How much debt has college tuition put you in?

brianhos · 02-02-2007, 10:32 AM

Originally Posted by garn91

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.

Heh, I have twin 3 year olds and a 1.5 year old. It is going to be crazy on my finances when all three of these guys are in college at once. That is why I am teaching them to kick the football so they can get schollys!

CyinCo · 02-02-2007, 10:37 AM

Originally Posted by clones_jer

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?

At one time, I totally agreed with you. I despised those whose parents were flipping the bill. I am extremely proud of the fact that I paid my own way, made good grades and graduated in Engineering all while holding down a job most of the time. However, with the price of tuition now and in the future, parents really need to PLAN on helping out their kids. Someone mentioned the 529 savings plan. I started one for my daughter the day after she was born. We are only targeting 75% coverage at a public in-state school. That leaves plenty of financial responsibility for her to figure out given future prices. At the rates things are going, my daughters student loans will be equal to mine even though she is only responsible for 1/4th of the total. Crazy!

tigershoops31 · 02-02-2007, 10:39 AM

Now you're probably going to think I am making this up to be a funny guy, and I can understand why you would think that, and I only wish that it was all a joke and not true, but here goes...

I graduated ISU with ~$70,000 in debt. This paid for 7 years worth of fun, with one semester taken off to earn enough money to make it through the next semester. I graduated as a teacher, which means in a few years I'll be rich beyond my wildest dreams, but until then i'm paying out my rear. I can only blame myself, as I switched majors about 14 times so that didn't help. I started in El. Ed, switched to sports management for a year, then switched to secondary education. After that, I switched back to sports management, then to general business, then to marketing. Next I thought I wanted the big bucks, so i went to computer engineering. I realized here that I didn't mind the math and physics, but detested computer programming classes. So I did what any logical person would do...set up a meeting with the head of the Pre-Dentistry program. I was only interested in seeing what I would need to take for the program, but the lady almost cried she was so happy to see somebody interested in her program, so i signed up for that. A semester later, i was back in sports management. Finally, I realized that teaching and coaching is what I wanted to do, so I went crawling back to elementary ed. Last may, as I proudly strode across the stage to grab my diploma (my wife made me walk through), I was disappointed they didn't announce me as the ISU undergrad record holder for credits with 216. I declined, however, my mother's request to put a picture announcement in our hometown newspaper. I really didn't want to call attention to the fact that it had taken me 7 years to get my 4 year degree. Again, I wish that this was all a big joke and I could just say "haha, just kidding man I have $24,000 in loans and will have it paid off soon!", but the sad truth is that I'll be shelling out til I'm dead. Learn from me kids and go to community college for your first couple years if you have a hankering to be "The Pretender" and try your hand at 10 various careers. Sorry this was long winded, but so was my college experience.

C.John · 02-02-2007, 10:41 AM

Originally Posted by brianhos

That is why I am teaching them to kick the football so they can get schollys!

My six year old girl is in b-ball, soccer and she wants to start tennis this spring, my 4 year old boy starts soccer this year and the best news is that he throws a perfect spiral with his little Nerf football.

Those kids better get an athletic scholly because I want to blow their college savings on ME!

That said, I am dreading college tuition in 12 years. Here's to inheriting some money before then.

benjay · 02-02-2007, 10:43 AM

I graduated with $45,000 in debt. But it was the best 4 years a guy could have in college, and I landed in a good job.

I have no regrets.

CyinCo · 02-02-2007, 10:44 AM

Originally Posted by C.John

My six year old girl is in b-ball, soccer and she wants to start tennis this spring, my 4 year old boy starts soccer this year and the best news is that he throws a perfect spiral with his little Nerf football. Those kids better get a athletic scholly because I want to blow their college savings on ME!

That said, I am dreading college tuition in 12 years. Here's to inheriting some money before then.

Have you seen the commercial where a couple is saving for tuition for their daughter. One day she tells them she got a full ride academic scholly. In the next seen, the parents have a big boat that they have named "College Fund". That is what I want to do.

C.John · 02-02-2007, 10:46 AM

Originally Posted by CyinCo

Have you seen the commercial where a couple is saving for tuition for their daughter. One day she tells them she got a full ride academic scholly. In the next seen, the parents have a big boat that they have named "College Fund". That is what I want to do.

Yes I've seen that one and it seems perfect to me.

ZJohnson · 02-02-2007, 11:11 AM

All I have to say is that private schools like Central where I went, rape you in the arse hard! Two years there with almost $10,000 in scholarship a year and I still am $30,000 in debt from that hell hole. Now I transferred out to SC to a golf academy and when I am done here I will add another $12,000 to $15,000 to that total. Then I am going to need another seven units to get my Bachelors thru UVA and God knows how much that will cost. So mine will be about $50,000 when all is said and done. Hopefully it will pay off in the future

clones26 · 02-02-2007, 11:14 AM

I graduated in May '06 after 4 years with $60k. My payments are $422/month and I bought a house in June...ouch. Kids are definately on the back burner

jdoggivjc · 02-02-2007, 11:18 AM

College set me back with $1500 credit card debt. Marriage set me back $10,000+

travman23 · 02-02-2007, 11:19 AM

I'm probably in the minority but I escaped college without having to take out a student loan. Kind of glad my parents were big on the "don't blow your money on stupid things" way of thinking when I was younger as that was the biggest reason that I had some savings going into college. Also helped to have 2 nice paying summer internships too and a flexible part-time job back home that was always willing to let me work a bunch of hours over the breaks.

What really helped me though was I got my room and board paid for plus a $115 monthly stipend by being a resident assistant in the dorms for almost 3 years. It's not for everyone but when all you have for school-related bills is tuition and books it's not a bad job considering the ammount of work you actually put in. About 4 hours a week working the hall desk, roughly 1 night a week you were on-call and a meeting here or there but for the most part for the free living expenses it was a fairly easy job to do for the ammount of money it saved you. It's not for everyone, you have to be decent with dealing with different types of personalities and have some kind of sense of responsibility considering you are technically the "role model" and authority figure on the floor but I still led a normal college life and still partied with my friends on the weekend. Just had to be a little smarter about where I partied at basically. Also looks good on your resume or other applications too.

wartknight · 02-02-2007, 11:20 AM

Originally Posted by brianhos

That is why I am teaching them to kick the football so they can get schollys!

They have a good shot at ISU where mediocre kickers (several of them) get schollies

mfelske · 02-02-2007, 11:37 AM

I graduated with about $12k in debt from ISU. I imagine things will be a lot worse now. When I started tuition was about $850/semester. It was over $2k by the time i graduated.

DaddyMac · 02-02-2007, 11:54 AM

I encourage all you with kids, especially younger ones, to check out collegesavingsiowa.com and get yourself setup with a 529 plan. If you don't know about it, it's alot like a Roth IRA. Your contributions go in post tax and all your earnings come out tax free. It's good at just about any post secondary school, even outside Iowa and very transferrable between family members. So if one kid gets a schollie, you can move the savings over to another.

I have them setup for my nieces and nephew, and one under my wife for "baby to be named later" Just a few bucks a month now adds up over 15 years and, with the investment earnings, will sure help ease the burden down the road.

Another thing to look at is Upromise.com. Retailers like HyVee, Bed Bath and Beyond and a number of online places participate. The producers like Coke, General Mills and such make contributions for items you buy, usually pennies on each. But it all adds up. And some places can add up quick. For instance, I bought a couple computers from Dell that contributed a few bucks, when I refi'd my house a few years ago, Countrywide did something like a 2% contribution. That was in the neighborhood of $190. It's all free money. You can then link those donations into your 529 account.

I should add that another major benefit of the 529 is a tax deduction on your Iowa returns. Plenty of other states have such programs as well, I know my brother lives in Chicago and does one for my sisters kids through their program.

Bwalk · 02-02-2007, 11:54 AM

I graduated in engineering with about $70,000 in student loans and $15,000 in credit cards. I was not wise with money during my stay at college and I was in school for 7 years, 4 at ISU. I still don't know whether I'd trade any of it back though because I have great memories, expensive but great. All that debt and I always worked at well paying part time jobs. Turns out I never learned the value of a dollar. I did end up with a great job that I like but I long for the days when my debt will be gone. All I can say is do the best you can to keep the debt load to a minimum.