WARNING: Student Load Forgiveness is Very Unlikely to Pay for Your Next Elk Tag

[Deleted member 18333]

First job after BS degree in '97 was $48K/yr. Took less than 4 years to hit $100K. Grad from State school, one yr as NR then res tuition. No debt. All the credit for my sound decision making skills should go to my father.

 

[VikingsGuy]

Do kids not look at in-state colleges anymore?

My oldest did. A great value (probably $125k). A perfect fit for her and still a good ROI as an RN.

 

[Deleted member 28227]

Do kids not look at in-state colleges anymore?

In-state doesn’t necessarily mean cheaper, we are throwing around sticker prices but the thing to keep in mind is that state schools are bound by FASFA, private schools are not.

So U of whatever might not be able to offer a middle class kid much but Colgate or Amherst might give them 1/3 price.

Obviously scholarships as well at each.

 

[SAJ-99]

First "professional job" out of grad school in 1993 - $27k.

Mine was $18k, desk job at a bank, and I was about to bring in $27k with overtime. Job recessions suck.

 

[ashersdad]

Do kids not look at in-state colleges anymore?

My oldest is a freshman at an in-state school right now. Even with scholarships I figure we'll be $140k.

 

[SAJ-99]

My oldest did. A great value (probably $125k). A perfect fit for her and still a good ROI as an RN.

Just curious, did your kids start college with a clear and definitive goal of what they wanted to do? I typically think that factors in a lot. I went to CC because it was cheap and I was poor and could work while going to school, but also I had no idea what I wanted to do until my sophomore year of college.

 

[VikingsGuy]

Mine was $18k, desk job at a bank, and I was about to bring in $27k with overtime. Job recessions suck.

My goal coming out of school was to make at least $100,000 once in my career - and I didn't care if it was present value adjusted for inflation. About 7 yrs out and a switch to law to make that a thing.

 

[Deleted member 28227]

My goal coming out of school was to make at least $100,000 once in my career - and I didn't care if it was present value adjusted for inflation. About 7 yrs out and a switch to law to make that a thing.

My ROI has been outstanding and I will leave it there, I think part of the problem for a lot of folks is not realizing graduation is just the beginning of the hustle.

2010 was also a really crappy time to graduate.

 

[Buffs35]

My oldest is a freshman at an in-state school right now. Even with scholarships I figure we'll be $140k.

Just crazy, hard to believe in the less than 15 years since I graduated things have spiraled that far down the toilet. Hopefully the whole system will have collapsed and been reborn by the time my kids get that age. Sorry for your loss.

 

[longbow51]

A friend of mine's son did CC for pre-reqs, then to Montana Tech (not called that when he went there). Pretty cheap, he's a Petroleum Engineer and doing well. So, you don't have to go a big name school.

And I wouldn't even hazard to recommend schools on how they were years ago. Just clicked on one I attended, known for engineering and chemistry and the whole first page was about diversity.

Didn't even mention science, or academic excellence.

 

[VikingsGuy]

Just curious, did your kids start college with a clear and definitive goal of what they wanted to do? I typically think that factors in a lot. I went to CC because it was cheap and I was poor and could work while going to school, but also I had no idea what I wanted to do until my sophomore year of college.

My oldest daughter (by quite a bit) thought she wanted to get a pharmacology phD, but that dream evaporated after a year of classes and then pivoted to nutrition and then after 2nd year pivoted to BS-RN - which the way they run those programs meant much of a do-over. She has done great with her RN - made it through much of COVID as an ICU RN - not fun. We are quite proud of her.

Her (now) husband started as a freshman with no direction. Dropped out for a few years and worked his butt off with 3 jobs. When he started dating my daughter, going back to school was a minimum requirement set by her (you go girl). He had to pay his own way and did a great job of using community college credits to earn a BS at a big state school in a very $$ efficient manner. One of his jobs was running a home for disabled young adults and when he came back to school chose medical administration from the beginning, but by this point, he must have been 25 and had a clear idea of what he wanted to do. He got an entry-level job at a large med insurance company and worked his butt off, got several promotions and now runs a team of analysts. We are quite proud of him too.

Our son is the Rambo of academics. He is a voracious, full-contact learner. He set his sights on UofChicago and made it. He was thinking theoretical physics, applied mathematics, finance or pre-law. After his first year he declared software engineering and pre-law double major. Nearing the end of his second year with top marks in every class. He will likely go to a top 5 law school after this, but has talked about working in the software industry a few years first. We are quite proud of him.

Our youngest (daughter) is finishing her senior year of high school. I will not repeat her story here (I have shared some on some mental health threads) but she has overcome much to have EARNED the opportunity to pick a good college. She has it down to four - 2 mid-sized private, 2 large state schools (out of state). She has no idea what she wants to be, but as she battled out of her own personal prison with great courage and resilience, I won't be surprised if she surpasses the whole bunch when she finds her passion. We are quite proud of her too.

It has been far from a linear path for any of our family - my wife and my academic paths are also full of twist and turns, highs and lows. None of this has been easy or inexpensive. But, my wife and I are very blessed to share this journey with our 3 great kids (and a great SIL).

 

[BrentD]

Just crazy, hard to believe in the less than 15 years since I graduated things have spiraled that far down the toilet. Hopefully the whole system will have collapsed and been reborn by the time my kids get that age. Sorry for your loss.

Or, you could vote not to put people in office that continue to defund public education.

 

[Buffs35]

Or, you could vote not to put people in office that continue to defund public education.

I do every year, especially for K-12.

 

[BrentD]

I do every year, especially for K-12.

Good, but higher education is hurting even worse. It is never politically fashionable to defund k-12 like it is the state colleges.

 

[DouglasR]

gawd damn y’all got the bag.

 

[VikingsGuy]

gawd damn y’all got the bag.

For those that understand how to navigate the system, there is no better path to the upper middle class than the U.S. university system.

 

[ashersdad]

Just crazy, hard to believe in the less than 15 years since I graduated things have spiraled that far down the toilet. Hopefully the whole system will have collapsed and been reborn by the time my kids get that age. Sorry for your loss.

My wife and I feel very fortunate that we can afford to put both our boys through college. We know that many do not have those same options.

When I went to college in the 90's I could work 2 jobs in the Summer and 1 full-time job during the school year and pay for everything and graduate with no debt. Wife did the same thing in the late 90's and then graduate school 01-03. Damn near impossible to do that today.

 

[Deleted member 28227]

Slightly back to the original post, my prognostication...

Forgiveness under HEROS gets tossed.

Biden admin then tries again via Higher Ed act, actually the counsel against forgiveness said this was the correct route in court lol

Meanwhile, payment pause get's extended. Maybe some budget squabbles, debt ceiling + reconciliation bs

Ultimately the goal of the Biden Admin is just to have a bitchen IDR plan via New REPAYE, but the loan fight is great for drumming up votes and therefore this whole thing gets dragged out till fall 2024... well and keeps republican's from attacking new REPAYE.

Barry Ramsey says don't refi those fed loans privately or pay them off, interest and payments won't be going again for like 18 months.

 

[DouglasR]

For those that understand how to navigate the system, there is no better path to the upper middle class than the U.S. university system.

No offense, but I just watched killer sally and the Murdaugh murders on Netflix and being a lawyer just seems like it would suck ass.
250k+6-8 years of your life just to get out and study for a living.

 

[VikingsGuy]

No offense, but I just watched killer sally and the Murdaugh murders on Netflix and being a lawyer just seems like it would suck ass.
250k+6-8 years of your life just to get out and study for a living.

It can be a tough job. And too many take too much debt to get marginal qualifications to enter a pretty unforgiving marketplace. But, if you pull it off it is a dynamic, well-paying, and interesting job.