$110,000 in Debt (college)

[klacey1]

She did lots of things right. She spent the first two years at a Community College. When she went to school and spent $100k - she did it at a school that was excellent for her field of study - you'd be surprised how many people drop that much money for private schools without good reputations for their fields. She majored in something where it is possible to get a job in the field with a B.A. (although she probably still wants a Masters) - not something like English Literature.

Hey, not fair! I graduated with a B.A. in English (fairly recently) and have a great job that I love and pays the bills!

 

[crisi]

Hey, not fair! I graduated with a B.A. in English (fairly recently) and have a great job that I love and pays the bills!

Is your job in the field of English Literature?

My first degree is Art History - and I made a lot of money - as an IT Systems Adminstrator.......

 

[JoiseyMom]

All that being said, I still stand by my observation that she is spoiled. She blames the American Private Education System, that is certainly not to blame. Competition in higher education is a good thing - more choices, more options, and schools competing for talent - this is all good! Her lack of perspective and personal responsibility is to blame for her situation.

Again, not spoiled. If she was spoiled, then mommy and daddy would have paid for her college out right. Or co-signed all her loans and paid them off, and gotten her a new car and a new house to live in. And she wouldn't be in the financial spot she is in now. That is spoiled.

Being 20, and having a dream school and unrealistic expectations, and not understanding the consequences of your actions, doesn';t make you spoiled, it makes you uniformed and immature. It means you realize your mistakes when you get older, and tell other people, hey, I screwed up, I made mistakes...don't do what I did!!

 

[Juliet25]

I agree with PPs that too many SAHMs think it's their right to stay home, regardless, even when it damages the family finances.

I've been a parent for 8+ years and I've met lots of SAHM. None of them possess this entitlement mentality. Most, if not all, of the SAHM I know have money-making projects (e.g., Etsy, eBay, tutoring, etc.) on the side.

 

[fortwildernessishome]

I've been a parent for 8+ years and I've met lots of SAHM. None of them possess this entitlement mentality. Most, if not all, of the SAHM I know have money-making projects (e.g., Etsy, eBay, tutoring, etc.) on the side.

I agree with you. Some of the comments about SAHM's a few pages back were puzzling at best. However, as I always say, to each their own!!!!

 

[ShanPooh]

your summary is spot-on...soon we will be reading why there aren't *snowflake* scholarships.

In my children's school, that would be called a minority scholarship.

Latino - 1.0%

White - 15.0%

Black - 72.1%

Asian - 3.6%

 

[klacey1]

Is your job in the field of English Literature?

My first degree is Art History - and I made a lot of money - as an IT Systems Adminstrator.......

Yes. I'm a book editor. Can't get much more directly tied to my degree than that! It's not the highest paying thing I could be doing with my degree, but I love it and it pays enough.
I just resented your unfair blanket statement.

 

[Ava]

I've been a parent for 8+ years and I've met lots of SAHM. None of them possess this entitlement mentality. Most, if not all, of the SAHM I know have money-making projects (e.g., Etsy, eBay, tutoring, etc.) on the side.

Not to mention the money saved on child care. Good childcare is expensive, and can be difficult to find. For us this is a big part of the reason why my partner is a SAHM.

 

[MrsPete]

Hey, not fair! I graduated with a B.A. in English (fairly recently) and have a great job that I love and pays the bills!

Me too.

Again, not spoiled. If she was spoiled, then mommy and daddy would have paid for her college out right.

Maybe, maybe not. It wouldn't be hard for parents to spoil their kids, but then reach a point that they just don't have the money. Especially if they'd spent, spent, spent on their kids while they were growing up, college might've been the point that they just weren't able to continue the spoiling.

Those of us who are just reading the article have no way to know whether this is true or not.

The Peace Corp can get you a deferment on some loans and forgive others. Not all loans, but some.

Sure, but what's a deferment? It's just putting off the payments.

I've been a parent for 8+ years and I've met lots of SAHM. None of them possess this entitlement mentality. Most, if not all, of the SAHM I know have money-making projects (e.g., Etsy, eBay, tutoring, etc.) on the side.

I know some, but in all fairness, I know some working moms who have entitlement issues too -- it's far from an uncommon trait these days. Maybe teachers see more of this; parents who expect us to provide things for their kids, parents who expect us to stay after school and do things that the kids should be able to do on their own, etc.

 

[crisi]

Yes. I'm a book editor. Can't get much more directly tied to my degree than that! It's not the highest paying thing I could be doing with my degree, but I love it and it pays enough.
I just resented your unfair blanket statement.

Yeah, some people manage to have English Lit careers with B.A.s, but the career prospects for English Lit majors aren't great. It isn't a great plan to spend $40k a year on school for an English Lit degree

(I was once offered a job as a book editor, 20 years ago. I made more working at the mall selling clothes).

 

[maggiew]

Yeah, some people manage to have English Lit careers with B.A.s, but the career prospects for English Lit majors aren't great. It isn't a great plan to spend $40k a year on school for an English Lit degree

(I was once offered a job as a book editor, 20 years ago. I made more working at the mall selling clothes).

My DD is an English Lit major and wants to be an editor. Luckily, she will graduate with $0 debt and hopefully a 5 year MA/BA degree (which she will complete in 4 years due to all her AP and testing out credit). So even if she doesn't make much, luckily she won't have loans to repay.

Maggie

 

[bellarella]

From this perspective, I don't have a problem with families that have decided that staying home with their kids is more important than paying for their college. There are trade-offs to every decision. There is no cookie cutter family. Just because someone has different priorities doesn't mean that they are irresponsible.

Fair enough -- just don't make your choices and then whine about the consequences later!

This goes both ways. I was responding to a poster who was complaining about the burdens of having chosen not to stay at home. If you are choosing to work so that your child doesn't have to take out loans for their education, then recognize that it is a choice. You have made trade-offs. If they don't reflect your priorities, then make different choices.

Don't make decisions on the basis of other people's priorities. You will never be happy and you will often be bitter.

 

[dvcgirl]

Yeah, some people manage to have English Lit careers with B.A.s, but the career prospects for English Lit majors aren't great. It isn't a great plan to spend $40k a year on school for an English Lit degree

(I was once offered a job as a book editor, 20 years ago. I made more working at the mall selling clothes).

Yep. I know a few English Lit majors....none of them work in that field. My DH has one who works for him, as a software engineer. He makes about 120K a year. He also has a philosophy major working for him....as a sales field engineer....earning 90K or so.

Even when the parents can pay for college, I see poor choices with respect to "return on investment" and the chosen majors of student. I own a service business in an area where incomes are very high. In one town where I do a lot of work the median income is 350K. I hear a lot about the college kids and what they are studying. Most of them go to very pricey small liberal arts schools in the Northeast. Like Ursinus, Swarthmore, Haverford, Moravian. They all run in the 50K or slightly more per year.

One of the girls is a Spanish major with a Psych minor. And so these people paid well over 250K when you factor in the obligatory semester abroad and all of the "extras". I was telling my husband about this particular story and he said...."they would have been better off simply investing the 250K for her....she'd end up with much more in retirement investments vs. what she'll be able to earn/save/invest with that major". He's right.

I know, we're a bit harsh on the topic, but seriously.....250K....for a degree in Spanish?

 

[klacey1]

Yeah, some people manage to have English Lit careers with B.A.s, but the career prospects for English Lit majors aren't great. It isn't a great plan to spend $40k a year on school for an English Lit degree

(I was once offered a job as a book editor, 20 years ago. I made more working at the mall selling clothes).

Um, ouch. I can assure you that I make more money than clothes salespeople.

I never understood why people look down on certain majors. All of the fellow English majors I keep in touch with from college are gainfully employed-- not to mention the most intelligent people I know. I can't think of a single career where four years of learning to think, interpret, and write well would be a HINDRANCE.
Not everyone has to major in something that is so career-specific as Accounting or Engineering. Also, a degree in English can be applied to many different careers.
What I do is important-- a great career to have. Did I go into debt to get my degree? Yep. However, I planned well and am able to support myself and enjoy life.
The idea of someone having a spare $250K on hand to pay for their daughter's education is mind-boggling. However if the family could afford it, I don't think it would have been any "better" spent on a different degree. She learned what she wanted (I think the whole "learning" thing is being forgotten about on this thread. I think many feel the sole purpose of college is to provide a necessary piece of paper in order to get a job) and I hope she's happy and successful.
I'll never look down on any kid for their choice of major-- especially any in the Humanities or Liberal Arts. If my own kid wanted to major in the performing arts, though, I'd probably require them to minor in something else. That would be the only exception-- and again, I wouldn't look down on them or assume their future is doomed.

 

[disykat]

Yep. I know a few English Lit majors....none of them work in that field. My DH has one who works for him, as a software engineer. He makes about 120K a year. He also has a philosophy major working for him....as a sales field engineer....earning 90K or so.

Even when the parents can pay for college, I see poor choices with respect to "return on investment" and the chosen majors of student. I own a service business in an area where incomes are very high. In one town where I do a lot of work the median income is 350K. I hear a lot about the college kids and what they are studying. Most of them go to very pricey small liberal arts schools in the Northeast. Like Ursinus, Swarthmore, Haverford, Moravian. They all run in the 50K or slightly more per year.

One of the girls is a Spanish major with a Psych minor. And so these people paid well over 250K when you factor in the obligatory semester abroad and all of the "extras". I was telling my husband about this particular story and he said...."they would have been better off simply investing the 250K for her....she'd end up with much more in retirement investments vs. what she'll be able to earn/save/invest with that major". He's right.

I know, we're a bit harsh on the topic, but seriously.....250K....for a degree in Spanish?

I disagree with you. Spending less than one year's income on my child's college education, regardless of what they major in doesn't sound that unreasonable to me in this day and age. I'm willingly planning on spending more than a year's income on each of my kid's college expenses and what they earn when they get out has no bearing on my decision.

Granted I would not pay 250K, but I don't earn 350 K. I would not willingly go into debt or allow my child to take on huge debt for their degree.

 

[LoveBWVVBR]

However, if someone majors in Engineering and decides 10 years down the road that it's not for them, they'll have to go back to school and get a different degree since the one they got can only be applied to one career.

OK, now THIS has to be the most ignorant statement on this entire thread. I'm an engineer by degree, married to an engineer. I worked as an engineer for 10 years before becoming a SAHM. When I reenter the workforce, it will be in a totally different professional career and I don't have to go back to school for it.

Engineering is an excellent undergraduate degree that does NOT limit your career prospects to engineering-related jobs. If anything, it enhances your appeal to a broad array of employers. We have many, many friends with engineering degrees, and I'd say that maybe 30%-40% of them work as designers. Everyone else does something different...management, financial consulting, teaching...engineering can take you in many different directions without requiring another degree.

 

[dvcgirl]

I disagree with you. Spending less than one year's income on my child's college education, regardless of what they major in doesn't sound that unreasonable to me in this day and age. I'm willingly planning on spending more than a year's income on each of my kid's college expenses and what they earn when they get out has no bearing on my decision.

Granted I would not pay 250K, but I don't earn 350 K. I would not willingly go into debt or allow my child to take on huge debt for their degree.

I have no issue with the people spending the 250K on their daughter's education. But I think they should have gently steered the kid away from being a spanish major. I mean, what are the options? I suppose she can teach spanish in high school or something. Translator? How many of those jobs are floating around?

I think Spanish as a minor is a huge plus. In any field....medical, engineering, banking. I knew someone who was a biology major with a spanish minor. She uses her spanish all of the time as a lab manager.

But as a major? I had a college friend who was a French major. After years of underemployment in retail sales, she ended up as a pharmaceutical sales rep.....luckily, she was attractive.

And so, for me, it's not the money spent, but return on investment.

 

[CloveLeaf]

OK, now THIS has to be the most ignorant statement on this entire thread. I'm an engineer by degree, married to an engineer. I worked as an engineer for 10 years before becoming a SAHM. When I reenter the workforce, it will be in a totally different professional career and I don't have to go back to school for it.

Engineering is an excellent undergraduate degree that does NOT limit your career prospects to engineering-related jobs. If anything, it enhances your appeal to a broad array of employers. We have many, many friends with engineering degrees, and I'd say that maybe 30%-40% of them work as designers. Everyone else does something different...management, financial consulting, teaching...engineering can take you in many different directions without requiring another degree.

Totally agree. It is never a good idea to comment on something one is not familiar with. Usually the comment is wrong.

 

[Rekenna]

I read the article and it made me sad. Obviously she made the wrong decision (we have all been there). But, she is being responsible for her debt, which is more than can be said for some.

I have fallen into this money pit myself. I was married, had a young son, in my early 20's and working as a bank teller making $8 hr. I knew I needed to do something to secure our future (what would happen to my son and I if something happened to my DH?). So I went back to school. I had taken a couple of semesters at the local university, that my father paid for, but I decided school wasn't for me. Fast forward to a couple of years later and here I am thinking-I really need to go to school.

I needed to work full time for the pay and the benefits. So I went to a local, small, private college-this was the only college offering the adult alternative programs so you could go to school at night. I went to school every week (never missed a week) class was always on Monday evening from 6-10pm with a mandatory study group for another night during the week. Sometimes I had to take 2 classes a week for 6-8 week stints. This went on for 5 years-I earned a BBA and a MBA. When I was finishing my MBA I found out I was pregnant (we had tried for 7 years to have another baby so this was great news). I find a new job were I was supposed to be doing marketing work, and 2 months into the job found out they only wanted me for a secretary. The employer was really horrible and it was a manufacturing environment were there was black dust coating everything-I mean in the office the bottoms of your pants would be black b/c it was everywhere. So, for my sanity and my unborn babies health I left that role. So, here I am with student loan debt of $63K , unemployed and pregnant. I had to work part-time temp jobs the rest of that year b/c that was all I could get. After the baby was born it took me another 4 months to find a full time job.

I get that full time job (once again, a job I don't need any degree for), I work there for 2 years, the whole time searching for another job. I have another baby (we later find out he has autism-which adds another layer of stress, worry and $$), I get laid off from this job. Thankfully, I interview and was offered 2 awesome jobs making almost $20K more than what I was making-I took a position with the larget consumer goods company in the world and have been there for 2 years. For my current role I needed the BBA, but not the MBA. So, after all this time I still don't need, and probably never will, one of the degrees I spent $25K for.

"The pathway to hell is paved with good intentions." So now we are a family of 5, we make decent money, but have debt incurred from over 5 years ago when I basically couldn't work for a year, compounded with working somewhere that I could only get a low wage, along with raising gas prices, medical bills-on and on. I know I have let my family down, b/c my student loan debt is almost insurmountable. The big paying job I was hoping for didn't/will not ever pan out. In order for my student loan debt to be anywhere near something we can afford to pay monthly-I will be paying on these loans for the next 30 years. I will never be able to help my children with their college tuition. So many things that I set out to have for my children will never come to fruition b/c I went to college.

I didn't write this for a pity party-I borrowed the money and I need to pay it back, along with the consequences of paying it back. I just wanted to point out this really could happen to anyone. Unfortunately, things don't always work out for us the way we envision and I can empathize with the writer of the article.

I need to win the lottery.

 

[klacey1]

OK, now THIS has to be the most ignorant statement on this entire thread. I'm an engineer by degree, married to an engineer. I worked as an engineer for 10 years before becoming a SAHM. When I reenter the workforce, it will be in a totally different professional career and I don't have to go back to school for it.

Engineering is an excellent undergraduate degree that does NOT limit your career prospects to engineering-related jobs. If anything, it enhances your appeal to a broad array of employers. We have many, many friends with engineering degrees, and I'd say that maybe 30%-40% of them work as designers. Everyone else does something different...management, financial consulting, teaching...engineering can take you in many different directions without requiring another degree.

Wow, I should have known better than to comment on a thread that's on a topic on which I am passionate. It is the Dis, after all-- the claws come out. I suppose I should have said can "only be applied to one FIELD," not CAREER. That was my mistake. Can you find it in your infinite wisdom to forgive me?
An English degree can be applied to many, many more fields than engineering.