Are Student Loans Worth It?

[Karly]

Just curious from your experience if you've found taking out loans to go to school to be worth it in the end, or not?

[schwanda]

I think it totally depends. I had some undergraduate student loans which allowed me to go to my DREAM school. It was a great experience for me and my family NEVER could have sent me there otherwise (I'm one of 5 kids). Having a degree from a big-name school has really, really helped me with my career. Every interview I've had since I graduated has started with the interviewer commenting on how impressive it is that I went to this school. It helped me get into medical school, helped me get a good residency, and helped me get my current position. I have TONS and TONS of loans from medical school. Again, I always wanted to be a doctor and I know I will eventually pay them off. It sucks to start my career in so much debt but I can't imagine doing anything different with my life! So in my case I think my loans were well-worth it!
That having been said, I know people who have had VERY different experiences...

Amanda

[Mary]

I think it is really worth it. An education is something that no one can take away from you; education is never wasted.

Mary

[Dennis]

I think it depends on what you want to go into and how important the degree is for the field. I took out loans for grad school - I got a master's in Project management. I work in IT and I don't think the extra degree has really helped me at all. But I think if it's for an undergrad degree it's probably more helpful because so many jobs require a college degree these days.

What programs are you considering Karly?

Amanda, with a build up like that, you have to tell us what school it was!

Dennis

[Karri]

yeah. i could have never gotten where i was (when i was working) had i not finished school as quickly as i did. student loans enabled me to do so. i dont see them as bad debt. i just see them as a part of life :dunno:

[schwanda]

I went to Princeton but I always feel weird saying it...

Amanda

[marcy]

It was for me. I was able to go to a small but good school, and due to some fortunate things that happened got started on my career. However I'm sure I could have gone someplace less costly, got a good degree, and still have had a good life so far.

[Karri]

Wow, Amanda. Very impressive :aok:

I should add that I went to a state college. No "expensive" tuition, but I still needed a loan to do it.

[redhairedgirl]

:wow: Amanda! A friend from HS went to Princeton - and it is prestigious. :nod:

Student loans are also considered good debt. Of course - there's a difference with something like Amanda going to Princeton - and me taking out a buttload of loans to go to Art school, ya know?

In the end, I went the safe route and went to community college, then onto state university. I also played my loans a lot safer and only took out the minimum that I needed - my husband did not. However, my husband BS in Physics and MS in Physics makes a very good salary. But, he even admits that he was careless taking them out.
I think that if you're realistic and use them properly, that they can be EXTREMELY beneficial. I also agree that many jobs these days do require a college degree. Doesn't always matter what the degree is in, but once you have that piece of paper, they can never take it away from you. :nod: Good luck with what you decide! I found that all my loans have been worth it. I was the first generation on Dad's side to go to college, so that may have been part of it.

[Alyssa]

In general...I say yes...loans are worth it.

Now, that said...part of me thinks in retrospect I could have/should have gone to a state school for undergrad at least. I LOVED my college, I really did - it's one of those small New England liberal arts schools on a beautiful campus with small classes and intimate relationships with professors. But...part of me does feel badly that I spent so much money to go there. Well, my parents did...I do have undergrad loans but they aren't too substantial.

My grad school loans are more substantial. I loved grad school but I went to another private, though larger, school. I think having a masters from this well known place has helped me and my earning power, but I could also really use the $300/month I'm still paying.

Bottom line - worth it, but looking back, I think I could have done more to minimize their impact later in life.

[Girlo]

I agree - student loans are definitely worth it. :nod:

I had a friend in college who resolved to graduate with NO debt. :faint: She spent 10 years getting her BS, just taking a couple of classes a semester and working the rest of the time (and starting out at a CC before transferring to uni). For me it was worth it to just get my degree over with and start working instead of dragging it out for so long. She'd probably say the opposite at this point though..... I guess it just depends on what you want to do with it and if you want to be tied up with school for a very long time.

[Lynn]

Absolutely it was worth it to me! I went to Michigan State, so it wasn't a horribly expensive school. But when I went there, I STARTED at age 23. It was an age that most students were graduating and I was just entering. I was also living at home, making minimum wage and got ZERO financial aid.

MSU was my dream school. I was born bleeding green :biggrin: so it meant the world to me to be able to go there. I was going to go there come He** or high water. Sure it stinks now because I'm still paying for my loans (only 5 more years :mope: ) but being able to graduate a Spartan far exceeded my worry of debt down the road.

[Lyndee]

Wow! I'd happily go into debt for Princeton :thumbsup:

I had a little debt from college. I paid as I went but I couldn't afford not to take a loan for my senior year since my scholarship money didn't cover some things.

I had a full fellowship to grad school but since I was only making $600 a month for my stipend, I need some "comfort" money to live on so I took $15K out for emergency expenses (which really came handy when I got out and didn't have a job).

I think I had less than 20K in loans and they are all paid off. It was definitely worth it!!!!

Alyssa- I totally understand what you mean about the school name. I went to a really small private college and while I got excellent education, there was just no name recognition. I went to a medium-sized public college which lots of name recognition and it definitely helps during job interviews.

When/If my kids go to college, I will definitely keep that "name recognition" criteria for selection. I'd happily pay much more (or rather, let my kids go intd debt more :lol: ), for say, Princeton, should we be so lucky to get a kid in there.

My sister had zero loans and she has a bachelor's and a master's at well-known state schools. Her employer paid for her schooling- which around my area is really a way to go if you want to avoid the loans.

[mama2jackson]

I totally think student loans are worth the education you receive. I just went to a great state school, but since my parents couldn't afford to send me, I had to take 4 years worth of loans out. I'm still paying with tons more to go, but I have my degree and no one can take that away. I also look at my student loans as a good debt (as opposed to a credit card debt). They also have a very low interest rate, which you get to write off for tax purposes.