How much debt has college tuition put you in?

FLYBOY1979 · 02-02-2007, 08:22 AM

My first year at ISU only cost me $1650. That was back in 1975!!!!!
If you think $30,000 is alot of debt, just wait until your kids show up,
your intrest rates go to 15% and either you or your wife gets your job
moved to India. GO CYCLONES

wartknight · 02-02-2007, 08:42 AM

I went to a 30k/year private school as well and both the wife and I got out with around 14k each. We were both fortunate to get pretty good grades and I was a singer which helped. Never paid more than 4 grand a year OOP either.
I deal a lot with people who have high student loan debt. If payments are hard to make and you have your loans through Iowa Student Loan, it is possible to pay intereste only for a couple years. If you save the difference and get a cd-like return, with SL rates as low as they were when I graduated (1-2%), you can come out ahead and that full payment on your loan will be a lot easier to make in 3-5 years.

htownclone · 02-02-2007, 09:01 AM

$65,000...in 3.5 years. El. Ed. I win! HOORAY!

CyinCo · 02-02-2007, 09:04 AM

I graduated in 1997 and my wife graduated in 1998. I had about 28,000 and she had about $25,000. I have one more year to pay and she has a couple. At first it was a very big payment per month relative to income but as income has gone up, up, up, the payment is just an annoying little thing that we've learned to deal with. Combined, our payments are $400 month. It will be nice to free up that money and do something with it. However, it has been worth every dime. We both have good jobs and live well. I can't complain dispite 10 years of payments.

garn91 · 02-02-2007, 09:08 AM

Originally Posted by FLYBOY1979

If you think $30,000 is alot of debt, just wait until your kids show up,

I have a 4 year old and don't even want to think about it. The only way he's going to college is on a full ride.

I went to Iowa Central in Ft. Dodge from 91-93; my payments were only $67 a month and my loans have been paid off for several years now.

mramseyISU · 02-02-2007, 09:08 AM

I owe $46,000. Out of state tuition at ISU for 5 years.

psycln11 · 02-02-2007, 09:16 AM

Originally Posted by brianhos

None, but I went to school back in the day when you could work part time and pay for that semesters school. My parents always helped out a little and I begged them for book money. I worked 2 jobs in college doing programming and computer admin work for the university and paid for everything while I was there. It was really nice getting out and only having your last Ubill to take care of.

BUT, when I was in school tuition was $795 per semester...Wow, I am old!

I graduated in the same time frame and had the same outcome. Working during the semester and summer allowed me to pay for everything straight up. My wife had one loan for $2500, that we payed off early once we started making money.

cowboycurtis · 02-02-2007, 09:33 AM

I think my loans were around 40-45000. It sucks paying $400 a month. just think if i added 400 to my house payment I could have a kick *** house or maybe a nice bmw or something. I cant wait until the payment goes away.

If I just would have had a job during school i wouldnt need to borrow the money to pay for my excessive drinking habit i had and my loans would have been 10000 less but then i probably wouldnt have been able to drink as much so i guess it is a lose lose situation.

'Clones Fan · 02-02-2007, 09:39 AM

While I was lucky enough to finish school with around 2500 in debt (I have great parents) I wish that I would have done some research ahead of time on that. If you have a choice of companies to work for, many will have some sort of loan reimbursement program...This is like free money, knowing what I know now, I would have taken that money and put it in a CD and taken loans out, then paid them off or have my company pick it up. It is a great option and worth looking into, especially if you are stradled with debt.

C.John · 02-02-2007, 09:51 AM

I'm glad I'm not in school now, with what tuition is now days. During my time my total bill for two semesters of tuition and room and board came in at around 5K for the entire year. I was also lucky that I had a job as a summer mail carrier for the Postal Service that paid enough to cover a large chunk of the following year's expenses. As I recall I left school with just over 3K in debt after 4.5 years.

scubapohl1 · 02-02-2007, 09:57 AM

2 X AAS, BS, and MA with NO LOANS........God I love the US MILITARY!

DaddyMac · 02-02-2007, 10:16 AM

Originally Posted by brianhos

BUT, when I was in school tuition was $795 per semester...Wow, I am old!

Amen to that brother!

My folks footed the full bill the first two years, I paid my living expenses, with the exception of a few bailouts (financial, not judicial) and they paid tuition the last couple years. I was pretty fortunate to have such great folks.

But I agree with ya onthe costs. Wasn't that bad back then, and I'm 35 ('94). I really feel for kids today. My wife is going back to grad school and we just got a loan to cover her tuition this semester - $3500. I think that was d@mn near my 5 years at ISU. And of course she's going to Iowa, so we're not getting near the value

But I have a pretty good job and she works as well, so it's not that bad. I can't imagine having that kind of financial pressure at 18-20, and come out of school at 21 or so with such a load of debt.

jtdoyle1 · 02-02-2007, 10:17 AM

No debt. I am so thankful that my parents paid tuition for 4 years and I was able pay for books and misc and pay for the 5th year.

My recommendation to all those young parents out there. Start an Iowa College Savings 529 plan for your kids. Put whatever you can afford in that. Plus, it is tax deductible in Iowa and most other states, and the money is tax free when you take it out for college. It's better than savings accounts or bonds. You can even do it if you don't live in Iowa.

www.collegesavingsiowa.com

clones_jer · 02-02-2007, 10:19 AM

Came out owing $26,078.29 after 5.5 years, owe $21,478.29 at the moment - do not consolidate until your 6 months grace period is over - I consolidated my loans 7 days after graduations and got HOSED!

I'm not sure if paying for your child's college is in their best interest - the realization that you're footing the bill for school can help focus your attention on graduating someday (though it took me until 2 years in to figure it out). I have friends who have had the easy road, even one who was getting a $600 a month stipend on top of having everything paid for (for incidentals) ... how will you ever expericance the best of living "college poor" that way?

drmwevr08 · 02-02-2007, 10:26 AM

Still close to 30k for me and for my wife as of today. Life hasn't cooperated on getting them paid down either so I can look forward to them until I'm about 40...