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Boston_MA
Raven
Joined: Mar 22, 2009
Age: 22
Posts: 109
Location: Boston, MA USA
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 Posted: Mon Nov 23, 2009 2:21 am Post subject: Is it better to take out college loans or work and save up? |
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| Is it better to work for 2-3 years post high school and save up 20-60k for college, or to take out college loans right away? many programs won't accept you unless you are a HS senior, so you'll be losing some opportunties. on the other hand, you got some work experience under your belt and avoid the DEBT TRAP. |
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computerlove
Artist, Painter, Designer magnifico
Joined: Jul 11, 2006
Posts: 6130
Location: Artist, Designer magnifico
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| Posted: Mon Nov 23, 2009 2:43 am Post subject: |
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I still don't get the gringo debt thing. Aren't there public schools in there? I mean, like FREE?
There are some cheap schools down here, I think it's the same in your country.
And, honestly, you learn more in 1 month in a job than in a year in any university.
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One of God's own prototypes. Some kind of high powered mutant never even considered for mass production. Too weird to live, and too rare to die. |
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kip
Eternally Indisposed...
Joined: Mar 14, 2007
Age: 23
Posts: 1271
Location: Somewhere out there...
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| Posted: Mon Nov 23, 2009 5:32 am Post subject: |
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CLove: I SO wish... but the US has no 'free' public universities. Now... the UC system is 'free', by which they do not charge tuition. But, they make up for it in fees, ones that aren't directly called 'tuition'.
OP: I would say your best bet is a mix of the two. Use the federal Pell Grant, availible to any US Citizen or legal national, it totals around 5600 a year. Not a ton, but you can get a two year associates from a local community college with that. With that associates, you have better job prospects, and will have a better chance of paying off any loans you do decide to take. Also, because most associates are simpler than a bachelors or masters, you could continue to work at the same time, if you feel comfortable doing so. And many of the associates will tranfer in as credits towards a bachelors degree. My sister is considering doing exactly what you're talking about, trying to avoid debt as much as possible.
Good luck with school OP.
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Every time you think you've made it idiot proof, someone comes along and invents a better idiot.
…the end of our exploring, will be to arrive where we started, and know the place for the first time. - T.S. Eliot |
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schleppenheimer
Phoenix
Joined: Sep 01, 2006
Posts: 1268
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| Posted: Mon Nov 23, 2009 7:06 am Post subject: |
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I think that it may depend upon what is your choice of career after you graduate.
Our kids go to their first year of college and don't work. Then, after their first year, they get a job. We pay for some of their college costs, but not all. They also attend a college where the costs are not high, so that when they leave with their bachelor's degree, they have NO debt. Should they choose to go on to a master's degree, they have to pay for that themselves. They will find out about grants, etc. and probably will work at the same time to pay for the master's degree.
If you were to major in something that doesn't guarantee a job or doesn't pay well -- just for example, art history -- then I would definitely save up as much as possible and try not to incur any debt. If you're in some sort of major that is in demand, such as transportation engineering, and is a career that is high-paying, then some debt and graduating sooner rather than later may be a good idea. |
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zer0netgain
Phoenix
Joined: Mar 03, 2009
Posts: 1902
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| Posted: Mon Nov 23, 2009 8:53 am Post subject: |
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DO NOT take out loans.
With AS, finding a good job is harder than what the average person has to deal with, and right now, graduates can't find work...nonetheless jobs that pay well enough to repay their student loans.
Graduate debt free. Very, very few jobs are hiring people right out of school right now, and it's going to get much worse before it starts to get better. |
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Zsazsa
Phoenix
Joined: Apr 20, 2007
Posts: 1030
Location: Upstate New York, USA
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| Posted: Mon Nov 23, 2009 9:19 am Post subject: |
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If you are majoring in a college specialty as Engineering, Medicine or other high paying career, then it makes sense to take out loans. You will be able to pay off those loans with your high income once you graduate.
Take advantage of any Pell grants and other grants you may qualify for that are provided by the Federal Government and your home state. If you have high grades, search out scholarships.
Many students cut costs by attending a community college first and then, transfer at a higher cost college for your last two years
of college in the achievement of a Bachelor's Degree.
If you are not certain of what to study in college, many students find taking a year off after high school and working at a job to
save money. These are current uncertain, difficult economic times and you have to weigh the costs/benefits of your own unique living situation. Don't take on college debt unless you are truly certain where you hope to be in two, five and ten years from now. Presently, there are thousands of I.T. employees, for example, out of a job all across the USA...and companies continue to cut jobs, like the recent layoff at AOL in the week of November 20th. Sometimes the best job training is in a trade skill...Auto body and mechanics, Carpentry, Masonry, Electrician, Plumbing and other lucrative paying trades...people always need repair
work done.
Best of luck to you! |
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ViperaAspis
Phoenix
Joined: Apr 27, 2009
Age: 41
Posts: 929
Location: Portland, OR
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| Posted: Mon Nov 23, 2009 11:38 am Post subject: |
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On a scale of 1 to 10 (10 = strongest):
If your drive to finish is below 8, work and do not take out loans.
If your course load is 6 or less, work and do not take out loans.
If your distraction level (girlfriend/hobbies) is 9 or greater, work and do not take out loans.
If your degree-to-real-world applicability level is 4 or less, work and do not take out loans.
"WHY" block (in order):
Without a high drive, you will not finish.
If your course load is low, you have time to work (so do it). It'll also keep you out of trouble.
If you care more about anything than your studies, you will likely fail.
This stat is less important simply because having ANY degree gives you an edge and so many grads (myself included) are NOT working in their major field of study.
Note that grants/scholarships et. al. are not included here. This sticks to the question of Work v. Loans (sounds like a court case  )
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Boston_MA
Raven
Joined: Mar 22, 2009
Age: 22
Posts: 109
Location: Boston, MA USA
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| Posted: Mon Nov 23, 2009 3:51 pm Post subject: |
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| I think no major is safe. I heard that the average architecture firm in MA is down 50%. Construction is down, industrial production is being outsourced, and so are programmers and engineers. You'd think healthcare is a good field, but it's only good for people with social skills, and that is not one of the aspie strengths. Overall in the world economy, production capacity is growing and demand for goods and services (consumption) is falling with wages and employment. It is very possible for someone to make 20k+ a year after high school. In three years, you can pay for college. |
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zer0netgain
Phoenix
Joined: Mar 03, 2009
Posts: 1902
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| Posted: Mon Nov 23, 2009 7:17 pm Post subject: |
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| AS or not, the best education investment right now is into a skill that will put you to work in 6 to 12 months. On-site work that needs a specific skill set is the only area of "employment" that is making money because it can't be outsourced and many things need to be done needing specific skills and training but everyone is wasting thier time and money going for the college degree. |
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OS2301
Hummingbird
Joined: Nov 17, 2009
Age: 19
Posts: 18
Location: Vermont
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| Posted: Mon Nov 23, 2009 9:18 pm Post subject: |
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I wouldn't exactly say it's a debt trap, but make sure you have a strong desire to complete College if you do take the loan, also see if your college has post-graduation employment opportunities these can be a major help.
Honestly, the majority of your initial hard earned money will be poured into the debt, housing, necessities, but after you pay all of that off, you probably won't regret the time you saved instead of spending however long it would take you to earn college money instead.
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justMax
Toucan
Joined: Nov 24, 2009
Age: 29
Posts: 286
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| Posted: Sat Nov 28, 2009 6:36 am Post subject: |
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| I can't imagine going to school for anything but a PhD in physics... which don't pay well. |
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jamesongerbil
Deinonychus
Joined: Sep 18, 2009
Age: 23
Posts: 302
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| Posted: Sun Nov 29, 2009 12:16 am Post subject: |
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| justMax wrote: | | I can't imagine going to school for anything but a PhD in physics... which don't pay well. |
same, but with physical anthropology. yay for academia, i guess. haha. at least there are graduate assistantships. |
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Boston_MA
Raven
Joined: Mar 22, 2009
Age: 22
Posts: 109
Location: Boston, MA USA
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| Posted: Fri Dec 04, 2009 1:22 pm Post subject: |
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| OS2301 wrote: | I wouldn't exactly say it's a debt trap, but make sure you have a strong desire to complete College if you do take the loan, also see if your college has post-graduation employment opportunities these can be a major help.
Honestly, the majority of your initial hard earned money will be poured into the debt, housing, necessities, but after you pay all of that off, you probably won't regret the time you saved instead of spending however long it would take you to earn college money instead. |
Only if you have good study skills, have the brain power to complete the major (anyone can be good at high school math and get into college, but few can finish up a Math or a Physics degree). The basic 101 Physics, Math, and science classes the 100 level ones and general ed classes, you can learn all that on your own from a textbook and there is no need to pay college prices for them. In fact, I think there should be very cheap self study alternatives for 100 level classes. |
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Cyanide
Leader of Shadaloo
Joined: Sep 25, 2006
Posts: 1908
Location: Twin Cities, MN. Formerly OR.
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| Posted: Fri Dec 04, 2009 3:16 pm Post subject: |
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| Tuition is inflating as such ridiculous rates right now, that it'd probably take you a lot longer than that to actually save up the money. Not only that, but it's getting so high, that it's probably not worth it anyway. Like Zer0netgain said, doing a trade skill would be a much wiser choice. It's better than going $40K into debt to get a bachelor's, and probably end up being unemployed anyway. You don't really learn anything valuable in college anyway (for most majors). |
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VivaLaConfusion
Tufted Titmouse
Joined: Sep 03, 2009
Age: 22
Posts: 30
Location: The Usual Headspace
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| Posted: Fri Dec 18, 2009 8:42 am Post subject: |
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Hoping to make 20-60K in 2-3 years with only a HS degree in this economy is a little unrealistic. Right now, I go to school (full time) and work two jobs (averaging 25-35 hrs/wk at one and 10 hrs/wk at the other), and I still make only about $13K per year (over half of which goes directly to pay my tuition), but I also have been working in retail and the restaurant industry for 6 years. A kid who has just graduated high school and does not necessarily have any experience will have a more difficult time of finding a job.
I'm transferring next year to University to get my co-terminal B.S/M.S. in Chemistry (and possibly a second B.S. in Physics if I can swing it), and I'm going to take out some loans to get that done. I'm also eligible for federal Pell grants, and federal SMART grants (next year). I tutor Chemistry and Mathematics through the college's work-study program (my second job).
I would like to continue and get my PhD, but I'm going to have to reevaluate my position before I graduate with my M.S.--if it makes more sense to get a job with that degree, or if I should continue schooling and get my PhD. In all likelihood, because I want to do research for the government or in industry, I will be completing my PhD within the next 10-12 years, as that is generally considered the 'minimum' level of education for a research chemist.
My point is that there are tons of ways to pay for college, loans just happen to be one of them. Don't get caught up in the sticker price of an education, even at a private school. A private school may have a larger sticker price, but they may also give more in institutional aid, bringing the cost of attendance well within reach. There are many federal programs for students in mathematics and sciences to help them get their degrees. There are lots of private scholarships. You could consider spending a few years after graduation in a program like the Peace Corps or AmeriCorps, where you use your degree to help others. (Teach for America will likely be in my 'options' list as graduation approaches.)
The most important thing, though, is to be diligent about one's studies and to make education a priority. Nothing can replace an education. Don't squander it--spend time outside of class with your professors and TAs, read a book outside your subject area a couple times a semester, get involved in groups (even if it means just doing web support--you can put that on your resume). If you do choose to make that investment in yourself, be aggressive about it and take advantage of every opportunity you have.
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