Would you go deeply into debt for a college education?
Posted at 6:00 AM on January 4, 2010
by Eric Ringham
(34 Comments)
Filed under: Education
Graduates from Minnesota's colleges and universities in 2008 carried an average student debt of more than $25,000. That put Minnesota among the states with the highest student debt. Would you go deeply into debt for a college education?
Comments texted to MPR:
Yes, I have gone into debt for education. I work in the public sector and have found that it is difficult to get an entry level position in Community Development without the backing of an advanced degree. Without my degree I could quite possibly be waiting tables, I'm grateful to have a good job. -Alisha, Minneapolis
I am a sculptor, and I went to MCAD. I never completed a four year term or 120 credits. Currently, I am drowning in $60,000 debt. I'm going to consider moving back to Balkan's in order to avoid repaying that money which never probably existed. -Aleksandar Maric, Minneapolis
I am a student and I go to a community college to get my generals done for less $. I love it and highly suggest to everyone. -anonymous
Comment from Facebook (MPR Public Insight):
I am glad we didn't and our kids didn't. Our kids didn't because we planned ahead. But as a friend said, it is one thing to go into debt for an education and come out a nurse or a doctor and another thing to come out a social worker, knowing you'll never get out of debt. And a couple of women I know got caught up in getting their masters degrees, but could never get jobs in their field because they became "too expensive" to hire. -Lois Anderson Garbisch
Comments (34)
Just do what I did. Instead of pursing a degree out of high school, I saved up to buy a home first. I put down 30 percent and took in roommates. I never really did have to pay a mortgage payment due to the fact I rented out rooms to other people. I loved it. My friends who went to college weren't able to get a home like me or get extra income coming in. The way to go is get a home first, rent out rooms and then go to college. Obviously, some degrees do not allow you to go part time. I would, under no circumstance, go to any school where I did not have a few years of income saved up while I went to school part-time. You need to save money first. Hey I worked 12- 18 hr. days, six days a week to save up for my house without any education except a high school diploma. I cleaned homes, under the books, and now my home is almost paid for. Obviously, I don't clean homes anymore. I got a really beautiful home, and all I ever paid toward the mortgage was about 485 a month. And, like I said before, I took in roommates that covered that and then some! Sure I had to kick a few out, but I had some really great friends who helped me in the career that I have now. So all things do work together for good. I'm just so glad I never went to college first. I'm glad I saved up, got a home, which proved to be a great investment for me, and then later on, went back to school. Because I had a lot of work experience under my belt, I was able to get one-third of my schooling paid for by being awarded an industry scholarship. I don't think I would have gone back without that kind of incentive. I don't think you need a degree if you are very intelligent and driven to work in a way that outshines others. What you do need is a plan that will keep you out of debt. You need to generate income that will keep money coming in. My husband has a college degree but never used it. Instead he became a personal fitness trainer and makes about 50 an hr. and sometimes more. So what does the college degree mean anyway? He didn't need it to qualify to become a trainer. And trust me all those people who he works with, who has a Masters in exercise physiology, couldn't even pass the test all of us took at his job. I had the highest score out of every trainer in there! And I just had a high school diploma. It was so funny when the guy giving the test said that the only one who made a 100 on the test was me -- and the only reason my husband got 100 on the test was because he looked on my paper. Funny, nobody else with the Masters got 100 percent. If I pursued it, I could have went for the same job with a high school diploma. LOL I would have had the best scores out of everybody who went to college. I just paid attention more. That's all!
I already have and my debt continues to grow. I am sitting with $50,000 in debt from my undergraduate and graduate studies. I have 18 months left of my program and I imagine the debt will then be somewhere near $65,000. All of this debt has accrued from MN colleges and universities.
Already did, but would not do it again if I had to. Spent over $100K at St. Thomas for a bachelor's degree. It took a year to find a full-time job. My student loans are about $1,200 per month but only take home $1,800 per month. Can't wait to find a job that pays me what I'm worth.
In my opinion, if someone is just going to college to get a job, then technical colleges that offer less than two year degrees may be their best option. There are even tech programs that can be done in a few months.
However, four-year and six-year degrees do not guarantee you a job. They were never meant to do that. We will be paying for our three children's colleges starting next year when our daughter starts at a private university. We are excited for our daughter to continue to mature into a caring adult, to realize her responsibility to society, and to understand that education is a lifelong commitment to deepen her appreciation and understanding of the world.
Both my wife and I started out in poverty. Nothing was given to us. We paid for our own educations at community college and then a state university. We continue to learn and go to school for the joy of it. Education has helped us appreciate our lives, even the struggles that we go through. We believe the price of education is worth it - we would love it if it was free - but we believe it is worth going into deep debt for as long as the student understands what they will be getting out of it and it may not be a job.
Nope, not in the current climate.
College was a great opportunity for me, and I was lucky to get through it with minimal debt. The prices now are far too high given our job climate. All you are doing when you go to college now is forcing yourself into a financial struggle that you will never be able to get out of.
You will have to work 60 weeks doing a job you dont like just to keep your head above water.
the system is broken. learn things from those people that are doing what you want to do. get odd jobs, and give yourself homework. I think teenagers will be much better off in 20 years if they follow that advice.
If prices drop, jobs return and colleges offer better classes....then I would be the first to change my mind.
There is a real advantage to having a post secondary education. However, a bachelor's degree does not gauarantee a job -- especially in this economy.
With the skyrocketing cost of higher education, there should be some sort of incentive to assure that the students receive value for their tuition dollar. Public universities and colleges should be paid by the credits COMPLETED by students in a degree program.
I would not go into deep debt. I was fortunate my family saved from when I was born and I am an only grandchild so I had many people donating to my college fund growing up. However, I had to use all that money to go to college and ended up with $11,000 in debt. I think this is about the right amount and I was able to purchase a condo because my debt load is so small. I am interested in an advanced degree at some point but I wouldn't do it until I had significant money saved. I have other friends who are going to grad school and are going at a slower pace to work and pay for school as they go. My boyfriend is going to a two-year school to get his foot in the door of his chosen profession and then is going to take evening classes to complete his B.A. while he works. I think the pay as you go strategy is the best. I think to take on too much debt is irresponsible.
I went to a private college and completed my degree in 3 years instead of 4. I still managed to rack up $50,000 of debt, and now I have a job that I love but is not related to my degree and does not pay the greatest. Yet I have no regrets about my decision to go to college. I wish it hadn't cost so much, but the things I learned--academic and otherwise--are priceless. Even though I may never formally use my degree, I can apply the knowledge and personal growth I gained in college to every area of my life.
I am going - hopefully not too deeply - into debt for a college education. I started when I was thirty and two years later have already racked up what feels like a tremendous amount of debt. While I see many of my fellow students do it, I've found it difficult to work full time and maintain a good GPA and get the most out of the classes that I'm paying so much for. Thus, I work less and go deeper into debt.
However, I didn't begin my college education until I was sure about what I wanted to study and certain that it would be both personally and professionally rewarding. I feel pretty bad for people who went to college right out of high school and are not only paying off debt, but working jobs that don't relate to their degree and now have a tainted view of higher education.
As a senior in high school i thought about going to college to get an education but after seeing my cousin default on his student loans i decided to go into the navy and have them pay for my education. I think we as a community are two focused on the all important 4 year college degree when there are many more opportunities out there for us.
Taking on huge student loans (for 3 degrees) was the biggest mistake I've ever made. If I could go back 15 years I would tell myself to work my way through school, no matter if it would then take me 6 or 8 years to graduate.
Too late! I already have. I expect to come out of college in debt to the tune of around sixty to eighty thousand dollars. I made the decision to continue my education and that decision was contingent upon my willingness to take on immense personal debt. There is no way I could have pursued my degrees without taking out massive loans, but I do not regret the decision. I just know I will probably never buy a home, and the loans may die with me. The saying "sign your life on the line" is all too familiar for me.
There's too much false info out there about the costs and benefits of different degrees at different schools. Especially in this economy, consumers need more information to make better decisions.
My partner and I already went into debt for college educations and I don't know how worth it it really was. I got a good education, my partner did as well, but everything we do now is structured around that lump of money that we owe - there are a lot of things we have been unable to do because of the debt we owe in student loans and we are having to wait much longer to do things we've been looking forward to (peace corp, buying a home, adopting) because of the money we owe. On the other hand, I have a job I love and am currently pursuing a graduate degree I wouldn't be able to without my degree. My partner hasn't been so lucky... I don't know how much it ended up being worth it.
I currently am going into debt for college. I found my way into a professonal career without the college eductation however I find myself not as competetive as my coworkers and personal want a degree to set a standard for my children. I am in my early 30s and back in school (plus about 10 grand so far in debt)
It is worth it to me, however I do think the cost of school is getting out of control. But who is going to make colleges cut the cost? And can they really cut costs wtihout cutting experiences, education and teachers/programs?
I am completely frustrated with the amount of debt my children will graduate with - about $60,000 each at state schools. We are a lower-middle class family and we get 0 in free money - it's only loans. There is no way to get a decent job right out of high school - college is required. I think the colleges should be held accountable. They know the students can get the loans so they have no incentive to keep their costs down.
Dollar for dollar a college education is still the best investment you can make in today's economy. That doesn't mean you need to spend four times as much on a private college especially for an undergraduate degree which are becoming more the norm, for even the lowest paying entry level jobs.
Technical colleges also make more and more sense these days when you can make a decent living on a two you program.
I am not an advocate of debt but if it meant going to college vs. not going, then you should go even if that means borrowing to get it done.
If after job hunting, it is realized that an undergraduate degree is required to break into the desired field, it is a good idea to go into debt to earn the degree. However, from my experience, it is not a good plan to go deeper into debt for an advanced degree without 1.) gaining work experience and 2.) checking resources such as employer reimbursement & grant opportunities.
I did. Twenty years ago, I graduated with a BA and a debt load of $25,000. It took me ten years but I paid it off early.
Zebulon N has a point: debt may be necessary, but as a student, you must evaluate the current economy and your chances at repaying that debt once you get your degree. It's not 'good' debt if you cannot repay it, and it is the student's responsibility to pay it back.
Would I do it again? I would probably have to, but in this environment, I would use debt sparingly, and look into less expensive ways to get a degree, even if that means taking longer to graduate and not getting into the first school of my choice.
I did for my undergrad and I am doing so again for my MBA. At the end of the day, no one will ever be able to take my education away from me. It is an asset I will always hold. By that respect, I think it is worth the debt to achieve.
The jokes about liberal arts degress being of little value are still around for a reason. Going to technical school to learn a trade would cost less and be worth more in terms of employability.
If you are going to invest the time and money it takes to get a degree, chose a degree of value. If you value employment, get a degree in accounting, engineering, law, or the medical field.
I have, and I wouldn't do it again. I could've gotten my current part-time temp job without spending $100,000 on grad school.
I think high school students need to be better prepared for the realities of budgets and income. Maybe this recession will help kids learn more about family finances. No matter what your degree, you are not guaranteed a job at graduation, and limiting your debt leaving school is a great way to get off on the right foot in life. Many of the friends I made at my first job out of college had loan payments four or five times greater than mine. I was able to start saving for my future, while these friends were scraping by on the same salary as me. I thank my parents for instilling a strong sense of financial responsibilty from a young age!
Did it, paid them off by WORKING.
I must agree that the cost of higher education is out of control.
Let's have a public stoning of all the highest and over paid at most major universities ... then we will see the cost get back in check.
DTOM
Hierarchy education systems are failing. With the interent, kids will teach themselves.
I already have gone deep into debt as well. When I graduated from college, I had accrued nearly $60,000 in student loans. I made the choice to attend a private liberal arts college over a state school, and all of those loans are in my name.
While I know that the experience I had at the school I attended was exceptional, if I had the chance to do it all over, I would attend a state school instead. It's impossible to achieve any kind of financial security when such a large percentage of my monthly income goes towards paying off student debt, and unfortunately when you're taking out student loans at the age of 18 or 19, you don't have any conception of just how much debt you're acquiring.
I've borrowed about $250,000 in student loans on the way to my doctorate at St. Thomas. To make money, you need to have (or borrow) money. Student loans are a cost of doing business and a great investment. Like it or not, our economy runs on credit, and the investment of college is no different. I agree with other commentors that students don't really have a choice about borrowing, though what school they choose greatly impacts how much they'll borrow.
I am concerned, though, about the rise of enormous, for-profit, "degree mill," corporation-schools (e.g. Argosy, etc.) that are out to sell their product-- tuition-- while providing little informed consent to students about the job prospects following graduation. The sub-prime student loan practices only exacerbate this problem and might comprise the next economic "bubble" we face.
Already have gone deep into debt between my undergraduate and graduate student loans! It sucks but my undergraduate degree did not get me the kind of job I felt I could do for the rest of my life. So I got my masters in social work and have a career I enjoy!
Somehow I have managed to buy a house and still make ends meet. Ideally I would never have taken out as much as I did for an education, but I had to to get where I am. So I am on a 25 year payment plan and will be student loan debt free when I am 52 years old! Or if I get lucky and work for a 501(C)3 for 9 more years I can apply for loan forgiveness... wouldn't that be nice!
You don't have a choice unless you are a member of the top 1%. A decent, respected education from will costs tens of thousands of dollars, sometimes into the hundreds. It's not only ridiculous, but unnecessary. I am currently watching my sister & her new husband struggle to start a life with each other, as both are college graduates sitting on approx. $40k in debt each. With those wonderful degrees, she was able to secure a decent job with the University she graduated from, making $30k per year, and he works 10-12 hour days for Pepsi, bringing in $40k per year. They both have pristine credit, yet they are unable to buy a house & start a family because their student loans add up to twice their annual income. It's a racket! Their financial adviser told them that the best option was to GO BACK TO SCHOOL & TAKE ON MORE DEBT, so that they could perhaps secure higher paying jobs, despite acquiring another $50k in debt.
I was lucky. I graduated college in the 90's, and worked for a company that went public, granted massive shares, which I sold for tens of thousands & paid off my loans in short order. Otherwise, I'd still be well in debt, and likely would've been for many years to come.
If we intend to remain competitive, as a nation, in the coming century, we need to seriously consider ways to make higher education accessible to more, and less penalizing to those who work so hard to earn degrees. Most simply take the first job they find, something to pay the mounting bills, rather than work in their field of study. How many brilliant minds are stuck working at Starbucks, answering phones in office parks & taking your order at Olive Garden because they can't pay the bills & their loans while working in biochemistry, teaching English lit to children, or designing the next generation of technology?!
My view from High School and my view now has change greatly. Student loans are getting ridiculous and I couldn't image having anymore debit than I do now. I want to enjoy life in my younger years, but to be stuck with payments for the next five years really kills. I never took the time to figure what I would be paying once I was done, and I wish I would have.
As a 31 year old, non-traditional student (family of 6 living at the poverty line), I wouldn't even have the opportunity to go into debt for my education. So, when governor Pawlenty talks about cuts to mnscu because of the growth in new students, I freak! Without state and federal aid I won't be able to finish my degree. I earned straight A's last semester despite a week of no childcare during midterms b/c of H1N1, a broken rib, and numerous computer issues. I am on course to graduate with an AA December of 2010! I will be the first female in my family to earn a degree - ever. I plan to earn a BA. Crossing my fingers on the funding, though. I know we need to save all kinds of money now because of the war (which we didn't budget for for 8 years) and the bailout. To fully answer the question: Like most in my situation, I will do EVERYTHING within my opportunity to earn my degree, and I plan to blow the rest of my classmates out of the water with my grades & intellect (even in remedial Algebra)!!! ;)
What I don't understand is why the governor would cut opportunities in the areas of the state with the least ammount of opportunity and some of the highest rates of poverty and minimum wage jobs and unemployment. Where is his good judgement? Is it tied in with his hopes and dreams or is he the kind of person who has no problem cutting food for the poor to continue to allow people making over 31,000,000 per year to pay less in a percentage of taxes than us living at the poverty level? Minnesota Department of Revenue study found that I pay 12% while others pay 7%. Just taxing those citizens (who have so much) the same rate of tax I pay, would help our budget problems. Please, please fact check me!!! Educate yourselves.
Already have. Around $45,000 just for undergrad. And I plan on going back to school in the fall and I also plan on taking out more student loans. In this day and age, the way to move up the ladder is not only by experience, but experience and education. People just need to keep reminding themselves that, although it is debt, it is considered good debt.
I think you need to ask yourself the question, "Will my education allow me to find a sustaining job to pay back my loans acquired through college?" Going deeply into debt for a degree that will provide you with a well paying career is well worth the debt that will accrue through college. With the status of our economy I think prospective students need to be thinking more practically about their future careers and deciding upon one that will secure financial well-being. As a music major myself looking back I would have made a more directed decision to go onto something that would be more reliable and financially profitable. If debt is the only way to get an education right now, make it count.
I deeply resent the amount of debt I had to go into to get a college education in Minnesota - over $23,000. To me, college loans are a way to keep the lower and middle middle class from breaking through the glass financial ceiling buy putting us through indentured debt service for a decade after finalizing our studies. Meanwhile, upper middle class and wealthy students can put their money into investments and saving. In the long run, however, there is no better way to increase your socioeconomic position than through a higher education, but MNSCU should pay for a much greater portion of undergraduate studies.
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