$110,000 in Debt (college)

[esk]

Back to the "Dream School" thing....

my friends have a DS graduating HS this year. His "Dream School" is Emory. He's gotten a ROTC scholarship (full ride) to any state school in Ohio but he is, well, pouting about going to Emory.

It will cost his parents over $25,000 a year for him to go to Emory...minimum, not including a car and telephone, etc. They are chasing their tails trying to figure out how to raise this. And there are 3 other kids behind him, in HS and MS, and they haven't even considered those kids.

But --- they have never wanted him to work in HS, they don't want him to work in college, they don't want him to have loans, he's never had so much as a summer job....this kid is 18, going to be 22 and will graduate from college NEVER having worked.

I love my friends, but honestly, I want to yell at them because SERIOUSLY would it kill him to get a summer job? A summer job could bring in $2,000 and that could pay for something.

He's an OK student -- good grades, nice SATs but nothing to write home about. I have tactfully suggested that hey, he pick an Ohio state school and they help him with things like a car and spending money, but in the end, they are set on him going to his Dream School. At what cost to their family and his development into an adult, don't know.

and of course, it's none of my business, although if I hear one more time about how "awful" it is that a family making $90K a year doesn't qualify for financial aid, I may say something....

thanks for letting me vent!

(Oh, and I went to a State School....didn't get into my Dream School, but did get into a few others that were "better" --- but my parents flatly said "in-state tuition and good luck with the rest". I worked, at times, 2 jobs in college and all summers to graduate. I earn a good salary, have money in the bank and some in my kids' 529 plans, so State School graduates CAN turn out OK, snark snark)

 

[arthur06]

I was raised fairly poor. I always knew that I wanted to go and would go to college.

I started going to community college and had enough financial aid and scholarships to pay for that degree without any student loans. I then went to a 4 year school about 4 hours from home. I worked about 30 hours per week in addition to attending school. I used my pay to support myself with housing, food and all other expenses. After one year at that school, I decided that I was better off finishing school closer to home.

I moved back home, kept working and taking night classes to finish up. It took me 5 years to get my 4 year degree, but when I graduated I had only about $12,000 in student loans.

On the flip side, my cousin (who was raised with considerably more than I was). attended college for 4 1/2 years, got a degree. Had about $50,000 in student loans and couldn't find a job (or thought they were beneath him and wouldn't accept them). So he decided to go back to school to pick up a 2nd major. Add another year and a half and $20,000 to his total.

He has a $70,000 degree and a $40,000 job. I have a $12,000 degree and a job that pays considerably more.

 

[eliza61]

Back to the "Dream School" thing....

It will cost his parents over $25,000 a year for him to go to Emory...minimum, not including a car and telephone, etc. They are chasing their tails trying to figure out how to raise this. And there are 3 other kids behind him, in HS and MS, and they haven't even considered those kids.

But --- they have never wanted him to work in HS, they don't want him to work in college, they don't want him to have loans, he's never had so much as a summer job....this kid is 18, going to be 22 and will graduate from college NEVER having worked.

I love my friends, but honestly, I want to yell at them because SERIOUSLY would it kill him to get a summer job? A summer job could bring in $2,000 and that could pay for something.


and of course, it's none of my business, although if I hear one more time about how "awful" it is that a family making $90K a year doesn't qualify for financial aid, I may say something....
thanks for letting me vent!

(Oh, and I went to a State School....didn't get into my Dream School, but did get into a few others that were "better" --- but my parents flatly said "in-state tuition and good luck with the rest". I worked, at times, 2 jobs in college and all summers to graduate. I earn a good salary, have money in the bank and some in my kids' 529 plans, so State School graduates CAN turn out OK, snark snark)

Well I think it's pretty awful also seriously I live on the east coast and that salary is firmly middle class.

Listen, there are always stories on both sides of the argument. You scream on those stories, I scream every time I have to hear about how every one here lives in teeny tiny houses, had to walk 40 miles to school while it was a blinding blizzard etc etc.

My point is there are various ways to go to college. My son is an Asperberger child. He can't work while in school, yes he has had summer jobs but pretty much as an special ed child, college is about all he can handle.

I don't knock kids or parents who feel that college is worth the loans they take. I think folks so just go into it fully aware of the decisions they make.

The op in this article made it sound like she had no idea what was happening to her.

 

[crjack]

Well I think it's pretty awful also seriously I live on the east coast and that salary is firmly middle class.

Listen, there are always stories on both sides of the argument. You scream on those stories, I scream every time I have to hear about how every one here lives in teeny tiny houses, had to walk 40 miles to school while it was a blinding blizzard etc etc.

My point is there are various ways to go to college. My son is an Asperberger child. He can't work while in school, yes he has had summer jobs but pretty much as an special ed child, college is about all he can handle.

I don't knock kids or parents who feel that college is worth the loans they take. I think folks so just go into it fully aware of the decisions they make.

The op in this article made it sound like she had no idea what was happening to her.

eliza61...can I ask you about your son's college choice? We have a son also on the spectrum and he is only 2 years away from college. There are some colleges with specialized (structured) programs for students with learning disabilities but they are typically private colleges and the costs are very high.

One of our biggest concerns right now is how to navigate the right choice for him. The difference between state school and one of the many private colleges is huge so it's a major financial issue, in addition to all of the other considerations.

Thanks very much.

 

[I Believe In Magic]

Whew. This article took my breath away. I only read the first post, with the article, and I am immediately posting. I would read the rest but I am cramming for a Chemistry test and I thought, hey I need a break, lets go to disboards. Great post to cheer me up!! lol I am a single mom, currently working 2 jobs, and I am a 3/4 time college student. My brilliant son is also a college student and he lives off of student loans. I can't seem to hammer into his head to live at home, he lives literally 15 minutes from our home. (and comes here to do his laundry and what not!) Crazy!! My 2 girls are in middle school and high school, so this is a nice article that we all will be receiving in our emails. Thanks to the OP!!!