<p>Any graduates currently paying off loans? Are you able to manage the debt load? After graduating now do you think getting into all that debt was worth the education? What advice would you give to a high school senior regarding getting into undergraduate debt?</p>
<p>My advice…think long term and work backwards.</p>
<p>By that I mean, try to see where it is you want to end up, post-college. Come up with a realistic idea of the kind of job you will have and the money you expect to make. This is kind of hard to do, but so is answering your question…nothing is certain at this point in the game for you.</p>
<p>Too be honest, if teh idea of being in debt doesn’t sit well with you, and you can’t get a scholarship to absorb some of the costs…go to a state school. Don’t get sucked into the whole ivy league or private school scam. Many state schools offer a great education at a fantastic value.</p>
<p>There is no perfect answer for you other than do your research, figure out what is is you want to do and then try to make the best guess you can…I feel getting in to debt is worth it, if you get the education and career you wanted. That is afterall why you are going to college.</p>
<p>I don’t know why anyone would take out a 6 figure debt for college or for most graduate and professional programs. </p>
<p>The average college debt in the US is about $20 k, which to me seems reasonable. $100 k would be very difficult for most people to pay off. There are many ways to go to college while avoiding carrying that much debt.</p>
<p>LOL…it’s easy to rack up 100k in debt…even for undergraduate…let alone graduate or a professional degree.</p>
<p>Stanford, $29k a year, times 4 years, equals $116k…boom! </p>
<p>It’s not hard to get serious debt…although many professional degrees can help with paying off the debt.</p>
<p>"LOL…it’s easy to rack up 100k in debt…even for undergraduate…let alone graduate or a professional degree.</p>
<p>Stanford, $29k a year, times 4 years, equals $116k…boom!"</p>
<p>No, it’s not easy to rack up $100k in debt if one is attending the very top schools. Many of the top colleges, including places like Stanford, guarantee to meet 100% of students’ documented financial need. Most of the aid that such schools grant is in scholarships, not loans.</p>
<p>Here’s a recent breakdown for Harvard:</p>
<p>"Harvard’s strong financial aid program is critically important in encouraging outstanding students to apply and, of course, to enroll. Over the past six years, Harvard has expanded its undergraduate scholarship program by nearly 50 percent, while inflation rose by only 13.5 percent. During that time, the average debt of graduating students has declined by more than $5,600, to $8,800 per student for the Class of 2003. </p>
<p>In addition to aid provided to moderate- and low-income students, those from middle-income backgrounds benefit from Harvard’s financial aid program. The average family income of a scholarship recipient is $88,000, and there are 600 students from families earning in excess of $130,000 who receive grant assistance. " <a href=“http://www.news.harvard.edu/gazette/2004/05.20/03-yield.html[/url]”>http://www.news.harvard.edu/gazette/2004/05.20/03-yield.html</a></p>
<p>The less selective colleges are, in general, the stingier they are with aid (because they have lower endowments). They also are more likely to offer students large loans or to have big gaps between the scholarship packages that students are offered and what students actually need.</p>
<p>However, there are lower cost alternatives available: starting college in low-cost community colleges, attending in-state public universities, participating in ROTC, participating in things like TeachAmerica and Americorps, which reduce student loans or provide money for one’s undergraduate education.</p>
<p>Students who take the time to look for alternatives don’t have to end college with $100 k in loans.</p>
<p>I decided that if I don’t get a good enough deal from any school, it’s state school for me until junior year. No way do I wanna end up in 6-figure debt after undergrad.</p>
<p>That’s why you come to Canada - lower tuition!</p>
<p>Northstarmom notes,"
No, it’s not easy to rack up $100k in debt if one is attending the very top schools. Many of the top colleges, including places like Stanford, guarantee to meet 100% of students’ documented financial need. Most of the aid that such schools grant is in scholarships, not loans."</p>
<p>You are assuming that the FASFA is perfect and everyone gets scholarships to cover needed expenses. This is plainly untrue. I have two kids in college and one on the way next year ( gulp). According to the FASFA, I am entitled to very little aid. I can tell you that with all the tuitions, it will be a struggle regardless of what FASFA allows.</p>
<p>Also, even kids with FASFA scores showing need, much of the need provided at many colleges ( although not all) is through LOANS. This certainly can balloon the debt.</p>
<p>I agree with Canada
Several of our friends who are not eligible for need based aid yet had too much money wrapped up in their businesses and homes to easily take it out for college expenses have kids who are attending schools in Canada.
Even though the exchange rate is not so good lately, the colleges are reasonably priced and good options to what some may see are overpriced schools in the states.</p>
<p>In short, a six figure debt is not worth it.</p>
<p>Also, it is VERY easy to rack up OVER 100K in undergrad debt. I can name tons of schools that I could go to for $40K a year(that’s only room/board maybe books. think… 40x4 years= $160K). I have to pay for the majority of my college education yet fafsa says that I get NOTHING in aid. So, how is it that I would not end up with copious amounts of debt unless I go to A) a state school or B) a lesser private school where my scores are way above the average so I could get mucho amounts of merit scholarships?</p>
<p>40K schools generally meet 100% of need.
If you have no need as judged by the schools, your parents probably have much more available money than families who are recieving need based aid.Yes it is unfortunate when parents don’t want to pay the same percentage of their income that families with need based aid are , but there is no way to force them.
However earning money summers and during the school year, cutting transportation and book expenses and earning money soley for college both before and after can knock down a lot of your expenses.
Additionally, if you are able to get merit aid from schools, you are likely eligible for the honors program at your flagship university, a great opportunity to have a rigourous setting at a great price.</p>
<p>"You are assuming that the FASFA is perfect and everyone gets scholarships to cover needed expenses. This is plainly untrue. I have two kids in college and one on the way next year ( gulp). According to the FASFA, I am entitled to very little aid. I can tell you that with all the tuitions, it will be a struggle regardless of what FASFA "</p>
<p>No. I am not. I know that colleges saying that they grant 100% of need mean that they grant 100% of the documented financial need – what the college, not the family, believes is their documented need.</p>
<p>Still, when it comes to colleges like HPY, I highly doubt that many families are going $100 k in debt to pay for undergraduate expenses. Many families with relatively high incomes can qualify for aid from such colleges, and the aid tends to be heavy on grants, not loans. If a student qualifies for admission to such colleges, it is a mistake to write them off as unaffordable before getting an acceptance, getting a financial aid offer, and attempting to negotiate that offer.</p>
<p>I write from the perspective of someone who was able to go to Harvard despite coming from a middle class family that was initially denied any financial aid.</p>
<p>When my mom followed up and talked to financial aid, providing more information about our family’s unusual circumstances, Harvard made an offer that included a doable self-help component (including summer jobs, work-study and loans, which I easily paid back on time despite entering a field not known for high salaries), a grant and a family contribution that my family afforded without my parents’ feeling that they were risking their retirement.</p>
<p>Anyway, there are many ways that students can go to excellent colleges without having to take out $100 k in loans. Thus, students should explore a variety of possibilities.</p>
<p>Go to the school where you’ll get the best value for your money and then blow your load on grad/professional school.</p>
<p>Northstarmom, it is safe to say that when you’re looking at putting three kids through college over the next 12 years (not to mention a short drive to what’s supposed to be retirement), it’s easier to imagine being able to get student loans than meet all the finanical demands expected of you at $45K a year (the total estimate at Stanford). Too many of us just don’t know the options but have seen enough to expect very little in financial aid.</p>
<p>I third the school in Canada idea. Working out well for me, complete with a $12,000 CAD tuition figure :D</p>
<p>It’s worth it if you picked the right major and you can pay it off.</p>
<p>I will be a business major so I should have an okay starting salary.</p>
<p>.Northstarmom,</p>
<p>Your oversimplification by using averages is not at all answering the OP’s questions. People are in serious debt from education all the time.</p>
<p>Bottomline is, you are wrong. I know many people, and I am sure if you did any amount of thorough investigation beyond superficial averages you would see that a six figure debt is not at all rare.</p>
<p>That being said, I don’t think ANYONE can fairly make the blanket statement it’s not worth it. Do I think you need to spend that much to be successful? No. But would I dare say “it’s not worth it?” No. A med student goes to med-school and racks up 40k in undergrad debt plus 150k in med-school debt…hmm that was fast…ask them if they think it’s worth it…the vast majority would say yes it is. And then they would gruipe about insurance premiums mroe than student loans.</p>
<p>I don’t understand something.
Many families, at least on CC make enough money so that their kids don’t qualify for any need based aid. Since the most expensive schools are at least $40K, a very conservative estimate of what these families are earning is probably at least double that, lets say $90K.
So if I have kids, and I expect them to attend college, I probably know that early on. I probably also have been earning 90K for some time, and didn’t go from $20K to $90K in a couple of years. I assume that these parents are relatively intelligent to be making such a good salary, so why hasn’t it occured to them to have an education savings account or other provision to pay for their kids education? Why are their kids dependent on either need based aid or loans? I don’t understand?
If a blue collar family can save money every month for their childrens education, why don’t parents who make above the national average income have any savings?</p>
<p>Even though it’s too late to apply for this year, I was considering perhaps transferring to U. Toronto. Are there any “down-sides” to a Canadian degree (thinking about how US companies view it)? Also, if I wanted to stay to live in Canada after graduation, is it difficult for a US citizen to get employment there?</p>