Is a student loan that bad?

[dragontears]

Student loans are not "evil".

I both worked my way through school and took out loans. Without my degrees I would not be able to work in my field (STEM field). I have also completely paid off all of my loans. 

Now getting 100k in loans for a degree in basket weaving is dumb but getting a few loans to finish a degree that will lead to a career is a good thing. 

[Anonymous]

---

@Anonymous wrote:

I'm in my second year of community college, compared to universities, tuition seems fairly cheap to me. It's 2500-3000 per term.

I have enough left in my college fund that my parents set up for 2 terms out of the 4 terms total that are left. 

My parents don't share much when it comes to financials, so I don't want to share on a public forum. However, my mother frequently complains about my dads spending and bill amounts. They should be pretty well off from what I could tell.

My father says after I use up my college fund I should leave college and work to save up the 5000(approx) for the last two terms. 

However, I am recently divorced single mother of 3 young children. Not possible to get a job within reasonable distance (as far as gas money goes) that can afford all me and my kids need and save up 5000 before my credits expire. 

Side note: I'm enrolled in a program that has 22% job growth outlook and easily within 2yrs in the field with good experience, could be making upwards of 65k which is much better than my usual 15k

I have a long history of struggle with college, working to get my financial aid back. My dad is extremely against any sort of loan. Reminds me each term "NO LOANS"

Big question: Is getting a student loan so bad? I have other resources maxed out, (other than grants/scholarships due to current, temporarily inability to get financial aid) and I can afford books and supplies. 

---

Well, I had in excess of $600,000 in student loans when I graduated. I knew I would need a good job to get rid of the loans. I did not have a problem in securing a job and was determined to pay off these loans by the time I was 36, but it actually took me until I was 40 to pay them all off. It was a lot of pressure hanging over my head. The loans where HUGE and I was broke. I didn't have $5 for gas so I stayed home mostly in my younger years.

Would I suggest student loans to you? Well if you can get that $65K job and the loans do not total more then $50K , I would do it. 

I am thankful that I did what I did back then. I never had a problem finding a job and I really only have had 2 jobs in my life

Thanks

Mark

[GrainFan]

@Anonymous Pardon my curiousity, but what kind of programs/degrees were you doing where the student loan bill came out to $600k? When you graduated???!!??? Seems astronomical, even by modern standards (I'm assuming these loans were taken quite a while back)

[Anonymous]

---

@GrainFan wrote:

@Anonymous Pardon my curiousity, but what kind of programs/degrees were you doing where the student loan bill came out to $600k? When you graduated???!!??? Seems astronomical, even by modern standards (I'm assuming these loans were taken quite a while back)

---

I am a forensic pathologist MD, it took two additional years to complete what I wanted to do past what was required to be an MD. I am 63 now and I am glad that I did what I did and when. I am not too sure though that in this day and age that it would payoff to take out such large loans. I would assume that it would be more like 1M in todays money. 

Thanks

Mark

[disdreamin]

---

@GrainFan wrote:

@Anonymous Pardon my curiousity, but what kind of programs/degrees were you doing where the student loan bill came out to $600k? When you graduated???!!??? Seems astronomical, even by modern standards (I'm assuming these loans were taken quite a while back)

---

Thank you for asking the question that was on my mind too as I read through this thread!

I have a graduate degree in a STEM field and held ~$50k in student loans when I graduated. I went to state schools for my undergrad and a private university for grad school. The good news is that in many STEM fields grad school doesn't cost much, if anything - I received free tuition and a stipend in return for acting as a teaching assistant for courses in my early years, and received research stipends in the latter years of my graduate studies.

I know the OP's question has been addressed, but I'd encourage anyone who is close to finishing their degree to do so. As previous posts mentioned, so many places won't hire without the box for college degree checked. I'm not saying the degree should be required, I'm just observing how the hiring process often works.

Too many people think they will take a year or two off and return to school, but sadly I would say that is the exception rather than the rule. I know (and see in my professional capacity) too many people who opted to take what was supposed to be a bit of time off who essentially end up having to restart their college career later in life. I took a few years off after high school and began college much later than the norm, but once I started I just kept going until I completed my degrees - once you're in, don't stop unless there are no other options. Student loans will be a small price to pay versus restarting the entire process years down the road, or - worse yet - never completing it at all.