Wow – that is unbelievable!! Education in the US is so expensive! (I’m from Canada).
I’m all for education, but how could you sit by and let 350K accumulate?
Wow.
maribethsays
I do not think these people thought ahead and considered their future incomes when choosing how to spend their education dollars. $350K for naturopathy school? $110K to work in the non-profit sector?
It’s ridiculous that the institutions charge that much, knowing that their graduates will likely not command high salaries. But it’s also ridiculous to jump into a program requiring a debt load like that and not think about the cost-benefit analysis.
Hazzardsays
Amen
Dansays
You know, a lot of people these days get a college degree and end up working in a field that has nothing to do with their undergraduate education. Which is fine – in many cases simply having a degree is the most important thing to getting a job, regardless of what you studied as an undergrad.
But in my mind, if you’re going to pursue higher education beyond an undergraduate degree, you’d better make sure that 1) you can get work in your chosen field, and 2) your field will pay you enough to live comfortably on in the area where you choose to live. In other words, do your homework before committing to more education.
It’s one thing if you want an MBA and your employer is picking up most or all of the tab. Even if you don’t get a big raise or a great new job, you’ve still gained a better education that will likely help you someday down the road, at minimal or no cost to you other than your time. But to shoulder the entire burden of going back to school yourself, for a job that won’t pay that well, plus the sacrifice in earnings and quality of life while you pursue that extra degree, makes no sense.
Man. If I had that much debt, I think I’d have to fake my own death.
Chreessays
I’m not surprised by this story. My wife got her masters degree in Traditional Chinese Medicine and the people I saw in her classes were a mess financially. For some, they were relatively fresh out of college with a lot of student debt already. For others, they were going back to school for a change in careers, taking on a boatload of debt to do so. I guessed (at the time) that 80% of her class would not be able to make money in the acupuncture field unless they got a job teaching at the school.
samerwritersays
I agree with the other comments — it’s unfortunate to hear of folks drowning in student loan debt, but ultimately people need to consider their future career when they are taking on student loans. For example, I’m not sure it’s ultimately a wise decision to take $110,000 in debt for a degree in non-profit leadership.
It’s all a matter of tradeoffs. Many people would love to do what these guys are doing — getting a degree in a field they are passionate about, damn the consequences. Hopefully I’ll do it someday when I feel I can afford it. Until then, I’m happy that I chose a degree that led to a career with strong earning potential.
The worst horror story I’ve heard is from a friend of a friend who recently graduated from medical school. She changed her specialty after she was nearly done. Now she’s just entering the workforce at age 39, with around $600,000 in school debt. Yikes.
Amdollarsays
This amount of debt I ridiculous for an accupunturist. Hopefully their income will catchup with their student loan debt. After reading this, can anyone tell me why student loan debt is considered ‘good debt’?
Carolynsays
The article mentioned that it would take a year of working to pay for a year of school. Is this so bad? I know that college is expensive, but really, if you start working in high school and continue to work through college, it is possible to get an undergrad with little or no debt. Plus, there are still scholarships & grants to pursue.
It seems like way too many people think their prestigious degrees will make them wealthy, but really to get a good job, it still boils down to how motivated (and talented) you are. MBAs are a dime a dozen these days.
As others have commented, it only takes a little forethought to realize that $100k in student loans doesn’t make sense if you’re going to make 30k a year. If you can’t understand that concept, than perhaps you’re not bright enough for college?
As for advanced degrees, get the bachelors, then work for a decade and SAVE the money for the higher degree. How depressing to be 40 years old, and instead of saving for retirement, you’ve got another huge amount to pay off!
Wow – that is unbelievable!! Education in the US is so expensive! (I’m from Canada).
I’m all for education, but how could you sit by and let 350K accumulate?
Wow.
I do not think these people thought ahead and considered their future incomes when choosing how to spend their education dollars. $350K for naturopathy school? $110K to work in the non-profit sector?
It’s ridiculous that the institutions charge that much, knowing that their graduates will likely not command high salaries. But it’s also ridiculous to jump into a program requiring a debt load like that and not think about the cost-benefit analysis.
Amen
You know, a lot of people these days get a college degree and end up working in a field that has nothing to do with their undergraduate education. Which is fine – in many cases simply having a degree is the most important thing to getting a job, regardless of what you studied as an undergrad.
But in my mind, if you’re going to pursue higher education beyond an undergraduate degree, you’d better make sure that 1) you can get work in your chosen field, and 2) your field will pay you enough to live comfortably on in the area where you choose to live. In other words, do your homework before committing to more education.
It’s one thing if you want an MBA and your employer is picking up most or all of the tab. Even if you don’t get a big raise or a great new job, you’ve still gained a better education that will likely help you someday down the road, at minimal or no cost to you other than your time. But to shoulder the entire burden of going back to school yourself, for a job that won’t pay that well, plus the sacrifice in earnings and quality of life while you pursue that extra degree, makes no sense.
Man. If I had that much debt, I think I’d have to fake my own death.
I’m not surprised by this story. My wife got her masters degree in Traditional Chinese Medicine and the people I saw in her classes were a mess financially. For some, they were relatively fresh out of college with a lot of student debt already. For others, they were going back to school for a change in careers, taking on a boatload of debt to do so. I guessed (at the time) that 80% of her class would not be able to make money in the acupuncture field unless they got a job teaching at the school.
I agree with the other comments — it’s unfortunate to hear of folks drowning in student loan debt, but ultimately people need to consider their future career when they are taking on student loans. For example, I’m not sure it’s ultimately a wise decision to take $110,000 in debt for a degree in non-profit leadership.
It’s all a matter of tradeoffs. Many people would love to do what these guys are doing — getting a degree in a field they are passionate about, damn the consequences. Hopefully I’ll do it someday when I feel I can afford it. Until then, I’m happy that I chose a degree that led to a career with strong earning potential.
The worst horror story I’ve heard is from a friend of a friend who recently graduated from medical school. She changed her specialty after she was nearly done. Now she’s just entering the workforce at age 39, with around $600,000 in school debt. Yikes.
This amount of debt I ridiculous for an accupunturist. Hopefully their income will catchup with their student loan debt. After reading this, can anyone tell me why student loan debt is considered ‘good debt’?
The article mentioned that it would take a year of working to pay for a year of school. Is this so bad? I know that college is expensive, but really, if you start working in high school and continue to work through college, it is possible to get an undergrad with little or no debt. Plus, there are still scholarships & grants to pursue.
It seems like way too many people think their prestigious degrees will make them wealthy, but really to get a good job, it still boils down to how motivated (and talented) you are. MBAs are a dime a dozen these days.
As others have commented, it only takes a little forethought to realize that $100k in student loans doesn’t make sense if you’re going to make 30k a year. If you can’t understand that concept, than perhaps you’re not bright enough for college?
As for advanced degrees, get the bachelors, then work for a decade and SAVE the money for the higher degree. How depressing to be 40 years old, and instead of saving for retirement, you’ve got another huge amount to pay off!