How much do you have to spend on your college degree(s) to feel good about your education?
If you'd asked me that question 10 years ago, I would have had a vastly different answer than I do today.
10 years ago, I was about to begin my freshman year at Duke. I was about to embark on what to this day remains the biggest financial decision of my life. I was about to shoulder more debt than I ever thought possible.
Back in March, I wrote this post about my decision to assume financial responsibility for the debt I incurred while working toward my undergrad and graduate degrees-- all $54,000 of it. But while I was preparing to write today's post, I realized that the $54,000 is only part of my financial picture; in fact, it's roughly one-quarter of the picture.
I can't believe that I never totaled up what it cost me to get my bachelor's and my Master's degrees. I am a type-A, OCD, nuts & bolts type of gal who likes to do a spreadsheet on everything from monthly expenses to long-term investments to what I plan on buying (and spending) for Christmas. So to have never looked at the bigger picture of my college degrees was more than a bit unusual for me.
Want to know what I (ok, ok, mostly my parents, as that $54,000 student loan is now down to about $14K) spent for my five years on campus?
I know, it's outrageous.
To put it in perspective, it's more than DH & I spent on our current home ($146,900), cars ($13,995 and $16,550, respectively) and most recent vacation ($1800)... combined.
It would be better-- or at least, more manageable-- if I had pursued degree programs that had a big payoff at the end of the educational rainbow... something like an MBA or a JD, or the obvious, an MD. But no, I have a Master's of Science in Broadcasting, an industry where the majority of my coworkers over the age of 45 don't even have a college degree period. Let's just say, top of the line education still isn't highly valued in my workplace.
That's not to poo-poo my degree, or the hard work it took to earn it. Having attended a school (schools, actually) with global name recognition is helpful. I've never had to explain where my school was located, or what it's known for (although most people tend to associate both schools with basketball). I also think having a pair of marquee degrees makes my resume stand out; I know for a fact that the only reason I was even hired at my first job was because the general manager's daughter went to Duke, and he liked that about me (unfortunately, he did not end up liking me, but that's a different post for a different day).
But despite those perks-- and my obvious school pride-- I wonder if I made the right decision with my path to and through college. I have a friend who earned her Master's degree through one of many online schools out there, and she is happily employed, working in a field she loves, with absolute minimal debt. As for me, I hope to one day leave journalism for a more family-friendly industry, and I already know that I won't pay off the remainder of my student loans until G is a senior in high school.
If I had to do it all again, I'm not sure I'd do it the same way. I think I might have tried what my friend did, and tried an online school for my graduate degree, instead of attending a physical school campus. Actually, I'm thinking about doing just that for my Ph.D..
What about you? Where did you go for school? Are you happy with your degree? What you paid for it? Or, conversely, what are your plans to help your children pay for school? Will you encourage them to do things differently than you did?
Great topic. Making decisions like this as well as weighing the worth of a undergrad degree versus starting your own business are relevant questions these days with the insane cost of college for families.
I spent lots of time researching and comparing for a specific second graduate degree that I wanted a few years ago. After all of my digging and with my family situation I chose an online MS from a reputable university.
I finished the program and could not have been happier. In my area and with my career goals, my research also helped me determine that the online PhD programs were simply not worth the investment. For now, it meant pursue a traditional PhD or nothing.
Best wishes with your pursuit.
Yes, I do believe my education has paid off. While I paid out-of-state tuition, it was only ~$2K more per year, than my in-state would have been in my home state.
And to have my job, I couldn't without a degree in Accounting.
I do have to say, that by staying with a public university, I was able to keep the costs down.
As for getting my Masters, well, that has yet to occur... So I'll have to let you know, if that ever happens.
That's insane. Honestly that is part of the reason why I never finished school. I am $32,000 in debt for an education that I couldn't decide what I wanted to be when I grew up and the racking dollar amounts had me in full blown panic attack mode when I was a single parent of 3 kids. I am a firm believer that education shouldn't cost that much to make a better life for one's self.
I'm happy with the decisions I made...but that doesn't mean they were cheap.
We looked into a program for saving for the boys college expenses. Right now, we would have to put aside $700 a month to pay for their college. That's just not going to happen.
A financial planner we met with said to put the money into retirement instead. You can always get a loan for school, but never for retirement.
I spent 2 years at a junior college, 1 semester at a private school, then another semester at the junior college and 3 semesters at a State school. My dad really wanted me to go to the junior college to save money and I think I did. I think total for the first 2 years was less than $5,000K. I can't totally remember. The private school was over $10K for ONE semester and the state school was about $4K per year.
At the end I left college with about 10K in loans. Now I am down to 3K. I don't pay too much per month, just a little each month knowing someday it will be gone.
I am not using my degree right now, not sure if I will. I wish I had gone into something that paid off better. Oh well. I try to look at college for the experience it was and that was priceless to me :)
I missed out on feeling attached to 1 school because of the junior college. So while I did save money, I think I also missed out on some things.
I just have a Bachelor's degree (Finance) with no immediate plans for an advanced degree. Fortunately my husband and I were able to graduate college (we attended the same state university) without loan debt. My husband worked and paid his own way and I received a scholarship. We hope to help our children make it through college with as little to no debt as possible.
i have a few associate degrees, lol...so i think i was around $15k-ish in debt when i was done?
i went to tech school and that was pretty smart...job right away that payed decent
money well spent...though all the other dinking around was wasteful
i paid (am paying) for it all myself and am glad my parents didn't try to
i don't plan on paying for my kid's school
i feel it's part of their adult responsibility
i well help them in many ways--but i'm not signing myself for a lifetime of debt for their career
i will encourage them to do what they want...and if they don't know then to take a couple years to live...it was a lot of pressure to decide the rest of my life right out of high school with no life experience
also i'm going to suggest they are brillian and amazing athletes so they can get a full ride
I do not have a degree. I had a presidential scholarship but to keep it I had to maintain 15 hours a semester plus a 3.5 GPA...on top of working full time to support myself. I ended up dropping out the second semester. However, I was lucky enough to get into the IT sector when I was 20 and worked my way up. I'm in a good position now but I do get discriminated at times for not having a degree.
I forgot to add that I do plan to help my kids with schooling (if this is what they choose) as much as I can. My parents did not help me with schooling or anything financially once I turned 18. I will not do the same with my kids.
This is a great topic, and one that drives me bonkers every month when loan payments come due. I went to a state school for undergrad in NY, and a state school for graduate school in PA, with in-state prices both times, but four year programs both times. (ick). After all that I owed 120,000 in loans over 30 years,, and I was 26. I was appauled and burdened and continue to be. I don't regret my degree or finding the field that I love and my job is stead and there will always be a need for my profession but knowing each month that I pay enough in interest to pay off what my total earned in interest the month before is totally frustrating, and I even consolidated.
Fantastic post. A college degree, or lack there of is something that I struggle with and it makes me leary to push my kids on "college, college, college". I want (especially my daughters) to be able to support themselves with having to depend on anyone else. I also don't want them to think that I was forced to stay home with them and that it wasn't my choice. I did find an online school that offers a free education but when it comes down to it I'm not sure what that education would be worth in the "real" world.
Hmm, very thought-provoking. I got out with about $20K for my BA and then an additional $10K for my MA. My BA was completely worthless without an MA, so that was kind of a necessary evil. The MA is necessary for what I'm doing now, so I guess I'm ok with it. The 2% interest rate helps me sleep at night!
I hope so much that we'll be able to pay for our kid(s?) to go to college the way my husband's parents did. I wasn't so lucky, and I hated having tuition payments hanging over my head all the time. I feel like I really missed out on the whole college experience because I worked too much.
I always shed a tear thinking about how much my husband and I are in debt for our college, masters degrees, and my second masters degree. In our state the more degrees you have the more money you makes. So right now I have the a bach, masters, and 30 credits beyond that and am going back to get another 30. As much as it pains me to write out over 500 dollars a month in student loan bills (and think about the ridiculous house I could live in without that payment) I know each month that I paid to be as educated as I am. My kids will also get that feeling because no way can I afford to pay for two college educations on a teacher's salary.
This is an issue my husband and I have already talked about in our house in regards to our daughters. I feel sick thinking about what I have paid for my college education at Penn State especially since I am now a SAHM. That is not to say I regret staying home but its 10 years later and I am still paying off my college loans.
It's possible I just threw up in my mouth a little... but I think I'm recovering now!
It's just that, my $20,000 student loan debt still stresses me out!
But seriously, your parents are incredible, and I'm kind of sort of insanely jealous. I love my dad with all my heart, but planning for helping me with college was never really part of the agenda. We were solidly middle class, but college was entirely on my own dime. Which kind of limited my options.
I dreamed about going to a big, beautiful, top of the line school and having a degree like yours that spoke for itself simply by the name. Even now, I would love to go back for my masters, but I just can't justify it because of the cost (that, and the reason I want to go back is to come out with a counseling degree that would get me a job making half what I make now... isn't it so sad how that works?!?)
Don't regret that education for a second lady, because it is something to be insanely proud of - and you got the top of the line experience that not many people can boast! I'M proud of you! (and also jealous, in case I forgot to mention that!) ;)
I loved college, and can't imagine not having those years. Even though I hate that I still have that debt (and that I'm not even using my degree), I don't regret that time or money at all. I went to San Diego State University, which has a bit of a reputation as a party school (OK, Playboy actually named it party school of the year when I was attending), but I honestly really did prefer the classroom time to the frat boy time (most days anyway!) ;) I had such amazing professors, and I really do feel like I learned so much (even a ton about myself) during that time.
So yeah, I wouldn't change a thing... unless your parents want to adopt me?!? ;)
This is a great post! I'm sure there are a lot of opinions, so I'll add my two cents:
I grew up with full knowledge that my parents would not help me pay for college at all. Luckily I decided on a career path pretty young and all throughout high school worked my rear end off doing all the school activities I could find and working multiple jobs. Because of this I was able to attend a private college and then a University (I transferred to a better program halfway through), on scholarships and my hard-earned savings. I then went on to earn my teaching credential. All without incurring a single loan...until I met my Husband and married into his school debt. This is something we are working very hard to pay off at the moment so I can be a SAHM.
Husband and I agreed we will try to start a college account for our daughter to help her out. We would still like her to try her best and not expect us to pay for her school. We are debating whether or not we want to tell her we even have the account when she is older.
However, I am a firm believer that if you want it, it can be done without loans, you just gotta be willing to work for it and make a few sacrifices. I think I am a better person because of it.