Comments on: A shocking statement

By: deepali

deepali — Thu, 25 Sep 2008 14:41:50 +0000

I think it’s not about assuming that student loans will be required but about being practical/realistic. Student loans are a very real possibility, and I think it is great that your son is being pragmatic and open-minded about maybe having to go that route. Even more importantly, he’s already thinking about how to deal with them after the fact. And for that matter, if you’re gonna accumulate debt, better to do so for school than a fancy car!

By: Uncommonadvice

Uncommonadvice — Tue, 23 Sep 2008 16:41:29 +0000

It could be worse! When I was fifteen I would have wanted to spend a big bonus on a fantastic night out in Blackpool!

By: ldub

ldub — Tue, 23 Sep 2008 14:11:55 +0000

katherine, you’re totally right. even with getting scholarships, working three (yes, three) jobs in college, and managing to get more degrees in four years than my peers (wanting the most bang for my buck), i had plenty of student loans (both federal and private). it’s a tough road, even when you know you’re consciously choosing a pricier education because it’s the education you want in the place you want to get it. i don’t regret my educational choices at all, and i’m happy that i’ll be able to retire the debt soon, about 7 years after graduation. i’d guess that, with the rate of rising tuitions and the rate of inflation, many more students will be forced to take out loans in the coming years if they want to attend schools and get educations comparable to those their parents were able to get.

By: Katharine

Katharine — Mon, 22 Sep 2008 20:18:01 +0000

Debt is a completely ingrained part of life, even at public universities. Too many parents are unwilling or unable to contribute anything towards their childrens’ educations, and leave us to struggle on our own. Personally, my parents are unable to help a lot, so besides financial aid (a significant portion of which IS loans), I still have a large chunk of tuition to come up with. My parents are unwilling to let me work while I am at university, and it would be nearly impossible anyway with my curriculum (year round, 20+ credits, etc), I have little other choice. Switching to a cheaper public university wouldn’t help, because I would lose a significant portion of my accumulated credits. Even if I could switch, I wouldn’t. University isn’t just an education, its a way of life, a social group, and I’ve made my place at this one, it would be devastating to me personally to switch.

I knew when I decided to go here that I would graduate with debt, but I’ve done well, and will have $100,000 in debt. I just didn’t ‘fit’ at the public universities I visited, and the with my engineering degree I should be debt free within 2 years anyway.

By: bluntmoney

bluntmoney — Mon, 22 Sep 2008 18:46:33 +0000

JD, it sounds like you’re doing great. And wow, nice bonuses.

Idub et al – I think that if he was just repeating something he’d heard us say, it would have been that he’d use the money to pay off the mortgage. We don’t talk about paying off debt otherwise, but that IS a very common response to “what would you do if you came into money”. We talk about paying cash for things instead.

And yes, college is expensive. And I know that not everyone can get scholarships, etc, but really? to have student loans be the first thing that pops into your head as THE method of paying for college? Or to automatically assume that loans will be required?

Nelson, I agree. I’d have expected him to say “Buy a car!” or something like that instead.

Hopefully he doesn’t feel like I jumped all over him.

By: Nelson

Nelson — Mon, 22 Sep 2008 16:51:51 +0000

I’m with Idub. Your son could have responded to that in a variety of ways, and he picks paying down debt, and you’re upset? He sounds a whole lot money smarter than most his age, although as Idub pointed out, he may just be regurgitating something he knows his parents want to hear.

It’s a shocking statement all right- shocking that a 15 year old would say that rather than buying clothes, video games, movies, etc. I know what I would have said at 15, and it wouldn’t have been pay down debt.

As for the whole student loan thing, I agree that everyone should avoid student loans like the plauge, but often that’s not possible. I don’t want to see anyone NOT get an education because they’re too risk adverse. If student debt is needed, it should be viewed like Bouncing Betty views it.

By: bouncing betty

bouncing betty — Mon, 22 Sep 2008 14:21:35 +0000

I have to second Twiggers excellent response. A college education can be expensive and if you do graduate work, REALLY expensive. Twiggers said it perfectly, I can’t add much more to the expenses listed. Scholarships are getting more and more competitive, graduate assistantships and teaching assistantships are ultra competitive, public universities are raising the cost of tution, as the cost of living rises, so do those miscellaneous expenses. If you son is lucky enough to end up in a field where his employer will help offset the cost of post secondary school education, great, but what if he decides to pursue a career in a field where he will need at least a BA if not an MA? Or wants to study in a field that is a bit esoteric? Or is a good student, but not a great student and is by-passed for those competitive scholarships?

You have posted in the past that you are very anti-student loan and you consider student loans bad debt. I personally have to disagree. The only time it’s bad debt is if you take the loan money and use it to fund spring break trips, dorm parties, a car, totally drop out of school and flounder for two years trying to “find yourself”, or do a 180 turn in your choice of a major and end up having to do additional study (and take on additional tutition) because of the switch.

You have stated there are lots of options locally for your son, but what if the program he wants is in a different area or just not available? Or if your son wants to try life in a different area to broaden his horizons?

I have student loan debt and do not regret paying any of it back. It enabled me to go to not one but two schools, allowed me to study in the field of my choice, I got a great education in my field and for many years worked in the same field. I also worked in a field where I needed a BA/BS to even be considered for an entry level job. Not an option to work in my field and gain experience while working towards that degree. I would have never been able to do that without the student loans from both the schools I went to and the federal government. I have never once considered it bad debt, I considered it an investment in me and my future.