How much debt did you incur after college?

Discussion in 'Community Discussion' started by 63dot, Jul 21, 2014.

?

College debt

  1. no debt

    25 vote(s)
    41.0%
  2. 0-$5,000 dollars (or equivalent such as 3,698 euros)

    3 vote(s)
    4.9%
  3. $5,001-$10,000

    3 vote(s)
    4.9%
  4. $10,001-$15,000

    4 vote(s)
    6.6%
  5. $15,001-$20,000

    4 vote(s)
    6.6%
  6. $20,001-$25,000

    2 vote(s)
    3.3%
  7. $25,001-$30,000

    4 vote(s)
    6.6%
  8. $30,001-$40,000

    4 vote(s)
    6.6%
  9. $40,001-$50,000

    2 vote(s)
    3.3%
  10. over $50,000 dollars

    10 vote(s)
    16.4%
  1. 63dot, Jul 21, 2014
    Last edited: Jul 21, 2014

    63dot macrumors 603

    63dot

    Joined:
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    norcal
    #1
    Whether you took one semester or eight years, whether you got your CNA or MD, what was the amount of debt you owed after you finished?

    How did that make you feel? Will you ever get out from under that debt?

    Whether this will be worth it in the long run for a career path is another thread or whether education in general is helpful is another topic. I heard a political talking head say that a typical four year American college education can set back a kid an average of $26,000 dollars in student loan debt.
     
  2. mobilehaathi macrumors G3

    mobilehaathi

    Joined:
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    Location:
    The Anthropocene
    #2
    $0 after 10 years of post-high school education.

    Mostly scholarships and grants. I was extremely fortunate.
     
  3. Shrink macrumors G3

    Shrink

    Joined:
    Feb 26, 2011
    Location:
    New England, USA
    #3
    After 4 years of undergrad, and 6 years grad school for a Ph.D. - zero debt.

    Worked to get myself through undergrad, and a grant and then assistantships for grad school.

    I doubt if it could be done today...
     
  4. 63dot, Jul 21, 2014
    Last edited: Jul 21, 2014

    63dot thread starter macrumors 603

    63dot

    Joined:
    Jun 12, 2006
    Location:
    norcal
    #4
    Wow, you two docs are not the typical story I tend to hear. Anyway, congrats big time. Many with half your education have more debt than if they got a brand new car.

    My guess if this poll has enough voters, and comfortable with the relative anonymity, would show a spike in the amounts over ten grand up through $30,000 dollars. But then again I did another poll on education on another forum that showed one high school dropout, no high school graduates in the over 30 who voted, and all college or grad school graduates which isn't a typical representation of any group or geographical area I can think of. I hope that the only people who vote on this poll are the ones with zero debt. I don't want to make this a contest, but a snapshot of the problem student debt is today.

    Without pointing fingers at any specific political party and thus making this get kicked into the politics section, out of control student debt can become a major primary issue in at least one political party and take up a lot of press. It seems that when more kids take out larger loans, the colleges hike up their tuition but without improving infrastructure or paying the instructors any more. If anything, programs get closed and profs get the pink slip. Where is this money going??
     
  5. Apple fanboy macrumors Core

    Apple fanboy

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  6. SandPebble macrumors regular

    Joined:
    Oct 18, 2012
    #6
    I went the community college route after 1 semester at a state university, which I just hated. Zero debt as I worked full-time also. Got a job in my field of study (accounting) fairly quickly after graduation. Mind you, this was early -mid seventies.
     
  7. Mousse, Jul 21, 2014
    Last edited: Jul 21, 2014

    Mousse macrumors 68000

    Mousse

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    #7
    Nada. Zilch. Zero. Nut'n.:eek:

    Busted my (_!_) in high school. Perfect GPA and top 5% in the nation in the SAT and ACT, earned me a full scholarship.:cool:

    No way a kid from a poor family (rollin' pennies for food poor) could afford tuition. No credit history or co-signer meant no chance of financial aide. I would be asking, "Would you like a hot apple pie with that?":eek: now if I didn't earn a scholarship.
     
  8. sdilley14 macrumors 65816

    Joined:
    Feb 8, 2007
    Location:
    Mesa, AZ
    #8
    I bounced around between a couple junior colleges and a four year college. I owed about $10-$11k after it was all said and done. I was able to consolidate all my loans and I thiiink I'm at 4.15% on the interest rate. Not great, not terrible. Even though I never actually finished school, I saved myself paying for the last 1-2 years of college, and I ended up landing a great career in my field of study anyways, so it all worked out. I have a better career than the majority of my peers, and FAR less student loan debt than those who went to four year schools and finished.

    Real world experience + proven ability/success on the job + networking > college degree
     
  9. dukebound85 macrumors P6

    dukebound85

    Joined:
    Jul 17, 2005
    Location:
    5045 feet above sea level
    #9
    I took about 11k out for 5 years for undergrad.....mainly for living expenses/apartment. Scholarships paid for the school expenses.

    Grad school was completely free and I had a quite healthy yearly stipend (30k/year) on top of that so overall came out ahead.
     
  10. Abstract macrumors Penryn

    Abstract

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    Location Location Location
    #10
    These polls don't mean much unless you're only polling people who graduated recently.

    Debt from education costs has increased over time. As much as people complain about their debt after graduation, students who enter uni/college today will probably incur an even greater debt than today's graduates.

    And here's the obligatory: "Thanks Obama."
     
  11. 63dot, Jul 21, 2014
    Last edited: Jul 21, 2014

    63dot thread starter macrumors 603

    63dot

    Joined:
    Jun 12, 2006
    Location:
    norcal
    #11
    I don't know if the real world experience thing works better than college in big cities, but in my cash strapped small town near many schools where close to 40% percent have a degree, real world experience is the only benchmark. I am in one of those impossibly small towns with college grads working coffee grinds at Starbucks. And most under 30 with degrees are still with mom and dad, but in a different area like a big city I would assume the college degree is probably the best bet one could have and leave more options than not having a degree.

    I don't know if the college degree is a fair benchmark or not, but if almost half of everybody has a degree of some sort like around me, then it's all about how good somebody is, or in this economy how cheap they can do it. One of my employers basically fired all senior managers and most mid-level managers and went from 128 to 50 or so employees so "on the cheap" was the only rule to go by. One senior manager made $250K and was replaced (through the meat of the recession) for under $40K a year. Contractors who used to rely on rich vacationeers in second homes, saw a typical $60,000 remodel job now bringing in less than $15,000 dollars and then having other contractors waiting to get that job. In these times in areas nowhere near big cities, one has to be glad they have any job at any pay and the employers totally know this. When you start seeing police academy students patrolling the streets and volunteer firefighters donning the gear, you know times are hard. And as for high earning white collar workers? What's a white collar worker?? ;)

    When this great recession is all over and we are in next long boom cycle, we will all be telling younger people about the hard times we saw everywhere in the great recession and it will be as unbelievable as the stories we heard grandparents talk about during the years before WWII.
     
  12. Truefan31 macrumors 68040

    Truefan31

    Joined:
    Aug 25, 2012
    #12
    I know someone whose daughter is going out of state paying 60k a year for just an undergraduate degree. Smh. 250k for a bachelors
     
  13. OneMike macrumors 603

    OneMike

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  14. thejadedmonkey macrumors 604

    thejadedmonkey

    Joined:
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    Location:
    Pa
    #14
    Your poll is a little low. Most kids in my age range would consider $40,000 to be on the low end. I know a bunch of guys with $100k+ in loans.
     
  15. AustinIllini macrumors demi-god

    AustinIllini

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    Location:
    Austin, TX
    #15
    Not unless you're working construction :(
     
  16. Astroboy907 macrumors 65816

    Astroboy907

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    Location:
    Spaceball One
    #17
    You can get a doctorate in Coffee-making? :eek:

    I keed, I keed
     
  17. mobilehaathi macrumors G3

    mobilehaathi

    Joined:
    Aug 19, 2008
    Location:
    The Anthropocene
    #18
    Well, I heard he became a shrink to help people resolve their coffee addictions. Unfortunately, he misunderstood much of the coursework, and now he spends his days counseling people on how to maintain focus while in pursuit of the ever elusive god-shot
     
  18. zioxide macrumors 603

    zioxide

    Joined:
    Dec 11, 2006
    #19
    Around $20k. Went to a 4 year state school.

    Most of the people I went to school with had more. And friends from high school who went to other schools have waaay more.
     
  19. Truefan31 macrumors 68040

    Truefan31

    Joined:
    Aug 25, 2012
    #20
    I just don't understand my friend. 250k for a undergraduate is crazy to me especially when she could've went instate and saved a ton, well over half. And it's not a premed or law, it's music. She'll have a 250k mortgage when she finishes
     
  20. 63dot, Jul 21, 2014
    Last edited: Jul 22, 2014

    63dot thread starter macrumors 603

    63dot

    Joined:
    Jun 12, 2006
    Location:
    norcal
    #21
    With $50K and more as the highest category, it shows my age. I should have put the categories into 10K increments instead of 5K increments.

    I was class of '82 and was first who had to pay for school in my state system. People who graduated high school in 1981 enjoyed a free state college year through that whole year, and all years before that was free. Some point before the 1980s, textbooks were thrown in and state college was as cheap as high school. Unless you chose to live off campus, college was virtually free other than clothes, entertainment, and school supplies like notebooks, typing paper, pencils, pens, calculator, backpack.

    I took my time at school since it was cheap and lived a musician's life, too. But I took sooo long to finish that by that time school, even state schools, were expensive. I was so used to "free and cheap" that I only started to get into debt in grad school and the thought of debt, especially with a fairly useless grad degree, was unthinkable. Had I went that 6th and final year, I would have amassed twenty grand in debt counting relocating to SF and getting settled in. To me that was way past my comfort zone since I had a positive net worth and didn't want to fall into a hole and still be in debt into my mid-30s.

    That being said my former employer paid for school with a credit card, being a foreign student, and did all 6 years and got his BS and MBA but had $25K but with credit card level interest. He worked his butt off while in school and would have had three times that in debt so he did well. He did an additional 2 years in computer networking school and was nearly 40 with no house, a wife back home in another country, and $25K in debt. He didn't complain and from his perspective it was worth it to get an American or British education at any cost and that level of debt, equivalent to two years in his country with a high level job, was totally worth it. If he was lucky, he would be out from under it all by age 50 but two American degrees in his country has as much prestige as having an MD from Harvard in the USA. If there are Americans willing to go $100K in debt but have that Harvard piece of paper, I guess having a 1/4 or that in debt with a piece of paper seen as "Harvard-like" in his country is not that crazy. That $25K would take as much work paying off there as $100K over here.
     
  21. Meister Suspended

    Meister

    Joined:
    Oct 10, 2013
    #22
    I thought the same thing. :cool:

    This is more like it:

    http://www.nera.com/nera-files/PUB_Student_Loans_0312.pdf

    When I went to University we had the Deutsche Mark, a strong currency and everyone seemed to be well of.

    Now the € seems worthless like monopoly money.
     
  22. steviek macrumors member

    Joined:
    Feb 22, 2011
    #23
    £0 university is free in Scotland, got my a masters and worked a couple of small jobs, can get student loans that you pay back at a % of your earnings when you start to earn, I managed without and now work for a large global company on a great wage
     
  23. Southern Dad macrumors 65816

    Southern Dad

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    Georgia
    #24
    None... But I graduated with a six year commitment to the US Army, that turned into a career.
     
  24. maflynn Moderator

    maflynn

    Staff Member

    Joined:
    May 3, 2009
    Location:
    Boston
    #25
    Zero debt, I did not take out any loans to go to college but then I went at night over many years time and paid out of my pocket (I got some of it reimbursed by my work as well). Of course this was back several years before the cost of college became ridiculously expensive
     

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