Paying For College: How do folks do it these days?

[TheDeuce]

Brings up a good point, my son attended one yr and dropped out. He learned a trade and is now earning a very nice hourly wage at 23 with no student loan debt. His goal is to eventually run his own business. He learns more listening to podcasts 4-5 hours daily while working his trade than he said he would probably ever learn sitting in college classes. IMO unless you are in college for a specific profession and coupling the class sessions with Co-Op experience you are wasting your money. I know guys in sales who never attended college and have pulled down 6 figures for the past 15-20 yrs. The cost of college has become pathetic and the student loan fiasco us even worse. They give em to anybody and everybody.

 

It's absolutely a waste of money for a lot of people. I may even go as far as to say the majority.

[TAC]

Yeah I just used UK as the example because it’s what I’m most familiar with.

 

We toured all 3 of them about 6 years ago. UK was the least impressive of the campuses. but He had his heart set on going there. He drew the short straw and was sentenced to Hengenaur hall his freshman year. They demolished the building the day he moved out and put in the honors luxury suites.

We moved him off campus after that year. Whacked the food plan and saved a ton of money. We paid for most and he worked thru HS and college to pay for the balance. Got out in 4 years debt free. Internship led into the job he has today.

[TAC]

Can I ask what med schools you're looking at? Just finished with the med school process with my wife at UofL. Four years for a mere $253,000.

 

That will take about 4 office visits to earn that back LOL

[Oldbird]

Kentucky used to have a program called KAPT (I guess technically they still do, but it has been closed to new enrollees since about 2004). I bought 4 year contracts for my oldest 2. I paid installments until they graduated HS and it allowed you to buy future college credits in today's dollars based upon the cost highest public tuition in the state (always UK). These turned out to be incredible purchases. I guess they were so good, the state has never opened the program again . I had to cover room and board for my two oldest, but my oldest had quite a bit of scholarship money (athletic and academic) and my youngest has lived at home so far. Challenge will be getting my youngest through, but we have quite a bit saved for him.

 

If parents are aggressive in their planning/saving and kids go to an in state public school, it is possible to get them out with little to no debt. It isn't easy, but is possible.

[GrantNKY]

We toured all 3 of them about 6 years ago. UK was the least impressive of the campuses. but He had his heart set on going there. He drew the short straw and was sentenced to Hengenaur hall his freshman year. They demolished the building the day he moved out and put in the honors luxury suites.

We moved him off campus after that year. Whacked the food plan and saved a ton of money. We paid for most and he worked thru HS and college to pay for the balance. Got out in 4 years debt free. Internship led into the job he has today.

The new dorms are simply ridiculous. The Food plan is the biggest rip off IMO.

[TAC]

It's absolutely a waste of money for a lot of people. I may even go as far as to say the majority.

 

Depends on what you want to do for a living. I work for a fortune 500 company and luckily I got in 22 years ago with sales experience. Today they would not look at me unless I had my masters or were in the process of obtaining it. And we pick and choose where the masters degree comes from. Vandy, UCLA, Arizona, Ivy league. California based, so we tend to get the pick of the litter. They would not entertain my son doing an internship there during undergrad, only if he was in his masters program.

[bugatti]

It's absolutely a waste of money for a lot of people. I may even go as far as to say the majority.

The problem is we have adopted in this country the mantra of "college is for everyone," and "everyone should be afforded the opportunity to go to college." Maybe the biggest racket going in this country.

 

To answer the question, people generally can't do it without financial assistance. $50,000 - $100,000 in debt with a degree is the norm, not an exception. Add a spouse you double it, and that starter home gets kicked back ten years. Oh yeah, since a college degree has been so devalued, why don't you go on and sign up for an advanced degree. $$$$.

[bugatti]

People would be shocked at some of the resumes I review for some low pay grade jobs. Yesterday I reviewed an application/resume for an Admin Assistant job. This candidate had an aeronautical degree from Embry-Riddle (take a look at what a semester costs there). That is on the extreme side, but you see quite often college grads having to take jobs well below their anticipated pay because of too much saturation.

[Colonels_Wear_Blue]

That will take about 4 office visits to earn that back LOL

 

National average is 10 years.

[GrantNKY]

I have met with a couple of people from UK Development. They have asked what they can do to improve and get more students. I have told them over and over give more money. They are losing the best to other instate schools like UL, WKU, NKU, etc because they are getting more money. Back in the day I would have loved to go to UK for undergrad but with a 33, 4.0 (they didn't have weighted GPA back then at my HS) all AP/honors clubs etc, Singletary finalist offered less than half the cost to attend. TMC offered full ride. I ended up where it was cheapest. My daughter is in HS and we are looking around some. The liberal arts colleges offer way more money. Heck TMC gives automatic $14,000 if you go to a catholic HS. That brings it right in line with the publics for tuition.

 

Oh and Med school was much more affordable 20 years ago only $88,000 in loans of course my dad bought a house for me to live in to save money and roomates.

Here’s the thing though, UK isn’t really concerned about where the students come from. The enrollment numbers are increasing every year and so are the average ACT and GPAs of the incoming freshmen classes. More and more out of state students are going to UK. Which doesn’t bother UK because they make more money off those kids any ways. But UK is certainly not hurting for enrollment. I imagine they are investing a lot of money into recruiting HS students across the south and Midwest.

[rjal]

Here’s the thing though, UK isn’t really concerned about where the students come from. The enrollment numbers are increasing every year and so are the average ACT and GPAs of the incoming freshmen classes. More and more out of state students are going to UK. Which doesn’t bother UK because they make more money off those kids any ways. But UK is certainly not hurting for enrollment. I imagine they are investing a lot of money into recruiting HS students across the south and Midwest.

 

What the person told me is that they are trying to work on keeping the legacy's. I told her my kids are multigenerational double legacies and if going to NKU or UL is cheaper while I love UK I am not brand loyal enough to pay thousands of dollars extra if it is not for a specific program that is better. They are working on more incentives for legacies.

[Jumper_Dad]

National average is 10 years.

 

There is a chance after residency there could be a bidding war, where paying off student loans would be part of the enticement.

 

My aunt retired after managing a clinic in Indiana for 30 years, a few times when they really wanted/needed a doctor they would offer a contract for X amount of years and they'd pay off student loans or a large percentage of them if the Doctor signed on with them.

[Colonels_Wear_Blue]

Don’t get me wrong, they’re awesome schools. I’m definitely not discrediting or putting them down. My point is that if you’re going into an industry such as education, or something similar where you’re not going to be making a lot of money, it doesn’t make sense to spend that much on college to me.

 

I don't disagree with the premise you're getting at. Is there really an advantage to going and getting a nursing degree from Bellarmine University at $41,800 annually when you can get the same degree at NKU for $9,360? Sure, Bellarmine is a great college, but will you see much (if any) difference in pay if you apply for a nursing position with a BSN from Bellarmine versus a BSN from NKU? Doubtful.

 

I just think choosing Centre as the school to make an example of isn't necessarily the best choice for your argument

[GrantNKY]

What the person told me is that they are trying to work on keeping the legacy's. I told her my kids are multigenerational double legacies and if going to NKU or UL is cheaper while I love UK I am not brand loyal enough to pay thousands of dollars extra if it is not for a specific program that is better. They are working on more incentives for legacies.

Do other schools have an incentive program for legacies?

[GrantNKY]

I don't disagree with the premise you're getting at. Is there really an advantage to going and getting a nursing degree from Bellarmine University at $41,800 annually when you can get the same degree at NKU for $9,360? Sure, Bellarmine is a great college, but will you see much (if any) difference in pay if you apply for a nursing position with a BSN from Bellarmine versus a BSN from NKU? Doubtful.

 

I just think choosing Centre as the school to make an example of isn't necessarily the best choice for your argument

 

Other may disagree but I don’t think all degrees are created equal. With regards to Centre, it is the outlier IMO when it comes to liberal arts type school. I would have gone to Centre in a heartbeat if I didn’t get my GSP scholarship from UK. It’s a fantastic institution.