Day of Reckoning

[Rogar]

I am old and do not remember all of these student loans I was going to college. Did people of my age, 70, actually get loans back then? I know that no one had credit cards. Our lives were pretty much pay as you go.

That's what I remember. Everyone I knew had help from parents and/or worked. I think the cost of education was relatively much less back then?

[Tradd]

My 4 years of college including room and board at a second tier state school was $30K. Class of 91. I worked a lot and parents helped a ton.

[catherine]

I remember my 4 years at a liberal Catholic college was $4k a year--16k for four years.

My fairly affluent grandfather had offered all of his grandchildren money for health and education, as needed. That was it. No use asking him for a new car. That pledge became an inheritance, but according to the terms of the trust we still couldn't get our share with no strings attached until we were 30 years old. I always thought that was very wise. I think he knew that it takes a full decade at least to truly "adult"--and I think he was trying to stave off the possibility that we would squander his hard-earned cash with the frivolous impulses of youth. DH and I wound up using the rest of my inheritance for the down payment on our first home.

[iris lilies]

I remember my 4 years at a liberal Catholic college was $4k a year--16k for four years.

My fairly affluent grandfather had offered all of his grandchildren money for health and education, as needed. That was it. No use asking him for a new car. That pledge became an inheritance, but according to the terms of the trust we still couldn't get our share with no strings attached until we were 30 years old. I always thought that was very wise. I think he knew that it takes a full decade at least to truly "adult"--and I think he was trying to stave off the possibility that we would squander his hard-earned cash with the frivolous impulses of youth. DH and I wound up using the rest of my inheritance for the down payment on our first home.

that’s what family trusts typically pay for, education costs and real estate down payments.

My mother sold an inherited farm to pay for my brother’s college expenses at a 4 year private school.

[LDAHL]

[/B]

The only way I believe they should not have to pay back is if the degree is not worth the paper it is printed on … such as from trump university, et al.

That could be said of many degrees or institutions. I like some of the proposals that would hold universities responsible for at least a portion of non performing loans.

[LDAHL]

that’s what family trusts typically pay for, education costs and real estate down payments.

My mother sold an inherited farm to pay for my brother’s college expenses at a 4 year private school.

Lacking family money, I paid for a BS, MS and MBA with seven years of military service. We can’t all get launched into life on Daddy’s dime, but millions of people manage to acquire an education with no more debt than the average car loan.

[pinkytoe]

It would be called nanny stuff but it seems like basic financial education or mentoring for high school students should be offered in public schools. So many kids come from families who don't seem to have money sense at all.

[nswef]

I graduated in 1970 with an NDEA loan of $5000 dollars as an Elem. Kdg. Teacher. My first job paid $6900 a year. I worked in a Title one school so my loan payments were deferred for a few years with NO INTEREST, and each year I worked for the title one school they reduced the principal by a percentage, so in the end I paid back $1500. I'd also had 2 years of a full scholarship from the PSEA (Penn State Education Association) I think. Until my parents moved out of state so my last two years were full out of state tuition.I worked while in college for $1.25 an hour- my spending money and my parents covered the rest. I was very lucky and ended up having a great career and now retired. On the other hand, my nephew at 55 has still not paid back his loans or grants for his degrees. Therefore his transcript is blocked and he has not worked "on the books" since. He's lucky to have a sister who helps support him...and her boyfriend who hires him and pays with cash.

[Yossarian]

I just last week paid off my daughter's undergraduate student loans, from the same institution, of ~$240k

As someone who has funded similar investments in my childrens' educations (x3!), I am wondering if I missed an opportunity. Why borrow first? I am allergic to paperwork so just paid cash from day one.

And love the English university architecture. We only did a short stint at Oxford and the Hogwarts vibe was great! But if same institution then that was Princeton, yes? Not like that's an eyesore or anything to start!

[bae]

As someone who has funded similar investments in my childrens' educations (x3!), I am wondering if I missed an opportunity. Why borrow first? I am allergic to paperwork so just paid cash from day one.

Princeton had a great parent loan program for < 4%, and I typically make 8% on my boring investments, so it seemed like a solid deal to just take their money.

And love the English university architecture. We only did a short stint at Oxford and the Hogwarts vibe was great! But if same institution then that was Princeton, yes? Not like that's an eyesore or anything to start!

It was funny when I visited Cambridge and realized that several of the Princeton Gothic-style buildings weren't just modeled after Cambridge buildings, they were direct copies.