What is your opinion about accumulating debt during college?

I don’t think that piling up huge debt is wise at any time for any purpose… except to purchase an asset of greater economic value.

So, if you’re going to a top school and “getting your money’s worth” from the education with a purpose and plan to achieve a good-paying job that you couldn’t achieve otherwise (and which you will enjoy, since there’s no point in working for the dollars and hating your life) then “maybe”.

I will say that education is priceless, but “a college education” may not be worth what people are currently paying for it.

There are some ways of going to college that are not exorbitantly expensive.

For example, attend a community college for two years and get an AA degree. See how well you do, how much you enjoy school and how clear you are about continuing on.

If you do then want to pursue the last two years of a BA, go to your state university. As an in-state resident, you can do it without incurring too much debt.

There are package deals for financial aid that consist of grants, loans and work-study. The scholarship-only days are essentially over and available for only a few people with special interests and intellectual gifts.

Digging a hole of debt is never worth it. If you don’t have the money to pay for it now, how can you expect to have the money later?

Worth it. Yes, tuition is crazy over-priced. Also, employers aren’t hiring for even tons of entry-level jobs without a bachelors, and many will only let you climb the ladder if you have a degree. The school I started at was made up almost entirely of people who tried to do without getting into debt, and eventually realized they had to get a degree.

I can’t get scholarships to cover all of my tuition (and forget about the whole COA), and that’s even after I’ve been going for a year. Getting scholarships before you’ve even done a year is crazy hard. Without loans, I can’t get an education.

@likipie Because you could get a higher-paying job with the degree, and then have the money to pay it back.

My opinion is don’t do it. Work a semester and go to school a semester or whatever you must do. Best case scenario is work for a company that will pay your tuition.

I just don’t see how most people have a choice.

@gailcalled The problem with attending a community college is that so many courses are not accepted by 4 year institutions and you end up spending $$ for nothing. No insurmountable, if you know what university you want to attend and verify that each course you take in the junior college is one they will give you credit for. Unfortunately, there are courses you will need to take to get an associates degree that you will not need in college so you have to decide what path you want to be on.

@rojo that is a great point. It is crazy important to work with an adviser who is familiar with the college and the program a student the planning to attend to be sure every credit transfers. One thing I didn’t realize at the time I was paying cash out of pocket for community college courses is that every single credit hour transferred to a four year university – whether covered by the student or not – counts toward satisfactory academic progress for the sake of financial aid. In my case that meant that three semesters before I was to finish my federal financial aid was pulled out from under me because I had too many credits.

@Aethelflaed But anything could happen. You can’t guarantee that you’ll get a good paying job or any job at all. And living life knowing that you owe someone a large sum of money is no way to live. How can you possibly enjoy life when in the back of your mind, that whether or not you have the money you have to pay that person/people back. You can’t predict the future and you definitely can’t guarantee it.

@likipie I don’t know I’ll get a better job with a degree. I do know I won’t get a better job without a degree. I enjoy life the same way I do when other uncertainties exist. I could get in an accident and lose both hands. I could never meet anyone to love, ever again. The government could be taken over and become communist. Things can happen; I choose to invest in the future I hope will happen, and will work towards happening.

Living life owing debt is how America works. Debt for cars, debt for house ownership, debt for credit cards… You are actively penalized for not accruing debt. C’est la vie.

I think it’s worth it, depending on what you are going to college for. As for the concern @rojo mentioned, some community colleges have bridge programs with local universities in order to help students start at the community college and then transfer to the university. It’s definitely something to look into that can help save a lot of money. I got my ADN from a community college and then my BSN from one of the universities that they had partnerships with (which meant my credits/courses transferred over without a problem). It would’ve cost me at least dounle if I would have went straight to the university for my BSN.

I had to take student loans and don’t regret it one bit. I make a lot more as a nurse than I was making before going to college and my loans will be paid off soon enough.

@Aethelflaed Yes, it is that way now. But it doesn’t have to be. It’s that way because of people like you that think there’s nothing we can do about it.

@likipie No, I definitely think there’s something we can do about it. I’m extremely in favor of a radical overhaul of the student loan system. In general, my fiscal policies tend to be pretty towards the left. But, me just not getting an education doesn’t do anything to change that system. Me calling my senator does, me voting in favor of increased taxes for education does, me criticizing specific ways the student loan system is set up does, but me not going to school? Pretty much just effects me and my job possibilities.

@likipie In my case there is no way I’m getting out of college with some sort of debt. Just remember out of every scholarship that can be applied for in written for via essay, or projects or whatever, there are generally only a certain amount of winners.

@whitecarnations: Did you mean to say that there is no way that I am not getting out of college with some sort of debt”?

It is certainly true that the number of merit scholarships are limited and very competitive.

Indeed