How much undergraduate debt did you graduate with?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.

How much undergraduate debt did you graduate with?

Debt Free (No federal, personal or private loans to repay)
245
40%
Less than 10K
62
10%
Between 10-25K
154
25%
Between 25-50K
76
13%
Between 50-75K
38
6%
Between 75-85K
13
2%
Between 85-100K
8
1%
More than 100K
12
2%
 
Total votes: 608

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bgdddymtty
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Re: How much undergraduate debt did you graduate with?

Postby bgdddymtty » Fri Feb 26, 2010 12:50 pm

"I graduated with 5k in debt .... but one of my friends goes to GWU and she has 210k in debt for undergrad. I feel bad for her."

":shock: Wow. I feel bad for her too..."

"Goodness, that sucks. Isn't that what financial aid is supposed to prevent?"

"Wow, if her parents really did make high enough salaries to count their daughter out of need-based aid, they did her a major disservice by not saving for her college education. Not to pick on your friend and her family, but wow. That's just awful."

I know this is an old conversation, but I have to comment. You guys feel bad for this girl? Really? She made the decision to spend at least $210,000 to obtain a degree that is almost entirely worthless in the job market, and yet the culpability lies with her parents or the financial aid system? Whatever happened to the concept of responsibility for one's own actions?

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revrocksteady
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Re: How much undergraduate debt did you graduate with?

Postby revrocksteady » Sat Feb 27, 2010 12:09 pm

I have around 59k debt total between my undergrad and graduate degree. I am more than minimally stressed out about affording a good law school. Luckily I am getting small scholarships to help here & there, but that is not easing the pain... I plan to but a few lotto tickets today.

If all else fails, just marry someone rich :)

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sanpiero
Posts: 574
Joined: Sat Feb 14, 2009 8:09 am

Re: How much undergraduate debt did you graduate with?

Postby sanpiero » Sat Feb 27, 2010 12:27 pm

bgdddymtty wrote:"I graduated with 5k in debt .... but one of my friends goes to GWU and she has 210k in debt for undergrad. I feel bad for her."

":shock: Wow. I feel bad for her too..."

"Goodness, that sucks. Isn't that what financial aid is supposed to prevent?"

"Wow, if her parents really did make high enough salaries to count their daughter out of need-based aid, they did her a major disservice by not saving for her college education. Not to pick on your friend and her family, but wow. That's just awful."

I know this is an old conversation, but I have to comment. You guys feel bad for this girl? Really? She made the decision to spend at least $210,000 to obtain a degree that is almost entirely worthless in the job market, and yet the culpability lies with her parents or the financial aid system? Whatever happened to the concept of responsibility for one's own actions?


First just because you "feel bad" for another doesn't mean you've deemed them inculpable. The student is certainly at least partially responsible for making such a poor financial decision. Second, if you're suggesting 18 year old kids are well-positioned to make such important financial decision without any guidance whatsoever, I have to disagree. Third I don't think there's any refuting that her parents screwed her big-time if the actual circumstances were as the PP suggested.

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sanpiero
Posts: 574
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Re: How much undergraduate debt did you graduate with?

Postby sanpiero » Sat Feb 27, 2010 12:28 pm

I have about $17k which should increase to $19-20k while interest is accruing during LS.

Did anyone's parents take out significant ParentsPlus loans to cover undergrad, or am I unique in this regard?

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bgdddymtty
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Re: How much undergraduate debt did you graduate with?

Postby bgdddymtty » Sat Feb 27, 2010 1:42 pm

First just because you "feel bad" for another doesn't mean you've deemed them inculpable.

True, but when you explicitly blame everyone but the person who actually made the decision, that's exactly what you imply.

Second, if you're suggesting 18 year old kids are well-positioned to make such important financial decision without any guidance whatsoever, I have to disagree.

First, she was probably at least 22 by the time she graduated. She followed through on the decision for four years. At any time during that period, she could have transferred or changed her major to a more economically viable one.

As far as guidance is concerned, we don't disagree. Frankly, I believe that the financial aid system needs serious reform. At the very least, high school and college guidance counselors should sit down with students and discuss a basic cost-benefit analysis of their expected degrees.

However, none of the criticism in prior posts was about guidance. It was about money. The prior posters think that Mommy and Daddy should have paid for college. I think that they had a far bigger responsibility to teach her how to make adult decisions.

slider
Posts: 368
Joined: Sun Sep 20, 2009 10:35 pm

Re: How much undergraduate debt did you graduate with?

Postby slider » Sat Feb 27, 2010 1:53 pm

undergrad loans > my mortgage :(

Bulls
Posts: 87
Joined: Wed Oct 21, 2009 2:16 pm

Re: How much undergraduate debt did you graduate with?

Postby Bulls » Sat Feb 27, 2010 2:11 pm

gatorlion wrote:ZERO. I actually made money in college after merit scholarships.

Thanks, Florida Bright Futures!


+1 but with maybe 3k in credit card debt

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NervousInKC
Posts: 153
Joined: Tue Feb 09, 2010 2:45 pm

Re: How much undergraduate debt did you graduate with?

Postby NervousInKC » Sat Feb 27, 2010 2:16 pm

Zero. Thank you mommy and daddy. :D
I know they are happy to get me out of their pockets when I graduate. haha

Muddy
Posts: 37
Joined: Sat Dec 12, 2009 4:33 pm

Re: How much undergraduate debt did you graduate with?

Postby Muddy » Sat Feb 27, 2010 7:35 pm

sanpiero wrote:I have about $17k which should increase to $19-20k while interest is accruing during LS.

Did anyone's parents take out significant ParentsPlus loans to cover undergrad, or am I unique in this regard?

Mine did. They planned to pay for everything, then the economy happened. Their business suffered and they weren't able to pay so they had to take out major loans since I was at a private school. Thankfully, they didn't make me transfer. I want to pay all my law school bills.

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acoon624
Posts: 42
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Re: How much undergraduate debt did you graduate with?

Postby acoon624 » Thu Mar 25, 2010 11:14 am

I'll be coming out with 60k (parents couldn't help out too much)...I'm looking to go to a TTT near me and live at home rent-free for the years I'm at law school (I don't know of any scholarship offers, I just got accepted via status checker)...I have connections in state government and private practice so it shouldn't be too hard to find a job coming out...is this bad?
Last edited by acoon624 on Thu Mar 25, 2010 11:45 am, edited 1 time in total.

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jl2032
Posts: 264
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Re: How much undergraduate debt did you graduate with?

Postby jl2032 » Thu Mar 25, 2010 11:20 am

When I went to school, financial aid was given in the form of loans.

My school has since changed its policy to give grants instead - NO LOANS. If only I had been born a few years later...

Either way, I got a REALLY good job and paid off my loans (around 25k) in less than a year.

fewds320
Posts: 26
Joined: Tue Mar 23, 2010 8:42 pm

Re: How much undergraduate debt did you graduate with?

Postby fewds320 » Thu Mar 25, 2010 12:04 pm

Penn State blows. I've got $100k in undergraduate debt, and that's the cheapest University in the state of Pennsylvania, and is state-funded. $13-$14k per year for in-state residents is absurd compared to, all 49 other states.

So, 12-14k a year in loans, with another $10k in living expenses each year.. and that was the cheapest option available to me because I had the misfortune of being born in Pennsylvania.

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bigchris1313
Posts: 54
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Re: How much undergraduate debt did you graduate with?

Postby bigchris1313 » Thu Mar 25, 2010 12:17 pm

fewds320 wrote:Penn State blows. I've got $100k in undergraduate debt, and that's the cheapest University in the state of Pennsylvania, and is state-funded. $13-$14k per year for in-state residents is absurd compared to, all 49 other states.

So, 12-14k a year in loans, with another $10k in living expenses each year.. and that was the cheapest option available to me because I had the misfortune of being born in Pennsylvania.


Don't feel too bad. Within 5-10 years, I'm going to feel pretty awful for the crop of Freshmen accepting offers to the once-moderately priced UC system.

Per the original question, I found out that my parents did in fact love me when I watched my father write my first tuition check.

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evilxs
Posts: 390
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Re: How much undergraduate debt did you graduate with?

Postby evilxs » Thu Mar 25, 2010 11:50 pm

slider wrote:undergrad & grad loans > my mortgage :(


x2 with correction :lol:

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revrocksteady
Posts: 63
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Re: How much undergraduate debt did you graduate with?

Postby revrocksteady » Fri Mar 26, 2010 11:13 am

the 59k I have in loans pretty much levels out against the T2 scholarships I am considering. By the end of law school, it will feel as if I paid full sticker price for my law school education, but at least it helps my personal end tally!

Anyone else stuck choosing a less desirable city to curb debt compared to a better market/worse school? :?

I feel lucky that I paid off all my credit card debt last year.

I bought a scratch ticket last week. No win there :(
Last edited by revrocksteady on Fri Mar 26, 2010 11:28 am, edited 1 time in total.

LegalGENius
Posts: 62
Joined: Wed Mar 24, 2010 2:55 pm

Re: How much undergraduate debt did you graduate with?

Postby LegalGENius » Fri Mar 26, 2010 11:15 am

gatorlion wrote:ZERO. I actually made money in college after merit scholarships.

Thanks, Florida Bright Futures!


+1 :lol:

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JuTMSY4
Posts: 265
Joined: Sat Jun 27, 2009 3:40 pm

Re: How much undergraduate debt did you graduate with?

Postby JuTMSY4 » Fri Mar 26, 2010 11:19 am

fewds320 wrote:Penn State blows. I've got $100k in undergraduate debt, and that's the cheapest University in the state of Pennsylvania, and is state-funded. $13-$14k per year for in-state residents is absurd compared to, all 49 other states.

So, 12-14k a year in loans, with another $10k in living expenses each year.. and that was the cheapest option available to me because I had the misfortune of being born in Pennsylvania.


No it isn't...

Its a state related institution (like Pitt and Temple). There's the PASSHE system for true PA state schools where tuitions about 6 grand a year:

--LinkRemoved--

If its all paid by loans you're looking at 60-70k in total COA (give or take)...

renee1693
Posts: 14
Joined: Thu Dec 10, 2009 12:50 pm

Re: How much undergraduate debt did you graduate with?

Postby renee1693 » Fri Mar 26, 2010 8:04 pm

kp009 wrote:100K+ and I kick myself for it every day now that I've decided to go to law school...it's really effecting my decision on where to apply/attend. Went in freshman year with good financial aid which somehow disappeared after that first year. Too late to change it now and I loved my undergrad experience, but I'll be kicking myself for it for many many years to come.


+1

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A'nold
Posts: 3622
Joined: Sat Oct 04, 2008 9:07 pm

Re: How much undergraduate debt did you graduate with?

Postby A'nold » Fri Mar 26, 2010 8:13 pm

I put myself through college on loans...........I could have predicted many of the posters that had college given to them......just saying.

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gatorgirl4life
Posts: 354
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Re: How much undergraduate debt did you graduate with?

Postby gatorgirl4life » Fri Mar 26, 2010 10:03 pm

none. go gators :D

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gatorlion
Posts: 364
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Re: How much undergraduate debt did you graduate with?

Postby gatorlion » Thu Apr 01, 2010 3:10 pm

gatorgirl4life wrote:none. go gators :D


PLUS ONE: Between FL Bright Futures, FL Prepaid, and merit scholarships, I made money by going to UF.

EDIT: April Fools. UGH
Last edited by gatorlion on Thu Apr 01, 2010 3:21 pm, edited 1 time in total.

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violinst
Posts: 230
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Re: How much undergraduate debt did you graduate with?

Postby violinst » Thu Apr 01, 2010 3:17 pm

Had a full-tuition scholarship, but took a subsidized loan to cover living costs (parents contributed none). 23K here. Haven't paid a cent yet, since I having been getting interest-free deferments as a continuing student. The lender must hate me since I am going to get another 3-year deferment (unless I drop out of LS, which I don't want to think about.)

Got paid to get a graduate degree. That was nice.

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HazelEyes
Posts: 192
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Re: How much undergraduate debt did you graduate with?

Postby HazelEyes » Thu Apr 01, 2010 3:31 pm

I knew my parents couldn't afford to pay one dime towards my tuition. I also knew that they never filed their taxes on time and would often withhold financial info for FAFSA on purpose.

Went to a cheap, good, public, city college. Worked full time throughout college, and graduated with less than 4,000 in loans.

Can't imagine why anyone would take out loans over 20,000 for undergrad. It's UNDERGRAD.

I'm also glad I didn't let anyone talk me into taking out crazy loans, like the financial aid office. I worked really hard for 4 years, but now I don't have a shadow hanging over my head.

Z3RO
Posts: 526
Joined: Thu Sep 03, 2009 11:57 am

Re: How much undergraduate debt did you graduate with?

Postby Z3RO » Thu Apr 01, 2010 3:36 pm

NervousInKC wrote:Zero. Thank you mommy and daddy. :D
I know they are happy to get me out of their pockets when I graduate. haha

You haven't seen the job market yet, have you?

Image

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violinst
Posts: 230
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Re: How much undergraduate debt did you graduate with?

Postby violinst » Thu Apr 01, 2010 3:45 pm

HazelEyes wrote:I knew my parents couldn't afford to pay one dime towards my tuition. I also knew that they never filed their taxes on time and would often withhold financial info for FAFSA on purpose.

Went to a cheap, good, public, city college. Worked full time throughout college, and graduated with less than 4,000 in loans.

Can't imagine why anyone would take out loans over 20,000 for undergrad. It's UNDERGRAD.

I'm also glad I didn't let anyone talk me into taking out crazy loans, like the financial aid office. I worked really hard for 4 years, but now I don't have a shadow hanging over my head.


Why not a subsidized loan? It's interest free as long as you are a student. It's a good investment strategy, and there is no incentive for me to pay off the loan (I could, if I want to right now) until I get out of school completely (being a part-time student also qualifies me for deferments in my case).




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