How Much Money Should I Borrow for College?

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It is true that many employers only look for the degree not the institution that awarded it. However, with the proliferation of online colleges and get your degree fast "universities" (i.e. Phoenix) employers now must look at the institution. Especially for a job that requires certain types of schooling/training. As think4Yurself has now found out, a MBA from UoP is worth next to nothing, sure you can hang the diploma on the wall, but 20K for a decoration? There is a reason why good business schools are selective, you make money based on their rating. Again this is based on the assumption that you are applying for "plum jobs", not just your run of the mill office job. I acknowledge that there are massive problems with America's college situation, mostly in the Undergrad world, and I acknowledge that other countries do a much better job handling education. Many times you are just paying for the impressive name to be on your diploma, your education in many cases will be the same, but the name means an awful lot in many circles. It sucks but its true. In our capitalist society, there seems to be too few people concerned with the people and education, and there are many concerned with just money. I feel bad for all the people that waste their money getting degrees from online or other less reputible "universities/colleges". I also feel bad for those who go to real schools and now their degrees mean less because the job pool has been over-saturated with applicants toting worthless degrees that they only had to pay for, not really work for (comparitavely speaking in some cases).

Hacim of UT 11:04AM June 24, 2009

leeh1317 of MA makes a really good point. the only real gain from going to a private college over a state university is a larger student loan bill. people, get smart. stop making the private colleges rich.

Ronald of GA 9:47AM June 24, 2009

I totally agree with Leeh1317 that borrowing for private universities in this country is a joke... It's like having a mortgage payment when you recieve your bachelor's degree... Why should we subject our students to this? One great answer:
Colleges and Universities are one of the biggest money making buisinesses in the US now...
There are so many bogus schools, such as University of Phoenix and National University that offer garbage degrees at horrifying rates. I'm one of those UOP students who received my MBA thinking a world of opportunity awaited me. Nothing!!! I got a $20,000 loan for 2 years of education and with my current position within the corporation, I could have easily gotten the same thing with just a HS Diploma.
And how come the rest of the world, including Europe, has so many free universities and colleges (or offers secondary education for almost next to nothing) but we in the US (the wealthiest country on the planet) subject our kids to this debotchery? It's because we spend all of our tax money on interest groups (Military and Defence Spending, Big Oil, supporting the country of Israel, etc.) and don't spend it on things that other normal 1st world countries spend on, THEY'RE CITIZENS! In Europe, they spend their taxes on providing Retirement for the elderly, Disability for the Sick, Free Education (or low cost) for the teenage students, time off with pay for the pregnant mothers, Healthcare for the uninsured, and the list goes on and on...
That's where our system is wrong... We need to change it... When we pay taxes as citizens of this nation, we should expect that money to benefit us!!! And by us I really mean the midldle class, because that's who is hurting. The wealthy have enough money to send their D and F avg kids to Ivy League Schools (such as Bush W) and pay their way to and education and hook them up with a nice job. The super poor (like families where there is one single divorced mom with 3 kids) get to send their kids on a free ride thru school... What about the kids of the middle class who make up the massive majority of the tax payers? Well, we get to pay for poor kids to go thru school and pay for our own kids to go thru school, and if they can't afford it, well, there's always that $75,000 loan that Wells Fargo is offering, isn't there...
Wake up America, Obama is not going to provide the big changes that you want, and the Republicans are worried about jacking oil from the middle east and keeping defence spending going. Where is Social Security? Where is Educational Spending? Where is money for the Disabled and the Pregnant Mothers in all this?
Well they get to have a little tiny hand out, don't they...

Think4Yurself of CA 3:05PM June 12, 2009

This article has a lot of beneficial information in it....but it left me with one remaining question: while we all know that students should borrow less...what do they do when their tuition is $$$$ and federal loans only give you $? I think this predicament is why a lot of student turn to private loans. In high school they have this preconceived notion of college and where they want to go. Once that actually becomes reality, it is a harsh fact to face that often times the school they wanted so badly will require the student and their family to borrow in excess of 20k a year on top of Stafford loans. This right here is a sign that school choice should be reconsidered. Unless your parents (or you) are wealthy enough to pay that out of pocket...borrowing 20k a year to go to a college is not worth it. Students should really start considering their school choice more in terms of affordability than campus life, atmosphere, and school reputation. It's just not worth it, and going to a state school as opposed to a private school isn't going to make one difference when you are applying for jobs. Employers look at the degree you received...not what school you got the degree from (minus you ivy league-ers). I found additional information on preparing for college and what families should be doing ahead of time at http://www.howtogetin.com/college-preparation/

leeh1317 of MA 4:12PM June 11, 2009

If students should borrow no more than 10% of 1st yr gross income. How much should parents borrow to send all their children to college? Most would say 30%. You need to ask yourself these questions in 9th grade.

Larry Dannenberg CEO College Solutions of MA 6:02PM June 09, 2009