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Originally Posted by wittynickname
My boss has two children in college right now, at a mid-size school. Despite getting pretty sizable scholarships, they're paying over $30k/year each for their children to go to college. Fortunately my boss is upper middle class enough to afford it.
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Which is probably the reason why they are paying $30K for each kid.
If you are "poor" enough, the expected family contribution on the government financial aid forms can be zero.
Quote:
Originally Posted by wittynickname
If you're coming from a family where your parents are already in poverty? That isn't an option. Just flat out isn't an option.
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I disagree. See above. Pell grants, although restricted, remain available and are still given out. And if your academic record shows promise, and the school really wants you, the school will find a way to make it affordable for you to attend.
Quote:
Originally Posted by wittynickname
You want people to be responsible with their money, but at the same time you're advocating that they just go to college despite the massive costs involved?
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Well, not quite. They should go to a reasonably priced college and earn a degree in a field that has a high likelihood of success of leading to a job that will allow the student to be able to pay back whatever debt is incurred within 5 years (or less) from the date of graduation. Not every college involves "massive costs."
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Originally Posted by wittynickname
Even Penn State, a state school, for in-state tuition charges over 17k a year, so for four years of school, you have nearly 80k in debt. That's fiscally responsible, right?
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If you come out of it with a well-paying degree, yes, it can be.
Quote:
Originally Posted by wittynickname
And what about all of the people who go 80k+ into debt to go to college as you suggest, who then can't manage to get a job making enough money to repay that debt?
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The simplified answer is this:
Get a different degree, or stay in school to increase one's credentials. Maybe the bachelor's degree isn't enough to get into the desired field, and additional studies or degrees are required.
Or, adjust your expectations and deal with living off of a $30K/year job.
The more complex answer is consolidate your loans (ideally, you only got subsidized Stafford loans), and lock in a low interest rate, and put the loans on a 10 (or 30, if they still offer them) year repayment plan. Continue to live like a student for several years after graduation, perhaps with a roommate or two, and work like a dog at whatever job you can land to become successful at whatever it is that you do and pay off the loans with every possible cent you have. You get a raise? Great--don't change your standard of living, and put the entirety of the increase in take-home pay towards your loans. Get a bonus? Same thing. Need more money? Get a part-time job on the weekends. Cut lawns if you have to. Whatever it takes. But before you know it, the debt really will be manageable, and better jobs will come your way.
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Originally Posted by wittynickname
If it were that easy, everyone would do it.
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Sadly, I don't think that is the case, and history shows it to be true.
It is easy not to be a teenage parent, and yet---surprise, surprise---teenage pregnancies still exist and teenage parents are out there.
It is easy not to get a speeding ticket, and yet---surprise, surprise---people still speed and get ticketed every day for doing so.
And so on.
Quote:
Originally Posted by wittynickname
Success is a lot of hard work, certainly, but it's also a whole lot of luck.
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I don't disagree. At the same time, though (and as has often been quoted), the harder you work, the luckier you get.