school and has just graduated. I don'' know if she's found a job yet and how long her family will support her not working, or if she is being supported solely by the boyfriend. I don't think so but I don't know really.

The other girl went straight to grad school, found a crappy job in a crappy school system, worked for a month and hated it so much that she quit and went to work in a retail store owned by her family. I don't know if she plans to pursue that field (education) or not - she is now engaged so maybe she will work at her family's business or maybe she won't work at all.

The other three including DD all work full time and I think one has some student loan debt. I think only one of them is still receiving financial help from home and that is due to some medical issues she has that are ongoing and which can't be dealt with on an entry level salary and health insurance policy.
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Old 09-12-2012, 07:14 PM   #5
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Well it is good to hear that many are finding jobs shortly after graduating.
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Old 09-12-2012, 07:28 PM   #6
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No one can know what the job market will be like in 4 years (if your kids graduate on time). It might be completely different than it is today. Also, there are far too many variables to consider. Someone graduating at the top of their class from an elite university with a marketable degree is likely to find employment more easily than someone who squeaked by at a low level college with a sociology degree.
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Old 09-12-2012, 07:37 PM   #7
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I have a history degree. I didn't look for a job right away (got married, moved, got pregnant, had baby, got cancer, had another baby). I haven't been able to find a decent job yet, but I'm not living in a good area for my major either (had originally planned to do museum work in the DC area). I have $40,000 in student loans (parents made too much for any free financial aid and I had all unsubsidized loans).

I'm going back for an accounting degree as it seems to be much easier to find a job in that field. Luckily my husband makes enough to support our family, pay my student loans and for us to have a life.
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Old 09-12-2012, 07:53 PM   #8
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DD:
2 offers within 3 weeks of graduating this past May
Higest offer was 1350.00 per week
her debt is about the same as a Nissan 370 Z
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Old 09-12-2012, 07:54 PM   #9
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DS23 graduated in March and had 2 solid job offers even before he graduated. His degree is in business (logistics) and the business dept at his university has an amazing career services office and DS took advantage of all they offered.

Starting salaries were in the 45 - 52K range with full benefits. He owes about $24,000 in student loans, but has plans to pay them off in 5 years. I'm pleased to say that he is totally self-sufficient now - pays all of his expenses.
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Old 09-12-2012, 08:54 PM   #10
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Quote:
Originally Posted by Bearvet View Post
DS23 graduated in March and had 2 solid job offers even before he graduated. His degree is in business (logistics) and the business dept at his university has an amazing career services office and DS took advantage of all they offered.

Starting salaries were in the 45 - 52K range with full benefits. He owes about $24,000 in student loans, but has plans to pay them off in 5 years. I'm pleased to say that he is totally self-sufficient now - pays all of his expenses.
Sounds wonderful! You must be really proud. And I also paid off my loans early by making double payments. It helps to get them out of the way.
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Old 09-12-2012, 09:58 PM   #11
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My 23 year old son graduated in in Dec of 2011 from a concurrent BS/MS program in aerospace engineering. He had interned between his senior year and the last semester of his program at a major defense contractor and had a full time job before he got his diploma. Salary over 75K to start. 13K in student loan debt.
My 27 year old son will be hooded for his doctrate in physics in May-he also already has a job in finance of all things-at about 5 times what his brother makes-and his first pay check will clear his student loan debt.
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Old 09-12-2012, 10:08 PM   #12
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Quote:
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My 23 year old son graduated in in Dec of 2011 from a concurrent BS/MS program in aerospace engineering. He had interned between his senior year and the last semester of his program at a major defense contractor and had a full time job before he got his diploma. Salary over 75K to start. 13K in student loan debt.
My 27 year old son will be hooded for his doctrate in physics in May-he also already has a job in finance of all things-at about 5 times what his brother makes-and his first pay check will clear his student loan debt.
That is wonderful. At least some recent graduates are doing well. The ones I know known around here seem to be having trouble getting that first job. So it is good to hear there are some recent graduates doing well.
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Old 09-12-2012, 10:52 PM   #13
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Originally Posted by jsmith View Post
My 23 year old son graduated in in Dec of 2011 from a concurrent BS/MS program in aerospace engineering. He had interned between his senior year and the last semester of his program at a major defense contractor and had a full time job before he got his diploma. Salary over 75K to start. 13K in student loan debt.
My 27 year old son will be hooded for his doctrate in physics in May-he also already has a job in finance of all things-at about 5 times what his brother makes-and his first pay check will clear his student loan debt.
So brother makes $75k
And other brother will make 5x as much.....$375k -To START ?
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Old 09-12-2012, 11:17 PM   #14
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Quote:
Originally Posted by westjones View Post
Just wondering if anyone is willing to share information on people they know who just recently graduated college and tell us:

1. How long did it take to find a job?
2. What was their starting salary?
3. How much college debt do they have?

Just curious as to what is going on at the other end of college. I have twins who just started college last month, and all of this discussion about college cost and debt and what to expect makes me wonder why is going on for those who just graduated.

Thanks
1. I graduated with an M.S. in Communication Disorders and Sciences in 2010. I had a contract signed about 4 months before graduation.

2. Started at $52,000 and got a $5000 raise this year. This is based on a 185 day school contract. I can choose to have lots of time off, or take a second job in the summers teaching summer school or working in a nursing home.

3. $100,000 I'm on the income based repayment plan, because student loans are forgiven after 10 years of public employment. My current payment is $0 per month, but it will go up each year.
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Old 09-13-2012, 12:35 AM   #15
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Quote:
Originally Posted by tasha99 View Post
1. I graduated with an M.S. in Communication Disorders and Sciences in 2010. I had a contract signed about 4 months before graduation.

2. Started at $52,000 and got a $5000 raise this year. This is based on a 185 day school contract. I can choose to have lots of time off, or take a second job in the summers teaching summer school or working in a nursing home.

3. $100,000 I'm on the income based repayment plan, because student loans are forgiven after 10 years of public employment. My current payment is $0 per month, but it will go up each year.
My dd (junior in high school) is interested in this field-we have just started looking around for different schools and programs. It seems like it's a five year program so you get a bachelor's and a master's? I think at the same school is that right? Thanks for any info!
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