(Closed) Are your students loans worth it?

posted 6 years ago in Money
  • poll: Were your student loans worth it or a waste?
    Totally worth it! Never questioned or regretted taking them out. : (104 votes)
    34 %
    No education is ever wasted, but I have questions/regrets now. : (89 votes)
    29 %
    I had doubts while in school but was determined to finish no matter what. : (33 votes)
    11 %
    It was a waste and if I could do it over again, I never would have. : (64 votes)
    21 %
    Other... : (12 votes)
    4 %
  • Post # 77
    Member
    1007 posts
    Bumble bee

    I got a BA and graduated with about $65K in debt. (I had to pay my rent, utilities, food, gas everything myself – with no help and only a part time job so some loans were taken for rent)

    It does hang over my head and I HATE having debt, but my degree got me a wonderful job that pays enough to allow me to pay quite a bit more than the required payments on all of my loans. I don’t regret it at all… but I don’t like it lol

    Post # 78
    Member
    1734 posts
    Bumble bee
    • Wedding: September 2013

    Nope, not worth it. I don’t even have a job right now, and a living wage in my field with just my BA is impossible. I’ve got $40k in student loan debt and nothing to show for it. I should have gone to a two-year school and learned a useful trade (that’s what Fiance did and he’s had a stable, decent-paying job for 3+ years now) but no, my mother insisted that no daughter of hers was going to attend some “subpar community college.” And silly me, I was naive enough to still believe that my parents always knew what was best for me, so I went to her top-choice school and now have a useless degree in an overcrowded field and too much debt. Gah.

    Post # 79
    Member
    11232 posts
    Sugar Beekeeper
    • Wedding: August 2013

    Two years post-graduation, I want to scream NO. The economy here sucks. No one is hiring new grads. 

    But no education is ever wasted.

    Post # 80
    Member
    2278 posts
    Buzzing bee
    • Wedding: October 2013

    I’d say that mine were worth it, although IMO, it’s a big number (74K). I got a Masters from an acredited and well known school from my field. The fact that I paid off a few thousand dollars on the balance with money from savings before the grace period was up helped more, hah.

    Post # 81
    Member
    2092 posts
    Buzzing bee
    • Wedding: July 2014

    Totally worth it. But fees are lower here than in the US (they are higher now but were much less when I went through uni), I went to a top university, and I would never have got into my career without my degree.

    Post # 82
    Member
    13678 posts
    Honey Beekeeper
    • Wedding: November 1999

    My undergrad degree was required to get a job – my field won’t consider you without a college degree.  My graduate degree is more useful for switching into a new field, but also makes me more competitive in my current field. 

    Before taking out a ton of loans, I recommend making sure you know it’s a field you want to get into.  An informational interview, auditing some classes, shadowing someone in the field, or an internship are all useful before undertaking massive debt.

    Post # 83
    Member
    1400 posts
    Bumble bee
    • Wedding: February 2014

    Mine was….his was not.     

    He paid a ton to go to NYU – totally not worth it.

    Post # 84
    Member
    2455 posts
    Buzzing bee
    • Wedding: June 2017

    You know, being from the midwest, we used to have a huge economy on tradeschools and specialized jobs.

    And then that economy here tanked.  I grew up with it happening all around me, and I was determined not to ever put myself in that position.

    A traditional 4 year degree was my answer.  I didn’t want to work in food or retail, so I went to college.  Private, actually.  But in my case it was less-expensive that “state schools.”  Went in undecided, explored, settled on a field in science.  Now I’m in graduate school (getting paid for it, because that’s how it works in science).  I have a few years til I’m out, but the palcement rate here is 100% if you want a job.

    It was worth it.

    Fiance has a lot of student loans.  And while it’s going to always be a problem to pay back (his field isn’t a great pay place), if he had never gone to that school…  We would have never met.

    So it’s still worth it, even if it’s not a financial benefit.

    Post # 85
    Member
    2113 posts
    Buzzing bee
    • Wedding: September 2015

    SO not worth it. I’ve switched to going to school part time and paying out of pocket. It’ll take me longer to finish, but I’m not guaranteed a job with my degree anyways. I’m just tired of being in debt.

    Post # 86
    Member
    6117 posts
    Bee Keeper
    • Wedding: August 2012

    I would say they are worth it if you really want to get a degree!

     

    I took out $13k for undergrad and $6k for grad.  The key is to work as many hours at a job as you an and take out as little loans as you can.  I already paid it all off.  It was a doable amount.  It was worth it.

     

    My sister did not feel the need to work at all, and she bought a new car with her loans.  This is not my suggestion!

     

    Post # 87
    Member
    9916 posts
    Buzzing Beekeeper
    • Wedding: June 2013

    I went to an Ivy for graduate school, and I do not regret it at all — I just WISH it hadn’t been so expensive.  I have gotten jobs because the name of the school is on my resume.  Further, if I didn’t have a master’s degree, I wouldn’t have a job. So yeah, it was totally worth it, though it sucks to pay them back!

    Post # 88
    Member
    5423 posts
    Bee Keeper
    • Wedding: November 2012

    NO NO NO NO.  My student loan debt is soo not worth it.  I got a job in my field TWO years after graduating.  Then less than a year later my company went under.  I have been working in aviation and never was able to get back into my field.  My school was awful.  If took 18 credit semesters to finish early (which I did) and get out as soon as I could.  If I could do it all again I would.

    The only plus is the amount of loans I have, which is less than 20 grand.  Low for my area.

    Post # 89
    Member
    2571 posts
    Sugar bee
    • Wedding: November 2013

    Worth it, b/c the first layer of loans (undergrad) allowed me to get my first job that I sure as hell would not have gotten w/out college (Big 4 public accounting firm). My second layer of loans (grad) will allow me to STAY in my profession. I have seen way too many (usually older) colleagues get phased out or outright let go b/c they didn’t keep up with their credentials – I will not make that mistake. I don’t view my loans as a death sentence, weight, etc. – I see them as insurance.  Then again, finance/accounting jobs are always going to be in demand as long as they are critical thinking/analyzing jobs aka something that a machine cannot do.

    Also, in the next five years, I plan to start my own business, and the field I want to start up in – advanced credentials are a must. I wouldn’t have any clients without them.

    Post # 91
    Member
    3725 posts
    Sugar bee
    • Wedding: September 2014

    I think kids do not have the foresight to know what those loans will look like someday and instead get caught up in some romanticized crap about how this is their “dream” college. My father showed me a spreadsheet of state school costs versus my romanticized private college cost. After compounding those loans and showing me what I’d have to make out of college to live AND pay my loans, I went to state school and graduated debt free.

    Now grad school is a different situation as I’m in a private university but I’m just an indentured servant to my current employer for the time being in exchange for my MBA.

    Go-o-o-o-o-o-o staties!

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