$110,000 in Debt (college)

[cruisnfamily]

Wow, I always thought that architecture paid well I'm an engineer and I assumed that architects made about the same as engineers...maybe not though

Our girls have fully funded Florida Prepaid tuition plans including fees and housing. They also have 529 plans to cover the expenses not covered by the prepaid plan (books, meal plan, etc.). My sister said something to me about them "only" being able to go to a Florida public college. First of all, UF is the #2 public college in the country, and second of all, undergrad is the new high school. They can go to a big-name grad school with whatever is left in their 529's if they so choose (and loans, I assume). However, they will come out of undergrad with a degree and no debt. I think that they'd prefer that to going to Harvard and having $110K in loans, KWIM?

Where is this info coming from? I'm not disputing it, just would like to read the article or source as I live in FL too and am curious.

 

[LoveBWVVBR]

Where is this info coming from? I'm not disputing it, just would like to read the article or source as I live in FL too and am curious.

It was in Money Magazine I think? Let me try to find it!

ETA - It was #2 on Kiplingers' annual list, but I swear also Money. Here is the Kiplingers ranking list:

http://www.kiplinger.com/tools/colleges/

 

[luv2mickey]

We are in the thick of the college decision making right now DD is a college freshman, DS is a HS senior and DD is a HS sophomore, and yes we encourage my DD to live at home and commute 30mins to a local 4 year institution then she will transfer to the college that has her degree next year. My son will be doing the same. All so we can pay cash and get them through school without debt.

Here is the point, I understand this girl in the article, it was one of the hardest decisions we have made but we knew what was best for their futures and the gift they would be given graduating without debt. But other parents, coworkers, their friends, college admission counselors and even relatives are constantly pushing you and your child making them feel lesser and like they are not getting the benefit of a college experience if they don't follow this dream path.

Now we are strong and confident in our decision but we did watch my DD shed tears over not going away as a freshman. After we set her down showed her the numbers what her debt would look like and what she might be making she made the decision to follow the path we suggested. It still needed to be her decision. I don't believe she has regretted living at home but she is looking forward to next year living on her own.

Without strong guidance it is easy to get sucked into the student loan cycle. We are a different breed on the budget board the world does not always think like we do about money and debt.

 

[Judique]

Wow, I always thought that architecture paid well I'm an engineer and I assumed that architects made about the same as engineers...maybe not though

Our girls have fully funded Florida Prepaid tuition plans including fees and housing. They also have 529 plans to cover the expenses not covered by the prepaid plan (books, meal plan, etc.). My sister said something to me about them "only" being able to go to a Florida public college. First of all, UF is the #2 public college in the country, and second of all, undergrad is the new high school. They can go to a big-name grad school with whatever is left in their 529's if they so choose (and loans, I assume). However, they will come out of undergrad with a degree and no debt. I think that they'd prefer that to going to Harvard and having $110K in loans, KWIM?

UF is the #2 school? Can you tell me where you found that info?

I am currently researching schools with my daughter. I did see that US News ranked Univ of Forida = Gainsville at #17, but #2 I can't find anywhere.

 

[cruisnfamily]

UF is the #2 school? Can you tell me where you found that info?

I am currently researching schools with my daughter. I did see that US News ranked Univ of Forida = Gainsville at #17, but #2 I can't find anywhere.

Post #62. But I'm not sure that it means the #2 college academically....or that it's the #2 in terms of value at public universities. Couldn't find a key to the chart.

From personal experience and seeing all of my daughter's friend's applying this year, I can tell you that only the tippity top kids get in there. It's very, very difficult to get in!

 

[Judique]

It was in Money Magazine I think? Let me try to find it!

ETA - It was #2 on Kiplingers' annual list, but I swear also Money. Here is the Kiplingers ranking list:

http://www.kiplinger.com/tools/colleges/

Ahh...I see it now.

But - I am reading it as the #2 school in Florida, not Nationally. #17 isn't bad though on the National level. I see my daughter's closest reasonable choice is #18.

 

[Judique]

Post #62. But I'm not sure that it means the #2 college academically....or that it's the #2 in terms of value at public universities. Couldn't find a key to the chart.

From personal experience and seeing all of my daughter's friend's applying this year, I can tell you that only the tippity top kids get in there. It's very, very difficult to get in!

I took a look at it and my read was that it was 'value' and # 2 in Florida. Which of course is a good start for a general degree. Nationally the school is showing #17 so overall it sounds like an excellent option for someone living in Florida.

It also looks like Kip's report is either a copy of or consistent with the US New's rankings.

Does this school have a partnership with a Community College with a guaranteed admission policy? That is something I never considered before doing my research. Also, in the case of our local CC, there is an honors program with a scholarship attached to 9 local partner colleges - American University is one of the partners.

 

[Purseval]

UF is the #2 school? Can you tell me where you found that info?

I am currently researching schools with my daughter. I did see that US News ranked Univ of Forida = Gainsville at #17, but #2 I can't find anywhere.

UF made the list at #2 for best value, "Our rankings for the best public colleges deliver a first-rate education without breaking the bank."

From Kiplinger's:

The University of Florida, second in our in-state rankings, offers a great deal regardless of financial aid. Its in-state tuition runs only $2,211. (Tuition at UF is slated to go up by as much as 15% a year over the next four years.) Florida's merit-based Bright Futures program, funded by a state lottery, currently covers 75% to 100% of tuition for in-state students who meet the academic criteria -- and most students qualify. "It's very popular," says UF president Bernard Machen. "Constituents and legislators love it."

 

[katied]

Our kids are far from college age, but DH and I agree that a state school is the way to go. I do think that living away from home, and taking that step toward growing up, is part of the experience, but the way to balance is 2 yrs of community college at home, and 2 yrs at a 4 yr state school. Most good careers when my kids are grown will required graduate degrees (mine did even 15 yrs ago). The key will be where you go to grad school, and what your prospects are based on that. Grad school, for the right career, etc., can be the place where you build that network of contacts for your professional career. If you are going to "splurge" - do it at that level, but still, for me I had a grad assistantship (I was a student teacher) and a scholorship even at that level.

I watch my sister and her husband under their student loan debts, and it really has to be a cost benefit analysis.

 

[cruisnfamily]

UF made the list at #2 for best value, "Our rankings for the best public colleges deliver a first-rate education without breaking the bank."

From Kiplinger's:

The University of Florida, second in our in-state rankings, offers a great deal regardless of financial aid. Its in-state tuition runs only $2,211. (Tuition at UF is slated to go up by as much as 15% a year over the next four years.) Florida's merit-based Bright Futures program, funded by a state lottery, currently covers 75% to 100% of tuition for in-state students who meet the academic criteria -- and most students qualify. "It's very popular," says UF president Bernard Machen. "Constituents and legislators love it."

And that must be an old article as tuition at UF for this year is $5,020.

Edit: The article says January 2011 but I don't know where they got their figure from. They're way off! It is without a doubt $5,020 currently.

 

[lost*in*cyberspace]

First of all, UF is the #2 public college in the country,

You need to state this correctly. FL is rated by Kiplinger's as #2 for best VALUE. It is certainly not the #2 best public college in the country! Ever heard of UC Berkeley, UC Davis, or UCLA? Or the College of William and Mary? Or the University of Virginia? To name just a few.

I'm sure FL is a fine school, but it doesn't compare to the public college greats.

 

[Judique]

You need to state this correctly. FL is rated by Kiplinger's as #2 for best VALUE. It is certainly not the #2 best public college in the country! Ever heard of UC Berkeley, UC Davis, or UCLA? Or the College of William and Mary? Or the University of Virginia? To name just a few.

I'm sure FL is a fine school, but it doesn't compare to the public college greats.

Actually if you read on it compares quite favorably. It is #17, not #2, but out of 50 that's an awesome showing.

 

[Tink9295]

No all state colleges are for everyone. Some students need small private schools in order to be successful and not get lost.

We looked at all the state colleges in CT and they weren't a good choice for my DS.

He ended up at a small private college is MA and is doing excellent!

The state colleges worked out to be about $5,000 less than where he is going, due to academic scholarships and a grant he received at his private college. Not to mention that CT gives very little to state residents.

So you need to find what is the BEST CHOICE for your child. Cheapest is not always the best and we decided that our son is worth the investment.

By the way, all his loans are his. His eyes are wide open on what he will owe and has been given full ownership of his bills. MY DH and I made it quite clear that we will not help him pay off any of his loans if he drops out, flunks out, or loses his scholarships. If he graduates we would help pay as we can comfortably pay.

I know that by not fronting money may not be the financially smartest thing to do, but in the long run it is the smartest thing we could do for him. He will at the very least have his eyes wide open financially speaking. Giving him financial ownership as well as ownership and responsibilty in all aspects of his life is the best thing we as parents can do for our kids.

 

[ChisJo]

I can understand the debt thing following University. I know people from my graduating class that had $80,000 in debt.

I was in college for 3 years before I decided on what program I actually wanted to be in. I then did a 4 year program, with the first 2 years in the college, and then the next at the University. I worked full time, and lived with my parents. I didn't go to College right out of High School. I worked for 2 years to save before I did any classes at the college. My parents didn't contribute any money towards school...however, they let me live in their house for free while I was in school. I didn't graduate until I was 28. I only had to take out a loan for the last semester. I worked all 7 years of school, full time, and sometimes 2 jobs. I only had $2000 in debt in the end (I had a scholarship for my last year that helped pay down the last semester). I was able to pay this off in just a few months after I graduated - it didn't take years like some people I know.

I wanted to go away to London to do my studies, but I knew that I just couldn't afford it, and there was NO way my parents were going to be helping me out, either financially or signing any loan documents. I had to sacrifice and settle for my University in my home town, but seeing the amount of debt that my friends had and what I had....made it worth the sacrifice to stay at home.

 

[MrsPete]

One thing that people have to remember is that college is the BIGGEST investment that a person will make in life that will have the greatest impact on ALL OVER INVESTMENTS that they will EVER make.

I agree with that, and although the financial aspect was -- by far -- the most difficult part of college for me, I've absolutely had every penny I spent back . . . over and over again.

However, it's important to consider all the options -- not just the dream school, which is often far away and expensive. I'm thinking about the graduate school I wanted to attend. I couldn't swing it financially, and now -- 20 years later -- I can't even remember WHY it was so appealing to me at that point in my life.

My experience was this: I was the oldest of six kids. No one was paying for college. I chose a state school, and always had at least 2 jobs, totalling minimum of thirty five hours per week to pay for school. I was fortunate enough to graduate debt free back in the eighties, when school was cheap.

Still it made enough of a mark on me, that although we have a five twenty nine plan for the girls, I'm picturing they will do two years at community college (one with guaranteed admission to a state 4 yr school), then transfer. If we're paying, they need to choose a highly marketable degree, no goofing.

Make it five kids, and I could say everything you did. I'm very glad that I took that route because life WAS NOT financially better after graduation. Having no financial support from any corner, it took me a couple years to get past being broke all the time.

I watch my sister and her husband under their student loan debts, and it really has to be a cost benefit analysis.

Cost-benefit analysis -- that's a good term. Too many kids have bought into the idea that a degree, any degree, is worth any amount of cost. While it's nice to say that education is its own reward, the pricetag means that for most of us we have to see a financial reward as well!

No all state colleges are for everyone. Some students need small private schools in order to be successful and not get lost.

I could agree with this, IF we didn't have small state colleges as well. You don't have to spend big bucks to get a small school.

 

[valeriemouse]

It's about making smart decisions and knowing what you can afford. I went the route of 2 years in Community College. I worked my butt off and got accepted into a private university with a partial tuition scholarship into a 5 year Masters program (the 5 count the years I already did in CC). I graduated in '06 with a BA and '07 with a MA and less than 20 grand in debt (in which the monthly payments hardly break the bank). I knew my family didn't have money. I knew the profession I was going into would not pay fantastically. At 18 and 20 years old, I made smart decisions.

I honestly don't have much sympathy for those that live beyond their means. A good college education is very available to people. You don't need to go 100,000 into debt to receive it.

 

[disykat]

I actually see it more as "the 18 year-old me made a terrible choice that will affect the 30 and 40 and 50 year-old me" and don't do what I did. In hindsight, her bad choice is obvious. In the moment, she thought like a kid and insisted on getting what she wanted right then and there w/o regard to the consequences. She's trying to help other kids to avoid the same mistake. I actually do not think that this is obvious to your average 18 year-old who has been mentally sold a bill of goods on "being anything they want to be" from infancy on, KWIM?

Which brings us around to the "why did her parents co-sign?" question again and back to the accusation that the child has been "spoiled." I don't think it's a problem with just one child, I see this as a whole lot of kids who have apparently been sold this bill of goods.

It's just really hard for me to fathom people not getting that debt has to be paid back and it's not always magically easy.

 

[MrsPete]

Which brings us around to the "why did her parents co-sign?" question again and back to the accusation that the child has been "spoiled." I don't think it's a problem with just one child, I see this as a whole lot of kids who have apparently been sold this bill of goods.

It's just really hard for me to fathom people not getting that debt has to be paid back and it's not always magically easy.

Yeah, I think 18-year olds KNOW that the money has to be paid back on an intellectual level . . . but -- in the way that adolescents so often know one thing and believe another at the same time -- they think it won't be a problem. The great job'll come through, mom and dad will be so pleased at graduation that they'll agree to pay it back, the new husband'll get a great job and he'll help pay it back -- it just won't be a problem.

It's a little bit like teenaged girls who get pregnant because they don't use birth control. Sure, they KNOW that it could happen, but they're convinced that it won't happen TO THEM. Borrowers KNOW they have to repay the money, but they think it won't be hard for them. It's not a rational thought process.

 

[LoveBWVVBR]

You need to state this correctly. FL is rated by Kiplinger's as #2 for best VALUE. It is certainly not the #2 best public college in the country! Ever heard of UC Berkeley, UC Davis, or UCLA? Or the College of William and Mary? Or the University of Virginia? To name just a few.

I'm sure FL is a fine school, but it doesn't compare to the public college greats.

Hmmm...I've seen more than 1 article ranking UF as the #2 school in the country in the past year. Perhaps it is purely a "value" ranking, but it's still an excellent school. And yes, I've heard of all of the schools that you list. They are what I would regard as great schools for in-state students. I could never understand the appeal of paying to go to any of those schools as an out-of-state student (without a scholarship).

FYI - I stand corrected that UF is #2. I guess it's #17 overall. It still ranks better than some of those schools that you listed, though, in one case by a pretty massive margin

 

[The Pink Cupcake]

I smell a spoiled rotten kid.

I was 18, inner city poor (as in government cheese, living on my grandmother's social security check, living in her house that she bought in 1948 and was the only one still standing on the block DIRT POOR) and looked at college when my grandmother died my senior year of high school.

Children this poor get full rides, book funds, etc. Needs based scholarships are very readily available. Plus, you can continue to get food stamps and other government aid while in college.