Is College Worth the Debt

Great article. As a middle-class student im not poor enough for need-base aid or rich enough to pay. The state of the economy has really limited my parents ability to contribute. I cannot justify the dept with the expected lifetime income of a bachelors.

A bachelor graduate from my generation has less purchasing power than the 1940's factory worker.

My college dept will cost $35,000 + interest. National dept per "man, women, and child" is 30,000 (Not including dept for each additional year.) Add the fact I would like a cheap marriage (about 10,000.) I'm not even going to add the cost of a condominium at an area with acceptable public schools, a kid, and a car.

Most people from middle and lower class means are much better off with a 2 yr career at a community college.
Most 4 yr public universities are a complete scam and worthless. They provide very little for the cost you pay... In private universities at least you can network (thats what really gets you employed.)

I don't think my generation will ever have the living standards the baby boomer generation enjoyed.

SAVAGE SAYS: Well, I pretty much have to agree with you -- until all the way to the bottom. First, public universities do create networking opportunities. As a U of Michigan grad, I know that first hand. Same thing with University of Illinois -- it all depends on how much you put into creating friends that will become future contacts.

And I hope you're wrong about the decline in living standards. I'm betting that some new invention -- maybe some new auto engine or energy form -- will be developed that will vault your generation into new prosperity. After all, look at what technology and the Internet have done. And many gave up on America after the early 1980s -- what a mistake that was. In 1982 the Dow Jones Ind Avg was under 800 -- soared to 14,000 -- and anyone who gave up really lost out, even at today's prices!

Dear Ms. Savage,
Your clip "Is College Really Worth It?" was spot on target. As a 30 year old college graduate with a BS in psychology, I completely agree with the main points you made in your segment. If I had to do it over again I would have never depended on student loans to support my education. Almost 8 years after my graduation I have yet to see a job paying over $28,000 a year, even after graduating Magna Cum Laude from a great private college. My mother had made the suggestion to me before attending college that I consider getting a job and going to community college or trade school. Looking back she was 100% correct. I know I would have less debt today and most likely have a job with a similiar salary to what I have been getting now. I am feeling better now that I am getting my loan paid down, but I highly recommend your advice to anyone considering a student loan. Think, think, rethink.

SAVAGE SAYS: Thanks for posting -- that's exactly what I was trying to say in setting up that section.

Dear Terry,
The knowledge contained in your columns should be college course material themselves! I want to add that my parents believed it was worth it,even though I did not graduate until I was 50 years old.My employer used to believe in paying for tuition,books,and supplies but sadly no longer does.My children attended a community college which cost considerably less than private or even other state universities.

SAVAGE SAYS: Thanks for your kind words. Yes, I agree that college IS "worth it" -- but only if the "it", the cost, is reasonable in relationship to the potential rewards. The fact that you've been smart about community colleges means your kids wiil start out with a great cost/reward basis -- and YOU can someday retire!

I think not. $40,000 could buy one hell of a travel plan for 4 years. That coupled with a proper reading list would dwarf most humanities undergraduate programs.

SAVAGE SAYS: Now that's the kind of creative thinking we need!

Ms. Savage,
Your article was very interesting. My oldest daughter was currently rethinking law school or graduate school until she found a company that was willing to pay a portion of her grad school. She wondered if the loans were worth it.

Your article discussed the FAFSA form and how that could help you qualify for financial aid or additional financial aid. Let me tell you some information that you many not know about when it comes to the FAFSA. I had three daughters who were all in college at the same time. A freshman at Miami University of Ohio, a sophomore at Southern Illinois and a senior at Miami of Ohio. We qualified for finanicial aid according to our FAFSA score when I had all three daughters in college at the same time. Miami University of Ohio told us that if we wanted to have FAFSA financial aid that we would have to leave Miami and attend an Illinois school. They told us they did not have to honor it. When my husband was then subsequently unemployed, I was told that I would not receive any type of financial aid. He was unemployed for three out of the next four year. My daughters were not smart enough and I didn't qualify for any minority support. I had to support the bill for $90,000 in tuition on my $87,000 per year salary. We were told we could take out loans, which we did. We are now trying to sell our house to help pay off the $120,000.00 in school loans that we incurred in order to give our three daughters a college education.

No one expected the economy to turn. I never thought I would lose my husbands income. I was lucky enought to qualify for loans because of my years of work. I never stayed home with my children. Other friends who were in a similar position were given FAFSA support because the woman never worked outside the home and did not generate any income. I sometimes felt as if I were a fool to work all those years. It cost me any type of financial aid. I never knew that Universities could REFUSE to honor your FAFSA qualifications/score. It was one of those hard life lesssons that you get hit with when you are smack in the middle. Check it out. That would be a very interesting article. If you have any info that would help me qualify for the FAFSA money that I was entiled to receive, please let me know.