How Much Money Should I Borrow for College?

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Oh Fafsa...you suck

I just started my sophomore year. Last year I attended my "big" state school and got nearly no aid because my parents made to much money. This summer my Dad lost his job. I told the fin. aid office about the situation, redid my FAFSA & hoped that the fact that I was an Honors College student who has been on the Dean's List every semester, volunteered in the community, was extremely involved on campus AND went to school over the summer would at least get me some sort of help. Nothing. I know I'm blessed to have parents that were able to help me out when they could (my heart goes out to everyone who's parents don't get it - yall will make it anyway!!) but I'm really hating this whole system right now. I had to stay home and go to the local state school, its only costing me $4100 for this semester but that is with me taking JUST 12 hrs and living at home. I'm hoping to transfer back in the spring - but as of my first semester sophomore year, I owe $14,000. Because I could not afford school any other way. Its ridiculous...I don't even know if I'll be able to afford the last two years of undergrad, let alone get my Master's or go to law school.

What really gets me though is that I'm the 5th generation in my family to go to college...my great great grandparents who's parents were BORN slaves got degrees (a few even held master's) and now its the 21st century and I can't afford school.

Doctorate in Vocational EducaTION

Dear Sir/Madam,

Please provide me with information on Phd in Technical and Vocational Education and training. I would like to pursue that area.

Hey Joyce (from CT) ADOPT ME!!! (haha)

Hey "Joyce of CT"... I wish you were my mom! I'm in school, my parents refuse to "help" at all (dad wants me to be a career waitress) and I'm already about $50,000 in debt IF you include stafford loans (but MOST of that is private loans) AND, since my dad doesn't understand how credit cards work, he owes 90-something percent on almost ALL of his credit cards, but because I got turned down for THIS YEAR's loan (which he only agreed to let me get because I am "too far in debt to quit") he blames my mom for cosigning on my private loans, despite them being deferred.

Anyway... When I graduate, I'll be making about $45,000 a year WITH LESS THAN A YEAR'S EXPERIENCE and people in my field make over $60k a year with over 4 years of experience... (20 years experience earns 6 figures)

But he dropped out of college (he was a PE major with an athletic scholarship) and went into construction, so he doesn't see the value of a college education... (He went to college for something like 1 year in the 70's, so he thinks he's "smarter" than me about everything and that he knows everything about college)

...

People like ME need more options... People whose parents "make enough" but don't feel like their childrens' educations (yes, my sister too!) are important. The FAFSA judges based on what the parents make and how much they pay on their mortgage, but NOT on their level of credit card debt OR on their WILLINGNESS TO HELP... Even if my parents had FLAWLESS credit, they still wouldn't help me with anything but to cosign and yell at me every day that I am going to screw up and ruin their lives... THOSE are the parents that I have...

SO... By the time I'm done with my college education, I'm sure to have almost $100k of debt, but I don't care. It WILL be worth it. I CANNOT get by without a degree and I WILL NOT compromise my life just because my dad doesn't like it. ... ... Why can't he see that?

Best money I ever spent!

I see a lot of people who are worried about taking out very large loans for their kids and rightly so. I also see students responding to this with their concerns. The flip side of the coin is the money you LOSE if you do not have an education.

College is no longer a luxury, but a necessity if you want to make a living. There are definitely ways to keep costs down and starting out at a community college for the first two years helps (providing you check with the school you will transfer to for the last two years about what transfers and what does not so you dont waste money and time)

The fact is that you will lose over a million dollars in your life time in income if you do not get at least a 4 year degree (and that is in today's dollars) My husband and I put three kids through college (two of whom are still there) and have a lot of parent loans to pay off. The kids also have student loans as well. My daughter just graduated from law school last year and is 150,000 in debt!!!! That is what a few dollars from undergrad and law school costs! She is earning 75,000 per year and is not able to live like she is due to 1500 a month for her loans but was it worth it??? Absolutely yes. I too went to college while my daughter was an undergrad and had to take out loans for me too. Was it worth it? Absolutely yes.

Unfortunately, the online schools take people's money without telling them most employers do not hold them in very high esteem. My advice is STEER CLEAR of those schools and go to state schools to save money. My daughter worked and still graduated magna cum laude! Your kids need to be responsible and take ownership of some of the debt (and not only student loans) in order to finance their expenses while in school. My daughter waitressed at a local Chili's about 25 to 30 hours a week and earned good money.

Please look at the reward at the end. College is a necessity, not a luxury and the expense is well worth the money. I think Obama is on the right track with trying to give everyone an even playing field by making the first two years accesible. High school does NOT prepare your kids (or you) for most good paying jobs anymore. That is a fact.

How Much Should I Borrow for College

Obama's plan to fix loan debt is by sending everyone to low cost community colleges and indenturing students to pay the loans back with community service. Another "bait and switch" he is firing the banks in student loans after 45 years of great service while promising the profits for Pell Grants but using it for other pet projects. Will loan money be there this fall through the Clinton Federal Direct Loans (FDL) or will some colleges have to close without this vital source of funds. Colleges will have to hire additional people to get ready for the FDL, find out how to make it work and do the reports. 35,000 private bank lenders losing jobs. Charles

Re: Bunch of Bull

I am right there with you and someone needs to tackle the quandary of what to do when you go to college and pay for it yourself. I went to a public college for two years (to save money), then transferred to a (better) private college for my last two years. After racking up $40,000 in debt, I was accepted into Johns Hopkins University for an MA. It was a tough financial decision, but decided to attend once I received my financial aid package and received a partial scholarship. However, I still needed to take out loans to finance my education. My parents did not pay for undergrad or grad school, plus I pay for housing by myself. I worked (before getting laid off as an intern) 40 hours a week at an hourly internship, which helped pay the rent but it did not suffice. I contemplated taking a year off of school and work, but the current economy does not help with the job situation. Additionally, if I did quit school, I would have to start paying back undergrad and graduate loans... so somehow I would need to make $60K a year to survive. I guess the question at hand is what to do when you're completely on your own? Go to college and rack up debt ($80k once I am done with grad school)? Take the risk of trying to find a job that will pay enough in order to pay back student loans? I have noticed a lot of emphasis on college savings plans and other educational tips from Pres. Obama and financial gurus. Nevertheless, I have not read anything with tips to students who do not have financial support from parents and families. There are a lot of students like us out there, and it is absurd that people suggest we do not attend college because we do not have financial support from our parents. Sorry for a little bit of rambling and poor grammar, wrote this in a hurry.

College Tuition

First of all I want to say thank you for all the comments. I'm a mother of 4 girls, one getting ready to start college in the fall 2009. She was accepted to 5 awsome colleges. But who can afford to send them. She will be attending community her first year, but want to transfer later to a university. I to agree that what the parents make shouldn't matter as far as Fafsa. They don't concider the fact that you have other children you have to raise. The need to take into account the moneys going out of the household. Well if there is any information that would be helpful to a parent/student just entering college we would love to here from you.

Karen

Bunch of Bull

I am a senior at Bloomsburg University of Pennsylvania, and let me tell you, TUITION IS GOING UP. The money these state schools are getting are drastically being cut because of statewide cuts...therefore how is it possible to spend LESS than $6,000/year in loans? Because if I do the math right...(and I am a business major by the way) I AM EXPECTED TO MAKE $60,000 OUT OF COLLEGE...?!?!? HA! That's a joke. I live on my own with no help from my parents who make too much money...I'm going to be $52,000 in debt when I graduate...God only knows if this new education bill will actually help us students who are doing things for themselves. I do work as well, 25-30 hours a week and I share an apartment with a roommate, which I pay for out of pocket. I've had the same POS car I've had when I was 16, do you think I'll be able to buy a new one? Will I be able to pay for medical insurance? (Currently have none, can't afford it!) Plus raise children and get married before I turn 30? These are all legitimate questions that have me in a tizzy. So please, will someone higher up LISTEN to these posts, and realize to get a job, you need higher education, to get higher education you need money, to get money you need loans, to get loans you must qualify, to qualify you have to be poor (to get grants at least) once you qualify, you are like another commenter said, PAYING FOR A SMALL MORTGAGE. Hmmm seems strange that one has to pay off education for almost the same time as a mortgage...what am I busting my @$$ for then?!?!?!?