is $400k in student loan worth it?

[sonnyjane]

.

As for the loans NEVER going away. Of course they don't, it's the government. I distinctly remember going to my financial aid officer before starting medical school and asking what happened to my loans if I died. I didn't want my parents to be saddled with my loans if something happened to me. Turns out, the only way the loans are forgiven is if you die. :

And actually, only federal loans are forgiven in death! I have a few private loans in addition to my federal ones and those don't even go away if you die if you had a co-signer!

 

[cm366]

I guess it's all relative - my undergrad was filled with people paying $40-45k annually for degrees in philosophy and art history. One of my good friends has $150k in loans and a BA in women's studies. Starting wage for a women's studies grad might be $30k/yr on average.... any mathematicians want to calculate the average time to repayment for folks in her program?

 

[monarch64]

My education was paid for, in full, by my late grandfather. Unfortunately, this fact was made known to me by my mother, many many times during my childhood, and I honestly never gave a hoot about school, figuring I was going to obtain a college degree whether I cared to or not.

I have a B.S. in Textiles/Apparel/Merchandising. I have the sort of degree that will probably always be somewhat in demand, because people always need to clothe themselves (at least, in this life). It's served me well so far. If I were single, I would be making $80-100 this year. Instead, I made some different decisions and make less than $50k. That said, I am proud of my degree and use it every day, at least.

 

[monarch64]

My education was paid for, in full, by my late grandfather. Unfortunately, this fact was made known to me by my mother, many many times during my childhood, and I honestly never gave a hoot about school, figuring I was going to obtain a college degree whether I cared to or not.

I have a B.S. in Textiles/Apparel/Merchandising. I have the sort of degree that will probably always be somewhat in demand, because people always need to clothe themselves (at least, in this life). It's served me well so far. If I were single, I would be making $80-100 this year. Instead, I made some different decisions and make less than $50k. That said, I am proud of my degree and use it every day, at least.

 

[qtiekiki]

my nephew and his wife are both pharmacists .i have no idea on how much they owe in student loans,but here's what i'd know and saw in front of my eyes since they got married about 6 yrs ago.

a 3.5ct Ering which he paid $50K (got screwed by a friend) + a 2ct yellow diamond RHR with halo + a 18k WG Rolex and a 18k WG Cartier watch + many other name branded items.

paid 570K for a house during the peak of the market.

bought 2 brand new BMWs one SUV and one convertible.

plus the 1 yr old son rides in a 1k stroller and wears name branded clothes.

and get this...she flies from Ca.to NYC just to go shopping for a couple of days...

i don't know how much 2 pharmacists make but in no F-ing way they can afford this kind of life style... my nephew is not the spender type,but the wife..

I think they can afford the lifestyle with their salaries, but they are probably not saving as much for retirement. I know people who have and spend on these things on lesser salaries, but they are live for the moment and not plan for the future type.

ETA: My good friend from college is a pharmacist and she works for a pharmaceutical company. So it's not just hospital and drug store. And in the hospital, there is in-patient and out-patient. I believe in-patient pays a little more, but there's 3 shifts.

 

[Dancing Fire]

[quote="qtiekiki|1363790539|

I think they can afford the lifestyle with their salaries, but they are probably not saving as much for retirement. I know people who have and spend on these things on lesser salaries, but they are live for the moment and not plan for the future type.

[/quote]


afford it or not i don't know,but i guess she wants to show people that they can afford this kind of life style.i'm sure they are making good money, but how many more 2ct rings they can afford? how many more 20k watches? how many more fancy cars? how many more $1500 hand bags?

i don't care how much they make they can still out spent their incomes.

 

[ruby59]

As the mother of 3 very close in age children, one of which is in the 7 year pharmacy program, with a little planning it does not have to cost that much. Many schools offer merit aid as well as financial aid. Check out the state schools. Mine could have gotten into more expensive schools, but they were realistic. Also, to save money, 2 out of my 3 lived/will live at home. Dorm fees can equal the tuition, especially in the more expensive suites. Some of the meal plans can get very expensive and are wasteful. Also, my children got jobs on campus to help with tuition.

 

[qtiekiki]

[quote="qtiekiki|1363790539|

I think they can afford the lifestyle with their salaries, but they are probably not saving as much for retirement. I know people who have and spend on these things on lesser salaries, but they are live for the moment and not plan for the future type.

afford it or not i don't know,but i guess she wants to show people that they can afford this kind of life style.i'm sure they are making good money, but how many more 2ct rings they can afford? how many more 20k watches? how many more fancy cars? how many more $1500 hand bags?

i don't care how much they make they can still out spent their incomes.[/quote]

Of course anyone can out spent their incomes, but basing on what you said they got, I don't think it's entirely crazy out of their league. I have no idea that they are constantly buying more jewelry/watches, cars, etc. People have different priorities.