Student loans

S Houghtelin

Albert Holguin wrote:

don't pick a school with ridiculous rates

There is that... :) And there is this... My brother's former wife was one of those "Went back to school" to get a better life students. She went to one of those cosmetology schools to learn how to paint finger nails. Yep, there is a struggle to repay the loan. She says my brother should pay for it because she can't find a job. My brother says no, not his responsibility. Blah blah blah. The end result? US taxpayers pay for the defaulted student loan. :mad:

It was broke, so I fixed it.

Nish Nishant

W∴ Balboos wrote:

Could you put that in more normalized terms: how much of (or many) years of average income to pay for that?

Pricing alone isn't enough to determine the true cost of higher education.

Today, an engineering graduate in Kerala would make between INR 30,000 to 60,000 a month on his first job. If he keeps his expenses low, he should be able to pay off a 200,000 loan in an year or so. Funnily, most kids won't have to do that because traditionally Indian parents pay for their kids' college education (even the lower-middle class parents). This is changing though and kids born after 2000 or so will find that they can't depend on their parents paying off their loans as their parents did :-)

Regards, Nish

My technology blog: voidnish.wordpress.com You've gotta read this : Using lambdas - C++ vs. C# vs. C++/CX vs. C++/CLI

mindserve

The taxpayer only has to pay it back on federal loans. Private student loans the lenders take the burden. But even on a student loan that was federally backed the government makes money when the loan defaults. They capitalize the interest on the loan and most end up paying it back, and the government for decades. Sometimes for life.

AspDotNetDev

I'm not "struggling" to pay them, but I graduated with something like $25K in student loans (when I was 21). I'm on the graduated repayment plan, so the amount I pay each month increases something like every 2 years. That means my monthly payment will grow over time, but so will my salary. Once my car is paid off (in about a year), I should be able to start paying off my debts faster than the minimum amount required. I expect I'll have all my debts (student loans, car, credit cards, credit lines) paid off by the time I'm 31 (perhaps sooner, depending on how my salary changes).

Somebody in an online forum wrote:

INTJs never really joke. They make a point. The joke is just a gift wrapper.

Ennis Ray Lynch Jr

I had a job to pay for my schooling in the USA. In-State tuition is really very affordable. Housing is what gets you but we all have to pay that anyway. Yes, yes, I admit, I went to a State College.

Need custom software developed? I do custom programming based primarily on MS tools with an emphasis on C# development and consulting. I also do Android Programming as I find it a refreshing break from the MS. "And they, since they Were not the one dead, turned to their affairs" -- Robert Frost

Nish Nishant

mindserve wrote:

Guess tuition is low enough in India
where everyone can afford it. Well, almost everyone.

Well the ones that can afford internet are those that could afford the fees too I guess. The other 70% who don't have electricity, regular meals, or a roof above their head, well do they even count in these online discussions?

Regards, Nish

My technology blog: voidnish.wordpress.com You've gotta read this : Using lambdas - C++ vs. C# vs. C++/CX vs. C++/CLI

Nish Nishant

mindserve wrote:

Doctors don't make that kind of money..not new ones anyway.

I agree. I guess once they are into their 30s, that's when they start hitting the 200K+ mark. Although, most of them know this will happen and so start spending lavishly early on.

Regards, Nish

My technology blog: voidnish.wordpress.com You've gotta read this : Using lambdas - C++ vs. C# vs. C++/CX vs. C++/CLI

mindserve

Most student loans can go on for 20-25 years. Much longer than most jobs go on. Economies change, lives change. No , pricing alone isn't the best way to determine the true cost of higher education. How about evaluating the standard of living after graduation?

realJSOP

I got my programminig degree from the Jolly Fats School of Medicine and Laundromat Repair. It took two weeks (mostly waiting for the check to clear) and cost just $47 (counting postage and handling fees). If you ignore the fact that the diploma they set me looks very much as if it was written out by hand (and they mispelled the word "diploma"), it's all very offical looking. I think it was $47 (including postage and handling fees) very well spent. EDIT ====================== I forgot to mention that I did this back in 1992, and I very nearly have the loan paid off. Just 17 more months to go, and I'll be free and clear.

".45 ACP - because shooting twice is just silly" - JSOP, 2010
-----
You can never have too much ammo - unless you're swimming, or on fire. - JSOP, 2010
-----
"Why don't you tie a kerosene-soaked rag around your ankles so the ants won't climb up and eat your candy ass." - Dale Earnhardt, 1997

AspDotNetDev

My college education was supposedly six figures, but I got a bunch of scholarships and grants that paid off the majority of it (aside from about $25K in loans). Though that really does depend on the college. Community colleges are much cheaper.

Somebody in an online forum wrote:

INTJs never really joke. They make a point. The joke is just a gift wrapper.

W Balboos GHB

Could I eliminate an assumption? That the income paying off the lone is science/engineering. What about a more mundane major - or are there no others? Or, couching this in different terms: the income of the typical Indian family, i.e., what I will presume is sending their first child for higher education. For example of the information I'm seeking: in the USA, it is said the average family income is ca. $50,000, but a year at a university (with room & board) may run in the vicinity of $40,000, or 80% of a families gross annual income. Too much for the vast majority under normal circumstances.

"The difference between genius and stupidity is that genius has its limits." - Albert Einstein

"As far as we know, our computer has never had an undetected error." - Weisert

"If you are searching for perfection in others, then you seek disappointment. If you are seek perfection in yourself, then you will find failure." - Balboos HaGadol Mar 2010

mindserve

I think the USA will be the next 3rd world country. 1/2 of people in the US live in poverty. At least according to a recent census. Student loan debt in this country exceeds credit card debt. It's now at 1 trillion dollars.

mindserve

Private or federal loan? A decade is a long time. Were you told it was good debt? Has it held you back in any way at this point in time.

S Houghtelin

The point is, pick something you enjoy that pays decent wages. It is one of those parts in life that suck but most successful people go through. Most of us have car payments, mortgages and bills and such. You want a better job, you will need education. You can also find a job where they have education benifits, I've paid a good chunk of mine that way (About 30%-40%) I know there are those who are successful without higher education, but again not the point of the discussion.

It was broke, so I fixed it.

Nish Nishant

W∴ Balboos wrote:

That the income paying off the lone is science/engineering. What about a more mundane major - or are there no others?

Well, kids prefer science/engineering these days. The other fields take a back seat, and there aren't many private colleges for those majors. Government colleges are either free or have really low fee structures. So for the few that pursue arts and similar degrees, there is no need for big loans.

W∴ Balboos wrote:

For example of the information I'm seeking: in the USA, it is said the average family income is ca. $50,000, but a year at a university (with room & board) may run in the vicinity of $40,000, or 80% of a families gross annual income. Too much for the vast majority under normal circumstances.

I agree, it's too much under normal circumstances. One a related note, most Indian students who do grad courses here(in the US) have a side-job or two, and usually also take up work in the university (teaching assistant, researcher etc.). Many also get scholarships (need really high GRE scores for that).

Regards, Nish

My technology blog: voidnish.wordpress.com You've gotta read this : Using lambdas - C++ vs. C# vs. C++/CX vs. C++/CLI

AspDotNetDev

Federal loan. Not sure what "good debt" is. I was in a rush to find my first job out of college because I already had credit card debt and needed to pay bills ASAP and was not in a position to rely on my parents. In fact, my lack of savings has led me to quickly find jobs without waiting for potentially better or higher paying jobs (i.e., I can't afford extra risk, so I gain less than somebody who can). So, yes, it has held me back, but I almost always see the requirement for a "BS in Computer Science" as a job listings, so I'd probably be held back more if I hadn't gone to college. Had I not gone to college, I'd probably have been able to get some low-level crap position (which I did anyway during college) and work my way up. And I'd have no debt. However, if I had the chance to do it again, I'd do it the same. I don't think I'd be the developer I am today without my experiences in college. Also, school is an end more than a means to me, so I am somewhat biased (one of these days I want to save up to go back to school). Also, my car was about $19K (bought it when I graduated college), so that held me back too. I saw that as as much of a necessity as college though.

Somebody in an online forum wrote:

INTJs never really joke. They make a point. The joke is just a gift wrapper.

Single Step Debugger

John Simmons / outlaw programmer wrote:

Jolly Fats School of Medicine and Laundromat Repair

I love this educational institution! Do you know that they also have advanced labs and research facilities? I recently ordered 3 gallons from their famous potion which cures astigmatism, hemorrhoids, hair loss, and most of the terminal diseases for only 27.68 and free shipping!

There is only one Vera Farmiga and Salma Hayek is her prophet! Advertise here – minimum three posts per day are guaranteed.

Lost User

Borrow money from parents/other relatives. It's the only realistic way to not be permanently screwed.

AspDotNetDev

mindserve wrote:

A decade is a long time

Also, keep in mind that I'm not paying off just student loans. I'm also paying off a car and debt from when I had some health issues (e.g., $3K for a broken tooth). I'd say 1/3 of my debt is from student loans, so split 10 years into 3.

Somebody in an online forum wrote:

INTJs never really joke. They make a point. The joke is just a gift wrapper.

realJSOP

Yeah - instead, everyone you borrowed money from is permenantly screwed. :)

".45 ACP - because shooting twice is just silly" - JSOP, 2010
-----
You can never have too much ammo - unless you're swimming, or on fire. - JSOP, 2010
-----
"Why don't you tie a kerosene-soaked rag around your ankles so the ants won't climb up and eat your candy ass." - Dale Earnhardt, 1997