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$20k? Must be nice! Most of the professionals (JDs and MDs) I know have $150-450k in student loans. I had $200k myself at graduation and am looking at a 4-5 year pay-off plan. However, a lot of the people I know are just extending them out for the 25-year IBR forgiveness because they have no shot at paying them off in 10 years, much less early.
And 6.8% is the Stafford loans; the GradPlus loans were at 8.25% when I took them out. |
| 07-22-2012, 03:19 PM | |
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I graduated with a BS and MS with $60k in debt going to a public school; however, I also made the choice to live on campus instead of commuting 30+ minutes from home and that drastically increased things. I personally think it was worth it. I'm starting out in public accounting making $45k a year, which is good for my area.
Good things fall apart so better things can fall together
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You stated your friend was a sculptor. Was it his arts degree that really helped him succeed? Or was it that he finally had proper marketing/networking combined with his innate talent that really helped him succeed financially? I completely overlooked design (games/graphics/industrial/etc.) Obviously that is a good path to go. I'd still worry about that requiring a "big break" to gain that repuation though. I don't know how much they can make either. I'm not sure if creating great art can truly be taught though. Similar to entrepreneurship. As for keeping the subjects alive, that is obviously a valid way to go. I don't think movie directing, wedding photography are good examples. It's another example where you don't need a college degree, let alone an arts degree. When selecting a wedding photographer, if one has a college degree in arts (photography - does that exist?) but some amateur, at a lower cost, comes in with a better track record and actual samples from real weddings. I'd be more likely to go with the one who is experienced and can prove themselves. I know of some great wedding photographers who actually started out as a weekend hobby for extra cash and it ultimately led to a full-time business for them. Anyways, thanks for replying. Learned some new things. Last edited by 1stBuy; 07-23-2012 at 06:20 AM.. |
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School costs so much because like most big ticket items, we are insulated from the true price of the product. Big ticket items are given to us incrementally. When you buy a car, it isn't $35k, it is "$400/month". A new TV is "24 months no payments, no interest".
School is no different. We are loaned money for which we have a ridiculously long payment period with payments so low they barely cover the interest due. It is only when the banks start to fold and tighten up lending requirements that we see the true cost of big ticket items. Now made even bigger due to the inherent inflation that comes with paying for something over time. Sadly, there is no hope for this problem. Schools have factored in salaries, new buildings, monuments, donations, scholarships and more based on the current tuition prices. You cannot roll back inflation. You could devalue the currency and lop a zero or two off. And maybe that is where we are headed. Borrowing is the bane of a society. It is an out of control spiral that cannot be stopped and a primary cause of inflation. E finita la cuccagna
Politics may not be the oldest profession but the results are the same. |
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A good college provides a playground to experiment, learn and to be nurtured. Some artists start a hobby and learn at their own pace. College let me learn and experiment for several years. Many artists look for their "big break", but as Seth Godin says everyone is an artists at some level. We all need to learn to "ship" our product. Even with out a big break, designers can make a decent income. I will have to pull some stats, but I think it ranges from 35k to 80k+. I'm sure Apple pays Jonathan Ive a little more than the average Industrial Designer. Innate talent only gets you so far. You normally have to have the drive and sometimes the marketing to "succeed" as many other careers. I run into people that have amazing skills in art, management etc and do not use them. |
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To be honest, if you want a stable job for the future, just study electrical engineering/computer science. The society we live in now can not hire enough of them and their income just keeps going up and up. |
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IMO. I think part of the reason for the rise in college tuition is the fact the government subsidizes student loans. With federal student aid easily assessable, students now have to money to go bid up college tuition. Colleges know students can easily take out loans so why not up the tuition price? What happens when the government doesn’t provide student loans? Well then students will not have money to go to college. Colleges will have to slash tuition prices if they want to stay in business. Cost will go down and soon college will be more affordable. Yes, I am putting blame on the government. I hate when both parties talk about lowering interests rates on student loans- we just want lower tuition. The worst is when someone takes out 150K+ loans to major in....history.
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http://slickdeals.net/f/3564458-B...affordable Joe Biden says Buy a Shotgun! Wackiness ensues! [youtu.be]
Keynesians have "stimulus spent" $16 trillion dollars. Where are the jobs? Are you on Obama's Little List? [youtube.com] The biggest tax no one talks about [washingtontimes.com] "George Ought to Help" [youtube.com] Keynes vs Hayek economics rap battle [youtube.com] How the GOP stole the nomination [examiner.com] |
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Although it seems like no one ever even bothers to verify a transcript or if the person really even has a degree. Weird system we work in. |
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