How much undergraduate debt did you graduate with? Forum

[bgdddymtty]

"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?

[revrocksteady]

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

[sanpiero]

"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.

[sanpiero]

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?

[bgdddymtty]

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]

undergrad loans > my mortgage

[Bulls]

ZERO. I actually made money in college after merit scholarships.

Thanks, Florida Bright Futures!

+1 but with maybe 3k in credit card debt

[NervousInKC]

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

[Muddy]

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.

[acoon624]

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?

[jl2032]

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]

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.

[bigchris1313]

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.

[evilxs]

undergrad & grad loans > my mortgage

x2 with correction

[revrocksteady]

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

[LegalGENius]

ZERO. I actually made money in college after merit scholarships.

Thanks, Florida Bright Futures!

+1

[JuTMSY4]

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]

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

[A'nold]

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

[gatorgirl4life]

none. go gators

[gatorlion]

none. go gators

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

EDIT: April Fools. UGH

[violinst]

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.

[HazelEyes]

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]

Zero. Thank you mommy and daddy.
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?

[violinst]

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).