Did you have school debt when you graduated from college

[AnnieW625]

One of the school threads got me thinking about this. I didn't have any debt (school or personal) when I graduated from college and in fact because I got grants to cover about 80% of the yearly tuition (tuition was just over $3000 a year at it's max when I was in college, most semesters it was under $1000 though, but there were a few were it might have been about $1500; my parents paid about $200 to $400 every semester) my parents paid less than $10K for my college education, and 2/3s of that was room and board when I lived on campus for the latter half of my college career; I lived at home for the first half, and I paid for my own commuting costs, gas and insurance.

eta: My parents didn't have a specialized 529 plan for us, just a money market account. After the S&L crash in the late 1980s my mom has been very leary about stocks as they lost a large amount of their savings to junk bonds during the S&L crisis.

eta 2: my parents did get a $3000 student loan, but it was paid off before I graduated from college. I don't recall why they did it, but it might have paid for my semester in the traditional dorm w/food plan because money was super tight then, but my brother had also started college then so they paid for two kids in college at once for 18 months. I never had to make a payment on the money, but I had heard that paying it off before a certain date was highly beneficial.

[karstmama]

no debt undergrad (cheap school and the local hospital put forth tuition if you went to work for them) and no debt grad school (cheap school and nurse traineeship).

[happymomma]

I was the youngest and my parents really didn't have any money for me when I went to college. I was lucky in that I was able to get a bunch of financial aid, scholarships, and work study. Because I was going to an out of state college, tuition was higher. I graduated early (3 1/2 years) but came away with about $30k debt. I was lucky in that I was able to pay it off before getting married.

[wencit]

No debt when I graduated from undergrad (public university). My parents paid for absolutely everything -- tuition, room and board, books, spending money, everything -- and I will be forever grateful. We weren't rich by any means, but they scrimped and saved every penny. I hope to do the same with my boys, too, but with the rising cost of tuition, I'm feeling pretty doubtful about those prospects!

[KrisM]

I incurred $14,000 in student loans in grad school. I paid it off as quickly as I could, after buying a house. I think I was 2 years out of school when I paid it off. I paid the interest while in college, which makes a big difference.

[justlearning]

I graduated from my undergraduate and graduate program (PhD) with no loans.

I was able to do that by using my job earnings, going to the local public university and living at my parents' house for free during my undergraduate program, by getting some scholarships, and by teaching classes and doing research during my graduate studies.

My parents never paid a dollar towards my tuition, books, or any other living expenses.

I'm glad I didn't have any student loans because DH had over $80K of loans from med school when we got married.

[mommylamb]

I had minimal debt from undergrad thanks to my parents, and I paid it off quickly. I paid for grad school by myself, so I had to take out loans for that, but probably about $20K, so it wasn't terrible. I went to grad school in England, and a masters program there is only 12 months, so I actually spent less money there than I would have going to a comparable school in the U.S., even though I lived in expensive London. I also saved a lot of money during the 2 years I was working between undergrad and grad, which helped a lot.

And I'm happy to say that in a year, I'll be making my final payment on my grad school loan!!!! :yay:

[scrooks]

No debt with an undergrad degree and I am very thankful! I did not pursue a graduate degree but my sister did. My parents helped her a lot through law school but she did have to take out some loans. They had paid for her undergatuate studies completely.

[DietCokeLover]

No debt for undergrad (my parents paid). I left grad school with only about $5,000 in debt.

[katydid1971]

My parents paid for my undergrad degree at a state school. I paid cash for my masters degree through California State. I paid about $3000 for everything start to finish :thumbsup:

[hoodlims]

Tons of educational debt for undergrad and Masters. Almost feel like it wasn't worth it as I am now a SAHM. Argh. I think we are down to about 25k now, and have been paying it down for the past 7 years.

[daisymommy]

Oh heck yes, and still paying it off...sigh. This is after grants, scholarships, awards, etc. My parents had no college fund for us kids, as we were pretty poor growing up, and it took every penny just to make sure the bills were all paid.

I think DH and I each had around $15K in student loans, per degree.

[lablover]

No debt for undergrad because my parents paid. The only stipulation was that we had to go to an in-state school (plenty of great choices in VA). If there was some sort of program desired that was only available out-of-state then we would have discussed, but it wasn't an issue for my sisters and I.

[cilantromapuche]

I was fortunate to graduate without debt for undergrad and grad because of academics. I went into a field that doesn't pay much and I wouldn't advice anyone to go into debt to do it (but you need a masters).

[Meatball Mommie]

No debt when I graduated from undergrad (public university). My parents paid for absolutely everything -- tuition, room and board, books, spending money, everything -- and I will be forever grateful. We weren't rich by any means, but they scrimped and saved every penny. I hope to do the same with my boys, too, but with the rising cost of tuition, I'm feeling pretty doubtful about those prospects!

This, but I went to a private college that was pretty expensive. I am an only child and my parents saved for college big time. I got no financial aid or scholarships but graduated debt free courtesy of Mom and Dad.

I was paid to go to grad school...something like $18,000 a year so not too much, but still. I had to pay for housing, books and food out of that salary and was required to do certain research at first, but it changed to research I wanted to do after I picked my advisor/thesis topic.

We were lucky because DH's parents saved so he and his brother could go to college (the same undergrad as me) without debt too. So DH didn't have any student loans either. He was paid for his graduate degree too, but he had to TA since he did a non-thesis degree.

[Kymberley]

Well, my parents and my ILs are all dirt poor, so DH and I have a combined student loan debt of $130,000. Yippee. His is the majority of the balance, with his MPA and PharmD and he was nearly an MD before his anxiety got the best of him.

[Indianamom2]

Oh heck yes, and still paying it off...sigh. This is after grants, scholarships, awards, etc. My parents had no college fund for us kids, as we were pretty poor growing up, and it took every penny just to make sure the bills were all paid.

I think DH and I each had around $15K in student loans, per degree.

:yeahthat:

[crayonblue]

DH had no undergrad debt. I had about $20K in undergrad debt. DH had about $40K in grad school debt. So, at the ripe old age of 23 and newlyweds with no jobs, we had $60K in school debt and about $20K in car debt (two cars). It was stressful.

My parents had zero plans for our education and no desire to pay for school either. My mom commented that she thought it was good for me to have debt. I completely, totally disagree. DH's parents helped him pay for undergrad and he was on his own for grad school. If they could have, they would have happily paid for grad school.

We plan for our girls to work during college for extra money but we have no intention of sticking them with big debt.

[egoldber]

No debt for undergrad (financial aid, scholarships, and working, my parents contributed $0) or my masters (scholarship, teaching and research assistantships and worked for extra $$ in summer).

I deliberately made choices to make that happen though. I chose to attend my large state university vs. a SLA college with aid, but not full ride. I did not even consider graduate programs where I did not get full assistance.

[crayonblue]

No debt for undergrad (financial aid, scholarships, and working, my parents contributed $0) or my masters (scholarship, teaching and research assistantships and worked for extra $$ in summer).

I deliberately made choices to make that happen though. I chose to attend my large state university vs. a SLA college with aid, but not full ride. I did not even consider graduate programs where I did not get full assistance.

That was wise of you. DH and I went to private undergrad and DH went to private grad. Not sure I would make that decision again...although glad I did because I wouldn't have met DH!

[egoldber]

Maybe it was smart, but in reality I couldn't afford to do anything else. The idea of taking out debt like that was completely foreign to me. I grew up working class and the idea of taking out loans to pay for school was simply not something I would have done at that point in my life.

[kijip]

About $4000 total.

[wendibird22]

My parents paid for my brother's and my state school undergrad. I completed my grad after being employed full time. My employer paid for one class per semester and I paid for the other and so I didn't have any debt. DH had debt from his undergrad and 1st grad but we paid for his 2nd grad. We've been married 7yrs, he's out of undergrad 15yrs and we are still paying off that loan.

[brgnmom]

I don't have any school debt from undergrad/grad schools b/c my parents helped and I had jobs to help cover the expenses. However, I married into debt b/c my Dh still has a 6-figure student loan to pay off. Dh's parents decided to buy a vacation home and remodel the 3-level home recently instead of help with any of his student loans. thus, Dh and I are paying off his loan$ and still renting an apartment, even though we have been married for over 6 years and have two kids now. As a result of our experience, I have reinforced my future goal in financing my DC's educational pursuits.

[mommytoC]

I didn't have debt for undergrad (I attended a state school on full scholarship). but did for graduate school.

[elephantmeg]

21,000 and paid it all off ourselves. Plus what my parents had paid (some room and board and a very inexpensive used car). It was very clear this was just a loan and they wanted their money back.

[Raewyn]

I came from a working class family, and ther just was no extra to help with college. I owed $25,000 when I finished my bachelors. Lived at home for two years after college so I could pay down a chunk of it.

My company paid for my MBA. I know I wouldn't have done it otherwise as I never wanted that kind of student loan debt again.

We're starting a college fund for baby now, but with the soaring cost of college, not sure how much it will help.

[elliput]

I went to a state school which was really cheap so my parents were able to pay my tuition. My room and board came out of a social security allowance that I received due to my father being disabled while on active duty. I had no school debt.

DH also had no school debt, just a 5 year active duty commitment.

[veronica]

no debt for undergraduate degree or graduate degree.

my parents taught me that my college fund would come based on my grades and effort in high school. I had a full tuition scholarship to a private university that cost 30K per year (that was a lot 15 years ago). We were dirt poor so financial aid picked up the rest.
One of my jobs paid for my MBA.

[gatorsmom]

No undergrad debt for me or DH. My parents were VERY proud to pay for my tuition, room and a basic meal plan as long as I held down a part time job during the school year and full time in the summer to pay for everything else. They told me a few times it was really hard for them and I have always been grateful.

I hope to be able to do the same for my kids.

[niccig]

I did UG in Australia and you can defer your tuition until you are working and then you pay it back in your taxes. I still have some left, but as I'm not working there, it's just sitting there and gets adjusted for inflation.

Now I'm back in school and paying tuition here, I'm waiting until I'm working again to pay it back. Either that or when my grandmother's house is sold and I get my share, I'll pay it back.

I also qualified for a scholarship program as my father is a Vietnam Vet. and was on their highest level of pension because of his injuries. That money paid for living expenses, text books, I also worked part-time.

We don't plan to take out any loans for my degree now, but if tuition keeps increasing we might. Many employers in my field have a loan repayment plan if you work for them for so many years, so that's an option too. Students were talking about tuition and asked how I was paying for it. I said "my sugar Daddy" - then had to clarify I meant I was married and my DH is the only one working. Some of the younger students don't get my references.

Dh had no debt.

I hope DS can get through school with minimal loans. I say no loans, but another parent mentioned the value of working for something, so I'm not sure how much we will pay.

[smilequeen]

Oh my, between the 2 of us we had like 300K in debt after grad school. We were lucky to do very well right off the bat and it was paid off within 3 years and didn't hang over our heads for long. It could have been ugly. We are definitely going to pay for our kids educations. It's a scary thing looking at all that debt, even if it did work out fine for us.

[megs4413]

I had a pell grant and a full tuition scholarship, but still had a couple thousand in debt for room/board only did 3 years of undergrad (read: no degree to show for $ spent.) my parents did not contribute at all. My DH also had a full tuition scholarship, buy no grants so he had to pay all room/board and books with loans. I hated that they figured in a parental contribution when neither of our parents paid a dime.

[vludmilla]

I had a 5k loan from undergraduate but I paid for most of my undergraduate, all of my masters degree and all of my doctoral degree. I have worked at least part-time throughout all of my schooling and I scrimped and saved. It has also taken me a couple of years longer because of stretches of time when I just worked to earn money to pay for school.

[mjs64]

I didn't have any debt after undergrad or after my MA, but I have taken out loans (federal subsidized) for my PhD in the humanities. I've not ever had to pay tuition (fellowships), and I've received stipends for teaching & research each year, but they were simply not enough to meet COL in Southern California, not if I wanted to have a car (which one needs in SoCal), maintain insurance, rent an apartment, etc.

But this PhD has cost me way too much time and money, and the job market is terrible, so I'm unlikely to reap the benefits (financially). The median time it takes to complete a PhD in English (mine) is 8 years! I'm still well under that, but that's longer than it takes to get an MD!

It's sad--I'm running a university-wide orientation for graduate students this week, and it's all I can do not to tell the ones in the humanities to run, to get paying jobs, to put money in retirement accounts (I could also add to my "debt" the money I've lost not investing in a 401K plan these last 5 years, but then I might start tearing up)!

[american_mama]

There is no option for no debt for graduate school.

Also, the $10,000-$50,000 range of debt is a huge range that masks some of the issues. If most 22 year old's were graduating wtih $12,000 in debt, I wouldn't be concerned. I think you can pay that off on a reasonable schedule by getting a job, any job, and sensible living. But not so if most 22 year old's graduate with $50,000 in debt.

[WolfpackMom]

Undergrad - no debt, grad about 12-14k in student loans Im working on paying off...I was offerred a phd spot and turned it down for the same reasons mjs64 has mentioned. Even with the stipend, there was no way I could afford to help support my family while in school, especially with a baby on the way (I got pregnant right when graduating with my masters). The benefit of the phd just wasn't going to outweigh the costs at that time.

[weech]

Undergrad - ~27k
Grad - ~28k

DH also has grad loans of about 25k. Needless to say, our monthly student loan payments are nearly as much as a small mortgage. I don't regret it at all, but it's a little insane.

[klwa]

My parents paid undergrad, and I got a Research Assistant position which covered all costs except books for my grad school. Even health insurance! (Woohoo!)

[FTMLuc]

Undergrad - no debt. I had full tuition (state school) as long as I maintained my GPA. I lived at home and worked approximately 32 hours/week. So car, insurance, books all came out of the money I earned. My parents could not and did not contribute.

Law school - 75K in debt, I did an evening program and worked full time, but at that time I already had a mortgage and a husband (who was battling cancer at a time and had a job in a volatile industry)

DH - no debt, his parents paid for his undergrad, and he paid for his flying lessons and then instructed to build flight time.

Both DH and I lived at home thorughout our college years to save money. We both somewhat regret it and wish we had lived on campus at least for a while. So for our DCs we would like to be able to assist them enough to offer their choice of school, be able to live on campus and graduate without undegrad debt. But with the rising cost of tuition who knows how that will play out.