Posted by Sean Chisham on April 20, 2001 at 14:55:31:
In Reply to: The Cost of Tution, OUCH! posted by Broke One on April 20, 2001 at 11:56:09:
Unfortunatelly, thats the facts of life. I was a very very poor college student and it did have a big effect on my performance. Working jobs on the side to afford milk, cereal, and Raman noodles takes a big dent out of your study and more importantly practice time. It also leaves you with much less energy than your peers who come from families who are able to contribute more financially.
There are government loans and government grants which can pay the tuition for just about any state school. Without some good scholarship money, an expensive private school may not be viable. I just happen to choose a state school for my undergrad and a private school for my Masters. I do have a fairly hefty student loan bill which normally lasts for 10-20 years. Half of the loan total was from 4 years at the state school and the other half is from 1 year at the private school.
For the first 2-3 years after graduating I did not make enough money to afford a meager lifestyle and pay the student loan bill every month. I chose to buy food instead of paying all the debts on time. Things are fine now, but that monthly loan payment was brutal at first.
Luckely Uncle Sams Army is going to pay off the vast majority of my outstanding student loan debt in just 3 years, so that will no longer linger forever. My wife still has a 20 year loan though and it is not fun sending off the payment every month.
Was it worth it? Heck yes!!! College is an incredible experience which almost certainly guarantees a more assured financial quality of life later in life. The opportunities you are presented and can make for yourself there are well worth the 10-20 year student loan payments which follow. Think of it as a mortgage for your life. It is expensive, but is almost a necessity.
If I would have had a crystal ball when I started, I would have never accepted credit card offers when I started college. High interest credit card companies love to give 18 year old freshman MasterCards and Visas. I had several. All with $300-$500 limits. I maxed them all out quickly and could barely make the minimum payment. Miss a payment and get a $25 penalty plus they raise the interest rate even higher and you also have the compounded interest on top of that. I think my $300 Wachovia card endup costing me more like $3,000. Do not accept a credit card unless you really need one. They seem like a good idea to establish a credit history, but no credit history is better than bad credit history.
sean