Degree of debt: UW students share their college debt stories

mrmnikon0921 said on November 10, 2011 at 12:52 PM

This dude went to school where tuition was just under $1000/credit hour! Six years to complete a degree! How in the heck did he expect to pay for this? The problem is that the student loans are given with NO risk for the lender (gov't backed) and they are given with zero regards for the ability to pay them back. If the gov't would stop backing these loans or only back them to a limited extent, people wouldn't be able to afford the college and then (due to lowering enrollment) colleges would have to lower tuition. It may take a while, but it would happen...

banditrider said on November 9, 2011 at 6:02 PM

The colleges and universities kept raising and raising tuition (raising their salaries along the way). Not unlike bad home loans, they made student loans way too easy to obtain. But, no one twisted their arms to take the loans. But hey, one isn't responsible for their actions anymore. Even Obama was complaining about his and Michele's student loans and the burden it put on them. No accountability.

renesta said on November 8, 2011 at 8:20 PM

Why are they going to college if they can't afford it? They treat higher education as a right and not a priviledge...

SassyKat said on November 8, 2011 at 5:04 PM

WOW, more debt and no jobs! I'm not sure how some of you expect these folks not to default on their loans given the current economy and the jobs situation. When they took on the responsibility for the loans, the outlook for them and job possibilities were pretty good! Of course we've also been beating into our children's heads that without a college education, they won't go far in life. But look at it now! Even if they're lucky enough to get a job I see that most of the jobs are requiring at least a bachelor's degree and want to pay $10.00 per hour! You can't live off that AND pay back your loans! I advised my son when he was young to think about a military career so he could go to college. He took my advice and served over 6 years. The most they will give him for college is $19K ! Thanks a lot USA!!! He laid down his life with two tours in the Middle East and one tour in Korea and this is the thanks he gets!

kenjo70033071559 said on November 8, 2011 at 9:18 AM

So, what's the point? Are they adult infants who expect the government (taxpayers) to assume the role of parent and relieve them of all responsibility for their actions (taking out loans)? College isn't the only choice, but if that is the choice they make the responsibility for paying for it is theirs, not mine. OK, so they won't be able to buy a brand new car or a home theater system for a few years. Life is tough and, by the way, it isn't fair either.

oregonn8tive said on November 8, 2011 at 8:53 AM

Why should I as a tax payer have to pay for your college education? It is your choice to attend, not my request. As for higher tuition, take a look at where those tuition dollars go. If you get a degree in something worthwhile with high enough marks, there will be jobs out there for you that will pay enough for you to repay the student loans. After all, you have 20 years to do so.

sharon75 said on November 7, 2011 at 9:22 PM

I saved for my kids college education even when we were poor. They grew up witn no cable tv, cheap kids clothes, and older vehicles. When they went to school, they received tuition paid for, food, and rent and worked for anything else. They got out with a college education and no debt. It isn't the kids fault but the parents not making a commitment to help their kids get an education. Yah, they took out the debt, they should pay it back.

lifewelllived said on November 7, 2011 at 9:10 PM

Our system depends on our children obtaining better jobs than what we had. Just think if all of our graduating high school students decided not to go to college... how would the baby boomers ever survive on social security? What everyone needs to remember is that our country has a huge vested interest in our youth, and their education. It is not just the parents or the student who has an interest in their sucess or failure. I am tired of hearing people say that to have an education is an individual choice, because it is not. And when we forget about the basic fundamentals and the value of an education, we as a country have failed.

Bkg68 said on November 7, 2011 at 6:42 PM

A real travesty is how the college loan lenders and the federal government have got into bed together. Sally Mae has spent millions of dollars lobbying to get student loans unforgivable by bankruptcy law. Only other debt unforgivable is child support. So individuals and/or families going through financial devastation cannot even seek relief through extreme means of bankruptcy. Then on top of that, Sally Mae and other student loan lenders (many of whom are still ultimately owned by Sally Mae) charge crazy high interest rates and collection fees. I know of a case where the family went through a financial crisis due to a failed family business, could not pay on any of their loans, lost their house, cars..etc. Sally Mae sold off their delinquent loans to collection companies owned by the Sally Mae company. these companies tacked on huge acquisition fees and interest. So between the year 2000 and now, their original 46k loan has now inflated to 156k, further drowning them in crisis.

Mottomoot said on November 7, 2011 at 2:38 PM

… will have a chance at an education. An Education should not be a privilege but an investment in Our Children and Grand Children. Yeah, it was tough for most of us, but I’ll bet a lot tougher for those yet to step up. Thomas “Cranky old Guy” Benefield

Mottomoot said on November 7, 2011 at 2:38 PM

I rarely if ever, state an opinion online or in public. However, now seems as good a time as any for a subject that needs an open discussion. We as a nation should proud of our accomplishments and a little embarrassed by our educational system. For those of you who have managed aid from Military Service, Parents, Scholarships etc., I say good for you. There are those individuals who may be precluded from any of the above, which I would wager to be the majority of those trying to get a higher education. I was such an individual 25 some odd years ago who had to rely on Grants (barely enough) and the student loan system. A $15,000.00 loan by graduation in 1985 carried through 16 and a half years of Federal Service, 1 divorce, 2 Kids, one of whom is struggling with the same dilemma in order to get a teaching degree so She can teach our children we going to be flinging at our education system. She will be doing a low paid unappreciated job to see that these future children...

packy123 said on November 7, 2011 at 1:45 PM

My wife and I both had almost all of our college paid for by our military service. . Between us we have 2 AA's, 3 BS/ BA's, 1 Masters and one MD degree. They paid for atleast 90% of all them all . Consider the service as a way to pay for your degree.

arcticfireguy said on November 7, 2011 at 1:27 PM

Don't like the debt? Then don't request the loan. Seems a college kid should be able to preform that little bit of strategic thinking. Higher Ed should be free? Why? Should training to become an electrician or plumber be free? Of course not... Don't like the cost of higher Ed? Then get the dept of ED to quit requiring classes that don't have a d*mn thing to do with your major. Quit hiring profs for six figures that never teach a class. Put a cap of the size of the tax free endowments that Universities hold and force them to use those funds to pay for education. Many problems... most created by the same people that have brought you the Dept of Education and, federal debt and the decline of America. :)

franky said on November 7, 2011 at 12:45 PM

I am all for paying up to the end of high school, you are on your own for college. Oh and college debt is nothing new, it's just trending now due to the economy. Get a couple of jobs, live on the cheap build your life, like many of us did. The loans will be paid off if your priorities are set.

WhoMe said on November 7, 2011 at 12:37 PM

Short sided view Bob. The rest of the industrialized world offers their students a free education through doctorate if they can keep up the grades and if college isn't their interest then they also have some of the best technical schools going. As a result of the cost of education here we are falling farther and farther behind the rest of the world. Educating our populace makes good long term sense and it is a investment in our country that pays off big time.

aziza said on November 7, 2011 at 11:30 AM

bob, the controversy lies in the fact that in the midst of the students' enrollment in the college program the tuition kept going up and up. In Washington state alone, tuition went up 18% this year. So, if you have one more year to go, do you drop out with $20,000 in loans to pay back, no degree and now you have $300 loan payments to pay back monthly and the employment prospect is minimum wage? These college students didn't crash the economy. They do receive a tax consideration while in school, but they DO NOT get to write off their student loan payments to the IRS once they leave. Not to mention, the interest piles on the amount that you owe so in the end the students actually end up paying $200,000 for their loans. (Once the forbearance runs out). A college education is a personal choice true, but necessary these days if you want a job.

bobj2151 said on November 7, 2011 at 11:06 AM

Ok, I may make some people mad here, but here is how I see it. Attendance at an institute of higher learning is a personal choice. Students take on the responsibility of financing their education. Actually, if they attend any public institution, they are already receiving large tax breaks with their tuition. I know it's expensive, but if you take out a loan to attend college/tech school, etc., then PAY BACK the loan. Where is the controversy?