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Thread: $200,000 student debt: Is the College Debt Bubble Ready to Explode?

  1. #16
    Gold Member philbert_wormly's Avatar
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    Im a struggling college student and I frequently wonder about this. My loans arent that high but tuition is going up yearly and I was just told that by the time I graduate my tuition will be have another $5000 added to it yearly. Let me tell you I wasnt in the least bit amused to hear that but what can one do? I keep hoping that when I get out Ill be able to get a job but who knows. Maybe Ill take up Nursing then or even try to get a job at the college as a teacher.

    Hang in there, man!

    At least you are self aware enough to identify yourself as a "struggling college student."

    Good luck with your schooling!!

  2. #17
    Elite Member o0Amber0o's Avatar
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    Crap, I can't even make payments on my $30k in student loans, I don't know how someone with $200k in loans could do it. College was the biggest joke ever. I loved it, I loved my school, I loved being there, I loved the people that I met but if I could go back and went into nursing via trade school I would've. At least I could've gotten a job without having to invest more for a Master's to even be considered for employment in a district.

    High Schools do NOT spend enough time telling students about trade schools and their value. It's all COLLEGE COLLEGE COLLEGE and it's almost like, the kids that DO choose trade school almost get chastized or looked down upon for doing so. It's sick. The world needs plumbers, mechanics, hair stylists, chefs, child care workers etc. Let them get some education that way before shipping them off to college for the same education but with a $50k price tag.
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  3. #18
    Elite Member NVash's Avatar
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    I have many electrician friends who told me the same thing often. But when I went to apply for the trade school the man told us right off the bat to not expect a job, more than half of them were unemployed.

  4. #19
    Elite Member darksithbunny's Avatar
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    Quote Originally Posted by o0Amber0o View Post
    Crap, I can't even make payments on my $30k in student loans, I don't know how someone with $200k in loans could do it. College was the biggest joke ever. I loved it, I loved my school, I loved being there, I loved the people that I met but if I could go back and went into nursing via trade school I would've. At least I could've gotten a job without having to invest more for a Master's to even be considered for employment in a district.

    High Schools do NOT spend enough time telling students about trade schools and their value. It's all COLLEGE COLLEGE COLLEGE and it's almost like, the kids that DO choose trade school almost get chastized or looked down upon for doing so. It's sick. The world needs plumbers, mechanics, hair stylists, chefs, child care workers etc. Let them get some education that way before shipping them off to college for the same education but with a $50k price tag.
    Same thing when I was in school 20 years ago but all of those plumber and electricians are making money hand over fist. I was reminded that yesterday when I called one to come fix my toilet. Because if the world ended as we know it, what the fuck is Bill Gates gonna do for me?
    Last edited by darksithbunny; December 4th, 2010 at 05:31 PM.

  5. #20
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    Sounds like this dumb shit just HAD to go to a prestigious school like many of her HS buddies.

    Who goes to Northwestern for to become a social worker? Good god, there are government and local programs to teach social workers at very little cost (or free!)at state schools or even some small private universities.

    Yet another sob story by a total dumb ass, cry me a river.
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  6. #21
    czb
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    Quote Originally Posted by olivia View Post
    Sounds like this dumb shit just HAD to go to a prestigious school like many of her HS buddies.

    Who goes to Northwestern for to become a social worker? Good god, there are government and local programs to teach social workers at very little cost (or free!)at state schools or even some small private universities.

    Yet another sob story by a total dumb ass, cry me a river.
    what are you talking about? she went to northEastern, not northWestern. northeastern is not what i would call prestigious, a degree from UMass would probably have as much value as this degree for much less moolah.

    i disagree with the posters who say that the name of the school doesn't matter, i've said it a million times, my department only hires graduates from a small number of schools. and no, northeastern isn't among them. but i think that people should go to the best college that they can afford. 200k debt for undergraduate alone is ridiculous.

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    With the current economic/job crisis it's time to rethink the myth that the college degree guarantees you a high salary job. Most of the graduates I've met in recent years, even ones from "good" unis, are the people least equipped to handle a grown up job in a grown up world. They are shamefully ignorant about anything outside their own particular little bubble of "expertise" and have no knowledge (or a desire to know) about politics, culture, history, The Big Picture. I would hesitate to employ any of them. They have zero initiative, zero awareness of their place in the corporate pecking order, zero useful skillz of any kind in some cases. Come back after you've travelled or worked in a homeless shelter or, shock, learned a trade.

    My SIL has 4 boys, all educated at good private schools and colleges. The eldest 3 are (1) a permanent "student" bludging off his stupid parents and doing endless "eco" courses that he drops out of after a year, (2) working in a call centre, (3) fast food technician and (4) training to be a cabinet maker. Guess which one is able to earn enough money to support himself.
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  8. #23
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    Quote Originally Posted by czb View Post
    what are you talking about? she went to northEastern, not northWestern. northeastern is not what i would call prestigious, a degree from UMass would probably have as much value as this degree for much less moolah.

    i disagree with the posters who say that the name of the school doesn't matter, i've said it a million times, my department only hires graduates from a small number of schools. and no, northeastern isn't among them. but i think that people should go to the best college that they can afford. 200k debt for undergraduate alone is ridiculous.
    oh.

    ok.

    nevermind.

    Northeastern cost 200K? That's completely outrageous.
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  9. #24
    czb
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    Quote Originally Posted by olivia View Post
    . . .
    Northeastern cost 200K? That's completely outrageous.
    agree. she shoulda saved her beans and gone to UMass.

  10. #25
    Elite Member Penny Lane's Avatar
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    Well this was really fun to read. I guess I'm fucked. Thanks, everyone.

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    When my daughter was looking at schools I was surprised to find that Northeastern is just as pricey as most other private schools with bigger names. Its claim to fame is its co-op program, in which you alternate internships with regular classroom time. Years ago I met some Northeastern students who were interning at different companies I worked for, and they were very sharp and at least would be graduating with job experience. But even that experience is not going to be much help if there are no jobs when you graduate.

    With tuition as high as it is, it's really hard to say whether any school is really worth it. I never thought I'd say that, but the reality of paying for college sucks.

    A lot of it is just marketing. When you are a senior in high school, it's the private schools doing the recruiting, making kids feel special and wanted, etc. And the 'speakers' who come to talk about the college admissions process are usually from local private universities. They give you the feel-good talk about how you everyone should go to the best school they can get into, and talk about how schools' financial aid departments will work with you. They're certainly not going to tell you the perils of student loan debt.

  12. #27
    Elite Member MsDark's Avatar
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    200k? And for a bullshit socio degree?? That's fucking ridiculous.

    I spent less than ten grand (including books!) to go through nursing school. Did not take out a loan of ANY kind, just saved up the dough. And got a good job right away. Hell, I almost wish I had taken out a loan cause any of the four hospitals that offered me jobs would have helped out with a large chunk of paying that off!

    Shiiiiit....I can't think of anything that justifies taking out a 200k loan, unless I'm going where Kate Middleton's mom sent her to hook up with Prince William!
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  13. #28
    czb
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    Quote Originally Posted by Penny Lane View Post
    Well this was really fun to read. I guess I'm fucked. Thanks, everyone.
    ???

  14. #29
    Elite Member NVash's Avatar
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    Quote Originally Posted by philbert_wormly View Post
    Hang in there, man!

    At least you are self aware enough to identify yourself as a "struggling college student."

    Good luck with your schooling!!
    Thanks, its a pain but Im hoping and praying for the best. Guess thats all you really can do nowadays.

  15. #30
    Elite Member Penny Lane's Avatar
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    Quote Originally Posted by czb View Post
    ???
    My degree is 'worthless'.. namely my 'bullshit socio degree' and I guess the debt I'll have to repay is all my fault because I chose to go to the school I do now instead of the joke of a school in my hometown. Sorry if this sounds bitchy but man... really uplifting*

    *I partially blame this subjective overreaction on my period so whatever

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