Comments on: Is That Degree Worth the Student Loan Debt?

By: Deanna Long

Deanna Long — Sat, 06 Aug 2011 10:15:11 +0000

I began my Associates program with LA College International in Dec. 2009. I must have racked up about 19k in debt of student loans, but felt great about graduating summa cum laude, right? Well, I am a single mother of a three year old girl, expecting again due to a trajedy, and am still single! I live in a rural area, but am planning on moving soon. Noiw I just started my degree program for a bachelor’s in Health Care Administration from the same college. After all is said and done, my loans should be about 34k. I am stunned! I wake every night wondering if I am doing the right thing. I am really about to let the college know I might sit out on this round.

By: Cat@BudgetBlonde

Cat@BudgetBlonde — Tue, 26 Apr 2011 19:15:14 +0000

I wish I had never gone to grad school! The job market was terrible and I got a full scholarship + stipend to go. But, I took out loans to pay for my other expenses, books, fees, etc – My stipend was around $600 a month. I am finishing the degree in 2 weeks and honestly, if I was a quitter, I would have stopped one year in. At least I have the degree now but honestly, not sure what I’ll do with it. So, yes, good advice. I blog about living on a budget now but wish I didn’t have to factor in such huge loan payments!

By: Honesty

Honesty — Sat, 12 Feb 2011 20:38:15 +0000

For the people that can’t afford student loan debts, its not good to go to school for the sake of parties or for a degree in a specialty field that eliminates a lot of job opportunities. The medical field is one of the best routes since people need care, but going to school for graphic design isn’t really worth it. You can teach yourself by buying the books for Photoshop instead paying someone else to teach you. Your skills are the thing that prove your worth anyway, the degree won’t matter if you’re good, because having the degree won’t matter if you suck.

Going into debt only to end up a graduate working as a waiter to pay off student loans, is not the way to go. If you can afford to go to college do so, but if you don’t want to go, but you want to do something in life that doesn’t necessarily require a degree, then buy the software yourself, and essential books to teach yourself.

There are also instructional videos.

Your credit will thank you for it.

Bush didn’t care about the students/graduates that couldn’t find jobs when he started two wars.

Halliburton isn’t paying them off with the profit they made from the business venture either.

So everyone that feels a degree is essential…..is wrong. Every single person doesn’t need a degree for what they plan on doing in their life.

If they can’t afford going in debt its not worth it, because you can’t tell people the unemployed graduates with a degree and a mountain of student debt (struggling to get by) that “at least you have a degree”. Especially the ones that don’t get jobs due to prejudice BS. They will tell you to STFU and GFY.

I say, don’t go into debt if you don’t have to, self educate if you don’t need the degree.

By: Nathan

Nathan — Fri, 23 Jul 2010 14:41:17 +0000

Education is “invaluable”? I disagree, education, and the money it costs to get that education is a business decision. You have got to know the ROI on your major. It is all guesswork, but is it wise for a student to spend $75,000 on a degree that the job prospects pay only $25k-$35k? Unfortunately, too many students use debt to pay for an education that won’t pay off and then they’re stuck with a high debt and a degree that doesn’t pay. Knowing your degree’s ROI and using his formula to determine it’s worth is important in my estimation. If a college education is an “investment”, it needs to be treated like an investment.

By: bubbaRay

bubbaRay — Wed, 19 Aug 2009 09:34:17 +0000

i totally agree with most of the posts. i went to a Big 12 (at the time SWC) school for a few years and tried to pay as i went, it didnt work. so i went to a local community college and took classes at night and worked at a feed lot during the day and that didnt work either. so i went to work for a couple of years busting cattle and realizing i was a worse cowboy than a student. at the age of 26 i was able to fill out my student loan applications by myself which allowed me not to include my parents income so i took the plunge and went to a local private university. i took out loans and received grants that paid both my tuition and expenses (including dorm) for $26k yearly. upon graduation three years later i was near $70k in debt and went to law school. three years at a top tier 1 law school and expenses put me in debt combined with my undergrad of nearly $300,000. straight out of school i recieved a job with a top 8 law firm thanks to the opportunity to be on law review and not try to hassle with making a dollar. i have now been out of school for 9 years and only have a few more months to repay my student loans, if it wasnt for those loans i would still be living in a podunk west texas cow town, would not have the opportunity for my children to go to the best private schools in new york, and would more than likely not be stuck here at the atlanta airport waiting for a flight. why? i could never have afforded to take the kids to disney land at the last second just because we saw a tv commercial.

By: Mat

Mat — Fri, 01 May 2009 21:16:06 +0000

Where are you investing at a 6.5% interest rate in today’s economy?

By: Annie Tran

Annie Tran — Thu, 23 Apr 2009 23:45:59 +0000

I got a $40K loan to go to ASU for my MBA. I rationalized the bill by reminding myself that I went to the University of San Diego on scholarship (valued at $90K). I have yet to see any big payout with my MBA (graduated 2008), but then again I’m only 26, with 5 years work experience. An MBA is just a piece of paper until you can attach significant experience with it. I asked my bosses if there’s any increases or bonuses for getting my MBA and they said no.
Experience + Degree is the best formula. My parents don’t have degrees and they worried over the years about layoffs and not being able to find work due to their lack of education. I have 2 degrees, but not enough experience. The MBA is my ticket to management. There have been instances where I work that people were looked over for mgmt positions because they didn’t have an MBA, and then there are some people who were told to go get their MBA’s so that they would be qualified if they applied for management positions.
I really hope the MBA will pay off in the end. And if it doesn’t, there is still some intrinsic value for knowing I completed it.

By: Jessie

Jessie — Mon, 06 Apr 2009 01:17:18 +0000

I pulled 20K in student loans for my BFA and had to work full time while going to school full time, but I think it was definitely worth it in my industry. But if I had known better I would’ve gone to a public school. My colleagues graduated from state universities and I from a private school but we make the same money, LOL. We have two new college graduates as non-paid interns at work, and I feel bad for them, because they went to private art schools for approximately 10K + per year. More and more I think the best bailout the gov’t can offer is the forbearance on student loans… Wishful thinking!

By: Amy

Amy — Fri, 03 Apr 2009 17:04:00 +0000

I’m going to have to disagree with a lot of the comments here. Most people responding state that a degree is a necessity nowadays. I think that it may be a necessity for some areas but for other areas it’s not. I work in IT and I know plenty of people who don’t have degrees but have certifications and experience instead. These people are making $75,000 and up. They are in the role of managers and other leardership which “requires” a degree. Often times I’ve learned that when a job says it “requires” a degree it really means that it requires experience in the industry at least equal to the degree.

As for me personally, I don’t have a bachelor’s degree and make a nice wage. I do, however, have certifications and nearly 10 years in the industry. That doesn’t mean that going back to school is a bad idea (in fact I’m in school part time now and will be finishing my bachelor’s this fall), I just think it’s not the necessity many of the commentor’s claim it is.

I also don’t think it’s necessary to go into debt to get through school. I started at a community college to save money on my core classes and then switched to a 4 year university. I also worked at least one job (sometimes two) while going to school full time so I could pay for it out of pocket. For finishing up my degree, my current employer (I’m now full time) pays for half the tuition and I pay the other half out of my pocket. Sure, I’ve had to cut back in other areas but I’m willing to make that sacrifice. No debt needed.

By: Money Under 30

Money Under 30 — Fri, 03 Apr 2009 16:09:47 +0000

A lot of great comments, though I realize I need to clarify a few things!

I was thinking mostly about graduate school when I wrote this post, although as RM just pointed out it IS possible to be successful without a degree, depending on other training/experience. That said, $75k was just an example. I was thinking of Law/Business/Medical school and for those the amount could be even higher. Certainly an undergrad education at a public school can be achieved for much less.

Now, I am NOT suggesting in this post people automatically rule out school and save money instead—I offered a formula for estimating the return going to school could get you. For many, the return in increased lifetime earnings will BLOW AWAY the cost of the student loans, so you should certainly go for it!