sblake7

"So we know plenty of B+ middle-class college students signing-up for loans, and it's not unusual for kids to have $50,000 to $80,000 in debt upon graduation. And even administrative assistants usually have a college degree here, so the notion of "no college" is a non-starter."

It IS unusual-- 50K to 80K for undergrad is way above average. Fostering the mindset among potential college kids that this is the norm isn't helpful. And why is "no college" a non-starter? What ever happened to learning a trade? Kids who skipped college and started learning plumbing, or electrical, or tile work now have several years of experience, and many are making good money. Better off than most recent college grads, particularly those with liberal arts majors.

amarkov

The idea that liberal arts majors can't do well is extremely overblown; they have very little chance of making six figures, but they're on par with biology majors, and on average much better off than most people. Similarly, the idea that "the trades" are an untapped career path full of cash money is overemphasized; a lot of trades are highly regional, so picking the wrong one for your area (or having it *become* the wrong one before you get experience) can seriously hurt.

Not that it's not an option a lot of people should consider, but it's not a perfect replacement.

Parent46

Unfortunately, it seems to me to be a lot harder to successfully support yourself in the trades if you're female. I've never seen a female plumber or an electrician in all my years of homeowning, although I'm sure there are some out there. The female trade equivalents--hairstyling, cooking--don't seem to pay as well as the building trades. There is nursing and home health care, I know.

sblake7

No reason a woman can't become a welder, or pipe fitter, or an electrician. There's just less interest in these trades among women, I guess.

Here's Forbes gallery of 20 high paying "blue collar" jobs:

20 High-Paying Blue-Collar Jobs - Jacquelyn Smith - Forbes

Most won't make six figures, but neither will most college grads.

I also note that most police officer and firefighter positions don't require a college degree-- in many places they make a good salary with good benefits. Some make six figures.

Point is-- college isn't the best choice for everyone. I think many have come to assume that a college degree is a must in order to become successful. Not so. A BA or BS just doesn't mean what it once did, and going into significant debt for it is a bad choice for many. Parents should help their kids explore all options.

Brian1

NYPD starts at around 90k and maxes out in the 200ks. You can also retire early and get a great pension and other benefits.

Going to college has been greatly over-hyped and is probably a bad idea for most people, especially since over half of recent college grads are either unemployed or underemployed.

amarkov

Over half of non college grads of the same age are also unemployed or underemployed, though, so I'm not sure that number means anything.

Brian1

^ Except they didn't waste their money on college tuition and four years of their lives in school. Vocational schools are probably a better bet for a lot of people.

xxwikkixx

After reading everything in here only one word comes to my mind "F**k".

you all talking about 80k to 180k loans and dont sound too worried. I have a $3k loan on me in 1st semester and and I am worrying my ass off on how I am gona be able to pay it in the future.

That electrical engineering degree I am working for better pay it of.

romanigypsyeyes

Who exactly doesn't sound concerned about that debt load???

cbug

xxwikkixx . . . I'm afraid you missed the point of this entire thread . . . everyone is extremely worried about kids carrying 80k to 180k of debt load.

BCEagle91

> you all talking about 80k to 180k loans and dont sound too worried. I have a $3k
> loan on me in 1st semester and and I am worrying my ass off on how I am gona be
> able to pay it in the future.

I'm glad that you have a healthy respect for debt. A lot of people in this country have run into very hard times because they didn't have that respect.

I saw a few of your other posts and it appears that you are considering switching to Community College or at least your parents are suggesting it. I would suggest asking your parents if they take the American Opportunity Tax Credit. This gives the payer of tuition bill a $2,000 credit for the first $2,000 of elegible college expenses. It further provides a $500 credit for the next $2,000 of elegible college expenses. This tax credit can make community college close to free depending on what community college costs in your state.

itsamanda14

is the girl who wrote this joking?!?! many students put themselves into debt with their bachelors, but to put yourself into debt for a masters even further makes no sense. its HER fault she accumulated the debt. i go to a private school, but have a scholarship, commuted last year, and work to pay the rest. it sounds like she had no scholarship and partied without a care in the world.

cptofthehouse

My friend's daughter graduated from college with a Philosophy major and close to $90K in debt. She originally was in a highly competitive 6 yerar program that pretty much would have guaranteed her a very good salary and excellent job prospects even in this economy. Her peers who did complete the program are doing very well. So her family was very much on board with going to this school that was unaffordable without loans since finding such programs is difficult and getting into one truly a competitive process. THey committed themselves into doing whatever they could to get this beloved, gifted young daughter of theirs into a good position in life.

She quit the program somewhere along the way, and continued to borrow with mom and dad continuing to cosign. She also lived very well, no ramen noodles and student ghetto for her and took advantage of all of the wonderful opportunities the college had for its students. She went to Peru, to CHina and more, all through student programs that were paid for primarily by loans. She took an extra year to graduate and went to school most summers. It's a wonder that it ONLY cost $90K. THe reason it did not cost more is because the parents broke the bank accounts to pay every dime they could from savings and earnings.

The $90K figure is the last I heard about 3 years ago. It's much more now since some of the interest rates charged were higher than the Direct Loans. THe parents have split up, their business has gone under and they can't get loans since they are cosigners on the private loans. THeir credit was shaky before and things were not in great shape before, so it is not all the attributable to the loan situation, but it does loom terribly in their financial lives. The DD works about 30 hours a week in a coffee shop. and now lives in the student ghettos in a shared room situation as she does not want to live at home. So she hasn't a dime to spare. She hasn't paid on the loans, because she can't in her present situation. If she lived at home and put every penny towards them, she would still be hard put to pay them off in ten years. Paying the interest alone to keep them from ballooning to even more is not even being done. So what to do?

lerkin

The answer is so obvious. Move back with one of the parents. Get a second job. And put every penny available towards paying down the debt.

mom2collegekids

DD works about 30 hours a week in a coffee shop. and now lives in the student ghettos in a shared room situation as she does not want to live at home

this girl never learned that sometimes you have to do the right thing. She's always done what she's wanted. She needs to live with one of the parents (the one that can afford to have her) so that her income can go towards that horrid debt.