This is how much college costs

[Blhhi]

I'm a little hesitant to post this, because it seems slightly personal. Still, I think it'll be helpful for people trying to make the decision on whether or not to go to college. Regardless of my or your opinions, these are the real numbers you'll be looking at when you get your degree. I just got an e-mail today breaking down how much I owe for the chance to live the college "experience".

"As of today, your principal balance on the loans that we service is: $25,250.00"

"Based on your current principal balance, your estimated monthly payment amount on a Standard Repayment Plan would be $268.24."

Let's do the math. That's a total of ~94 months, assuming I keep up with that same payment amount every month. That's about 8 years.

To put that into perspective, that's like buying a brand new laptop every month for 8 years straight.

But that's just to pay off the principal. Loans come with interest. All in all, assuming I keep up with the payments, it may take me about 10 years to pay everything off in full.

I'm not talking theory. I'm not giving you heartfelt advice. This is what it costs. And I didn't go to a very good school. The average college graduate owes a principal of about $30,000. How many years would it take you to pay that off?

Is college worth it? You decide.

 

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[Tommy92l]

Yes, because without a degree you will never find a job. Read my signature for more info.

 

[AubreyJ]

Yes, because without a degree you will never find a job. Read my signature for more info.

That's not true. My mentor was an immigrant who left school after 9th grade- he is now worth hundreds of millions of dollars. A degree does not determine your success

But the true cost of college really varies depending on a ton of factors, like what college you go to, what state it's in, where you live...etc. I have two sisters who both went to the same university- one worked her a$$ off the entire time, had two jobs, lived in a shitty apartment, and did everything she could to graduate with minimal debt. She is 23, a teacher, and now has paid off all of her debt. My other sister partied a lot, lived in a very nice apartment, worked just enough to pay rent- she is 25, has a corporate job making almost 6 figures, and still has about $10,000 left to pay. So I think that the true cost of college really does vary a lot- just my 2 cents.

 

[Spyke]

I went to college, I graduated debt free.

College thought me work ethic and effort. I worked 2 jobs to pay for college. I didn't qualify for financial aid and I HATE loans that you can't leverage. so I worked, my first job started at 5am, I got out around 10am or 12pm depending on the day and from there, went home, ate, and headed to school. I would do 1 or 2 classes, head home and start work at 5pm. I was big on doing homework at school, almost immediately from when it was assigned.

I did that since 2008 and graduated this May, yeah it took long but like I said, I'm debt free with a degree. I gave up a lot of sleep in order to be able to go to school, I wasn't an average student either I got mostly B's. However debt doesn't control me or my future decisions. I can quit my job right now and live off my savings.

Honestly if you put in the effort its easy to finish school without debt and with a respectable GPA. Work your a$$ off, on and off the job, put in the effort and be at the top of your class.

 

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[DeletedUser394]

College threads suck.

Should be like religion and politics. Everyone is free to believe in or not believe in whatever they want, and vote for whichever party they feel like, but we don't talk about it.

Seriously, college threads suck.

Somebody should make a plugin/script that blocks threads with the word college in it. I'll pay you.

Because college threads suck.

 

[randomnumber314]

Yes, because without a degree you will never find a job. Read my signature for more info.

That is irrelevant here isn't it? Most people here aren't looking for a job, they're looking to build companies. You definitely don't need a degree for that.

Oh, and I've had many jobs that paid $50-60k a year, without a college degree.

 

[Entrepreneur99]

Yes, because without a degree you will never find a job. Read my signature for more info.

I'm confused, are you being sarcastic? The whole point of this forum is to not base your life's plan on a job, and to use a business to generate wealth. I have to ask why you are here or if you have not read TMFL if you are saying things like this?

 

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[Blhhi]

College threads suck.

Should be like religion and politics. Everyone is free to believe in or not believe in whatever they want, and vote for whichever party they feel like, but we don't talk about it.

Seriously, college threads suck.

Somebody should make a plugin/script that blocks threads with the word college in it. I'll pay you.

Because college threads suck.

I know how you feel. I'm basically ignoring any replies that argue either side, because the debate is pointless (though my opinion is obvious).

I specifically wrote this thread because it occurred to me that no one had ever broken down student debt to me as simple as that. People can believe what they want, but here's the dollar amount.

 

[johnp]

College was the first place where I made 20k passive in a month. I don't know if college had anything to do with that or not. But what I do know is that there is a lot of money to be made off of college and education.

 

[smarty]

I hate to the bearer of bad news but your not going to get too far without at least a high school diploma, let alone without a college degree..... Good Luck with the 7/11 job.

@Tommy92l I seriously hope you're not serious.

 

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[MoneyDoc]

College threads suck.

Should be like religion and politics. Everyone is free to believe in or not believe in whatever they want, and vote for whichever party they feel like, but we don't talk about it.

Seriously, college threads suck.

Somebody should make a plugin/script that blocks threads with the word college in it. I'll pay you.

Because college threads suck.

Pay me $500, I'll have it ready by next week.

 

[Gale4rc]

I'm against college for the most part but this argument is stupid. What happens after you get a job making 100k+ with a good degree? Then that small investment of 25k turns into a big return of hundreds of thousands of dollars over the years.

Ok let's be realistic, you make 40-60k starting salary out of college (very possible depending on where you live) , within 3 years you've made minimum $120k off a $25k investment.

 

[smarty]

Pay me $500, I'll have it ready by next week.

I'd do it for $499 within 6 days.

 

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[biggeemac]

In reply to "Yes, because without a degree you will never find a job. Read my signature for more info."

Well....im a high school dropout. This year, i will have made around close to $150k on my slowlane jobs (yes, I work two full time jobs during the same 8 hours every day). I have broken just about every education/upbringing statistic there is....I even had a kid at 16 and smoked crack for a while. So, anyway.....I credit my success to faking it til I made it and never took NO for an answer.

PS, doing this well in the slowlane makes me wonder how I will do once I figure out MY fastlane.

 

[samuraijack]

To be fair, there are tons of scholarships and financial aid available that just about cover the entire cost of tuition and even more, that some people get PAID to go to class. That was me once, before I squandered it. Your choice to go, and your choice for which college to go to.

 

[Iammelissamoore]

In a case like this, I'd usually say to each his own, but I hear you loudly and clearly. I didn't do University, but I will admit, I have learnt more on my own than the walls of any University would have taught me. Sure, I haven't obtained billionaire status as yet, but, as I sat one day at my job, a well paying one too, I said to myself, "there's got to be more to life than this."

The horrible thing about it, I sat next to a humongous window, so, I'd look outside and see life happening outside, while I was tied to my desk with the invisible ball and chain. Don't get me wrong, my job welcomed me to the realities of adulthood; however, I was going the extra mile for it, hardly took any days off, was always early and all the goodies, but, if I fell ill, you know they'd size me up in a heart beat for taking a sick day. This miserable routine pushed me to yearn for more and I read books upon books upon books about Business, I researched a lot online and got a wealth of info, until I picked up TMF - that is my game-changer. I don't have any regrets about my previous job, but, I also don't have any regrets about not having attended University. I am focused on making contributions and it's a long-winding road ahead, but the Process, I welcome it.

I don't want to tell you to do it or not to do it, that is a decision you have to make, but, as I have said in another post - Opportunities lie in our hands, we make them or break them every living day (though we don't recognise). Any 'rags to riches' story on the basis of hard work and fulfilling Processes will teach us that, the individuals recognised they had to take charge of their own destinies, so, they created their opportunities and went in for the long haul.

 

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[Blhhi]

Ok let's be realistic, you make 40-60k starting salary out of college (very possible depending on where you live) , within 3 years you've made minimum $120k off a $25k investment.

Just want to point out that this argument is false. First of all, 25k is the principal, not the total.

Second of all, it's impossible to know how much money you would make 4 years from now if you invested 25k into your own business instead of college. Without the ability to time travel and see yourself go down both routes, any arguments about college leading to more (or even less) income are just speculation. There are methods for calculating what an individual college can earn you over time, but nothing for college in general. What I'm doing is presenting actual concrete costs. You decide for yourself if you would've made more or less 4 years from now by taking on > 25k in debt.

 

[strong]

NO GOD PLEASE NO! Not an other college thread. Please. Noooooooooooooo

 

[nebuer]

It seems like a cool thing to do for 'entrepreneurs' to put down college. I don't think it's a bad thing at all.

What if you want to be a doctor?
What if you want to be a lawyer?

Some people genuinely do want jobs like this.. and there's nothing wrong with that. If that makes them happy go for it.

It's the people that go to college because "thats what they're supposed to do"... with no plan.. no reason.. nothing. Those people I think are idiots.

 

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[Choate]

I'm in 70k debt from college. A degree in small business management / entrepreneurship. Haven't found a real job yet, been 6 months, and I make $12/hr full time and have an extra $300 a month after paying student loan bills, which is like 1k a month.

I still believe it was worth it, for personal growth, life experience, a network, etc.

Having a hectic day with 5 classes, rugby practice, water polo, multiple meetings, etc - kind of replicates the hectic life an entrepreneur faces.

The overall meaning of college, to me at least, was not what I got out of the actual classes, but the greater meaning as a whole.

 

[strong]

Ahhhhhhhhhhhhh

 

[Jinxus]

Yes, because without a degree you will never find a job. Read my signature for more info.

Furthest from the truth. You're not looking hard or smart enough.

 

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[Gale4rc]

Just want to point out that this argument is false. First of all, 25k is the principal, not the total.

Second of all, it's impossible to know how much money you would make 4 years from now if you invested 25k into your own business instead of college. Without the ability to time travel and see yourself go down both routes, any arguments about college leading to more (or even less) income are just speculation. There are methods for calculating what an individual college can earn you over time, but nothing for college in general. What I'm doing is presenting actual concrete costs. You decide for yourself if you would've made more or less 4 years from now by taking on > 25k in debt.

Regardless of the principal / total - the amount you'll receive back from a good degree is 10x amount invested.

Your original argument was not against your own business or comparing the two at all. I'm simply stating that from an investment standpoint $$$$$$$ - Getting a degree pays itself off and returns you money that is higher on average than not having a degree for the rest of your life. If you were looking at it from this investment standpoint, you wouldn't be able to argue that not only is college the safer investment but, on average also has higher returns.

 

[Entrepreneur99]

I've read the college threads on the forum but I feel I need some advice specific to my situation. I'm on a gap year trying to figure out my fastlane business, but I know 1 year probably isn't enough time especially at this young age and I really don't know what to do next year. If I end up going to university (college) I will have to apply within the next 2 or so months, which is really troubling. My parents will be very disappointed if I end up getting some job anybody could do and don't go to uni because they paid for a private education for me, I'm genuinely in turmoil about what to do here. Really could use a pointer or something to make the choice easier.

 

[Bananas]

Yes, because without a degree you will never find a job. Read my signature for more info.

If you are going to be sarcastic in your signature line, at least spell it right.

"I hate to the bearer of bad news but your not going to get too far without at least a high school diploma, let alone without a college degree..... Good Luck with the 7/11 job."

I hate to be the bearer of bad news but you're not going to...

 

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[Tommy92l]

I took that comment from an article that someone posted on here and we were in shock at how many negative comments it had gotten on a business website. I purposely changed it to "Your" to be ironic.

 

[DeletedUser394]

That's not irony though. Or at least I don't see it.

Irony: 'Haha, you can't spell write, because you didn't graduate from high school.' The irony there is that the person is making fun of someone else's spelling, yet they can't spell themselves (right vs write).

edit: I hate college threads.

 

[Tommy92l]

Yeah

 

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[Veloce Grey]

My three year degree cost about 25k and has so far turned out to be a complete waste of money, but the time spent doing it was the bigger cost.

 

[nskitts]

I know a nurse practitioner (master's degree in nursing) that has $150,000 in student loan debt. She will make at most $90-120k a year. After taxes and deductions for "benefits" she will bring home maybe half that. So, at best, she will be able to pay her loan off in 6-8 years if she lives on $25k a year, which she won't.