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airehead
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 Posted: 10/17/06 - 09:05 Post subject: Should you go into debt...
to fund an education?
Be it yours, your children's--be it k-12/undergrad/grad?
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j1miller
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Posted: 10/17/06 - 09:16 Post subject:
YES.
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airehead
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Posted: 10/17/06 - 09:34 Post subject:
You talk too much.  
Why YES???
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Gogirlgo
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Posted: 10/17/06 - 09:52 Post subject:
You're right, debt is debt. But for education, debt is really an investment.
Said the girl with the six-digit investment. Excuse me. I have to go throw up now.
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airehead
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Posted: 10/17/06 - 09:58 Post subject:
| Gogirlgo wrote: | You're right, debt is debt. But for education, debt is really an investment.
Said the girl with the six-digit investment. Excuse me. I have to go throw up now. |
 But I know you, you are going to make a difference with your education.
So, your education will not only benefit you, it will benefit others. It's worth the price.
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Gogirlgo
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Posted: 10/17/06 - 10:07 Post subject:
| airehead wrote: | | Gogirlgo wrote: | You're right, debt is debt. But for education, debt is really an investment.
Said the girl with the six-digit investment. Excuse me. I have to go throw up now. |
But I know you, you are going to make a difference with your education.
So, your education will not only benefit you, it will benefit others. It's worth the price. |
<hurl, flush> Thanks. But at this point, having no job to go to as yet, and the Bar to pass, and the knowledge that all this payment will be done by a single mom (which wasn't the deal when I started) who also has to get two kids through college and make the mortgage, does make me want to vomit every single day. How is it possible I'm still not a size four?
Sadly, law is the last field to have public interest recognized in terms of debt reduction. Be a nurse, a doctor, a PeaceCorps worker, Teach for America or almost anything else and get a reduction or postponement of your debt if you're in public service. Be a lawyer, help the same group of people, and get jacked.
But back to your question at hand. Remember that you can borrow for college. But you can't borrow for retirement. So it's best to invest in both, but if you have to choose one or the other, borrow for school. Mind you, do whatever you have to to not have to get private loans, b/c the gov loans are so much better an interest rate and can be consolidated.
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wanttorun100
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Posted: 10/17/06 - 10:52 Post subject:
if it's something you'll be able to recoup your money on sure - I wouldn't go into debt to get some of the lesser useful degrees
I just inverviewed a young guy for an entry level IT job and he was shocked at what the position would pay - 'He has two advanced degrees' - yeah but one is in Music and the other is in 'The Classics',
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robp
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Posted: 10/17/06 - 11:30 Post subject:
I personally think there are way too many people getting into way too much debt and coming out of college with either no degree or a sheepskin that isn't going to get them a whole lot in the way of gainful employment. I also think the expectations of many college students are much higher than the reality of entry level jobs in the real world.
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robp
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Posted: 10/17/06 - 11:32 Post subject:
Oh... and to answer your question.... some debt would be acceptable but only if the potential to recoup your "investment" in a reasonable amount of time exists.
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rolling rock
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Posted: 10/17/06 - 11:39 Post subject:
| robp wrote: | | Oh... and to answer your question.... some debt would be acceptable but only if the potential to recoup your "investment" in a reasonable amount of time exists. |
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DCRunningDiva
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Posted: 10/17/06 - 11:53 Post subject:
I think my answer would be different based on who we are talking about. If we are talking about my children I don't think I want to go into debt to send them to college. I am saving and investing in order that they will not have to spend their own money and put themselves into debt in order to get their degree. However, I will highly encourage and push them to get as much scholarship money as they can.
I didn't personally go into debt for my college loans but my mother did. It took her 10-15 years to pay off my college loans (and my tuition wasn't that expensive) because she was a single mom on a teacher's salary. I worked every summer and that money went to pay for my education PLUS I had scholarships and grants to help as well. My mom was "lucky" that my sister and brother never went on to pursue a higher education degree because she may not have been able to afford it for all of us.
My DH and I both took some specialized computer classes since we have been married and did go into debt for them. We may not have done so if we would have had the time to wait but our life situation at the time practically demanded we get the classes when we did. Looking back I could have postponed my classes but having the DH take those classes sent him up about 5-6 pay grades and we were able to pay off the loans in a relatively short amount of time.
Hope that helps!
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Pug
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Posted: 10/17/06 - 12:16 Post subject:
This is perhaps the only thing I think is truly worth going into "debt" for (car payments and house payments are something different in my mind).
But, the amount of debt should be proportionate to the earning potential of the career field or expectations.
With that said, the student should do everything he or she can to do to procure scholarships and grants and try to pay out of pocket up front for as much as possible before looking at loans.
Says $39,000 of college education debt (there are things I could have done differently and would if given a second chance)
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j1miller
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Posted: 10/17/06 - 15:04 Post subject:
My thought is this.... loans for education eventually pay off in the form of better jobs, better opportunities, and the ability to do more with what you have.
Student loan interest is tax deductible, so there is plus for it.
I am all for it... It beats the crap out of a minimum wage job with no future.
But, that's easy to say. I had a full ride.
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MechEngDropout
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Posted: 10/17/06 - 16:08 Post subject:
Outside of med school and other disciplines that eat up EVERY SINGLE MOMENT of your time, I say debt for education is a mistake. Another exception would be running out of money with a year or less until graduation - then I'd support a loan. There's just something very wrong with spending money you don't have for something you don't need. Even if it makes sense "financially," it's a poor decision to me.
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brie k
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Posted: 10/17/06 - 16:10 Post subject:
I think it is. I am not thrilled that I have such a huge debt now and am considering Grad school, but it is for the greater good -- mama needs a good job to support these three kids, independent of any man. So yes. Great investment. I only wish I had not decided on a private college. Gads.
By the time I am solidly paying for my education, Libby will be graduating, and I may have to go in debt a bit for her. And then for Will and then Jake. I stress that they need to get good grades, that they need scholarships, and that they can work while in school as I do (although most of my work involves being a mom, but I do work on campus as well). They know that I'm all for them getting student loans too. So we'll make it work. Somehow.
You just about have to have a college degree now to get a good job. It's going to damn near be a requirement by the time my kids are of age.
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