<p>My S has taken out loans, despite his going to a bargain-basement state U and getting merit and need-based aid due to my being out of work for 18 months. We have a small college fund for him but have not touched it except to fill in odd corners. When he graduates, this will go toward paying off the loans. I’d rather keep the money in reserve in case something comes up that loans won’t cover. It’s there if we need it and if we don’t, his debt load will be considerably reduced.</p>
<p>My kids work summers, don’t have cars, etc, yet still have loans. Money earned during the year is enough to pay personal expenses and books, and money earned during the summer enough to perhaps cover % of room and board, but admittedly a small %.
Just how much did your summer job pay?</p>
<p>Back in the dark ages (about 30 years ago), I got significant merit & FAid. After 4 years of college & 3 years of law school (including 6 years of room & board & one round-trip ticket between my family’s home in HI & my U + one trip between my U & the East Coast where my sister lived, I graduated owing $3K, which coincidentally was the amount I had in my savings account. </p>
<p>Nowadays, it’s much tougher to have aid which covers all expenses, especially if you go to a private U. That’s one of the reasons our kids’ HS Val went to in-state public on full-tuition scholarship. She got a year of free ride at new Mayo Rochester med school and happily has no debt so she & her folks have a lot more options!</p>
<p>Here’s more info about heavily subsidized medical school:</p>
<p><a href=“http://takingnote.tcf.org/2008/09/free-tuition-fo.html[/url]”>http://takingnote.tcf.org/2008/09/free-tuition-fo.html</a></p>
<p>Also lets remember how much tuition has gone up even in ten years. At my state U in 2001, it was $165 per credit for underclassmen. In 2011, $406. </p>
<p>Just one school but it’s not unique.</p>
<p>In regard to Med. Schools free tuition, you got to look much closer than that. These might not be for everybody and they will choose their students based on criteria unknown to most. I have very close experience with one. This specific one does not always accept the kid with highest stats. In addition, there are no lectures, there are different ways to study, which might simply not suit specific applicant. Free Med. School and Merit awards at Med. Schools are so rare, most Summa Cum Laude’s with all kind of awards and recognitions and very high MCATs might not qualify to any at all. It is much wiser to consider that you will have to pay full price for Med. School, but you might be a lucky winner of a lottery (chances of free Med. School feel like winning a lottery). Most applicants are very happy to be accepted to single Med. School, having it free is just that - winning the lottery.</p>
<p>Yes, agree, but was surprised that one of our acquaintances was telling us that their D just completed her 1st year of med school & it was tuition-free, which surprised us. Hadn’t known such options even exist & am glad they do!</p>
<p>HImom, D’s friend is in med school tuition free. Of course, she owes a few years to the Army when she is finished. ;)</p>
<p>I am very loan-averse, but that is not to say that I do not believe in loans. I just don’t believe in “too much.” It is not a breeze for the majority of families to pay for school. CC’s are only 2 years, and even those sometimes require borrowing for a family that lives paycheck to paycheck & does not qualify for grants. As for four-year schools, I am paying more than $14k per year for S to go to school … and he commutes. I am fortunate, because I can pay that. I know many people in my area who cannot do that. They need to borrow for what is one of the least expensive options available to them. </p>
<p>Borrowing should be kept to a minimum, and it should be done by students who are prepared enough and are serious enough about their education that they won’t be dropping/failing classes right & left. But it is certainly an important option for MOST people. Remember, most people do not qualify for merit, and most people do not have a lot of money in savings or available current income.</p>
<p>My parents make too much money for me to qualify for any sort of need-based aid, but not enough to put two girls through college at the same time (my sister is in school also). I looked all through high school for scholarships and found none that I qualified for.</p>
<p>I worked for 3 of the 4 years, 2 as an RA with free room/board, and still graduated with $26K in student loans. That doesn’t count the loans my parents took out. I went to a CSU, which is one of the most inexpensive state systems in the country.</p>
<p>Thankfully, I am not taking out any additional loans for graduate school, and I can defer payments until I’m done with that. But sometimes loans really are the only option.</p>
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<p>California State University?</p>
<p>I think that’s the first time I’ve heard they are the lowest cost in the country.</p>
<p>Well, at least it seemed that way when I started. Not so much anymore…</p>
<p>Advising someone to skip college because the job market for new graduates is difficult is akin to telling someone to commit suicide because otherwise they might get run over by a truck.</p>
<p><a href=“http://www.nytimes.com/2012/06/06/business/more-young-americans-out-of-high-school-are-also-out-of-work.html[/url]”>http://www.nytimes.com/2012/06/06/business/more-young-americans-out-of-high-school-are-also-out-of-work.html</a></p>
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