It's so heavy, it's my student loan

My student loan debt will be here when my grandkids go to college. There is a high price for education today.

I just graduated with Bachelor's this last December. My student loans cost almost as much as my car payment. A little over 300 a month. I need to get them consolidated but in this economy my chances are slim. I don't know it sucks. I mean I had no parents to rely on. My parents died when I was 15 and I had to pay for everythng myself. Now I am not saying having these parents around would have helped but you would think an orphan could get a better break than I did and then later as a single mother but it just doesn't happen. I won't be going back for my masters until I net a job that will help pay for it.

We complain about the high price of gas and blame the oil companies and threaten legislation to curb their price increases.

We reward the institutions of higher learning for their rampant increases in tuition with more subsidies and forgiving more debt.

BUt then, since we are handing out money faster than we can print right now, why not forgive or restructure all their bad loans too.

Why not. We are bailing everybody else right now.

When my ex went to a state college in 1966, the tuition was $88 a quarter. When I went there in 1992, it had gone up to $250 per quarter. When our daughter graduated high school in 2001, tuition at all state-run colleges in Washington had skyrocketed! To pay for tuition, books, and all her living expenses for the five years it took her to graduate (par for her university), she is now over $200k in debt! It's even worse for graduates of private institutuons.

I know that costs have gone up, but there has to be more behind the huge escalation of the price of an education. Personally, I think that no citizen of a state should have to pay any fees for attending that state's colleges or universities; that same amount should be credited toward attendance at an out-of-state institution. After all, those students will one day be the people who (because of their degrees) be paying higher amounts of taxes INTO the state coffers! If we are willing to invest in things with a view toward future returns on that investment, why can't we do the same with people? Just a thought...

Student loans are scary... you've really got to think about what you are doing, especially since statistics show that 70% of first-time freshman drop out, and that 90% of graduate students never actually complete thier degrees...

NEVER WENT TO COLLEGE I HAD MY KIDS INSTEAD AND I DON'T REGRET IT AT ALL AND NOW I SAVE SO THAT THEY CAN GO BUT HUBBY WENT TO A TRADE SCHOOL AND LOANS WERE PAID OFF IN 2 YEARS AND HE HAS USED HIS TRADE EVERY SINCE

My husband was hurt on the job and had to re-train to work. The ONLY occupation physical therapists, doctors as well as himself could find he could do was to become a school teacher. At the age of 42 he entered college and even underwent open heart surgery his second year and got his teaching degree and several endorsements. Only he has a 4-12 endorsement. With the "No child left behind act" His 4-12 is worthless. He used all his financial aid he could to get his degree. Schools won't hire him A. He needs two more years of college, at his expense, Nice since our income is such obtaining this is impossible. B. They also did not tell him (because it is discrimination but done) Schools will not hire any new out of college teacher if they are over 40 and especially if they are disabled and cannot coach) Living on $1,400 a month with a $600 mortgage, utilities, groceries, auto insurance, and upkeep and gas, and other needs we had nothing left to pay student loans. He used all his forebearance and deferrals up. He tried to consolidate his loans at 4% and they would not let him. We were in bankruptcy at the time. Then they sold his student loans to private collection agency who put 22% interest per-day on his loans. Then they took it back and because an ILLEGAL supreme court ruling over another elderly man in his 80's who could not pay his student loans they now take 15% of his social security check. He substitute teaches 4-8 days a month to suppliment. The collection agency to is still trying to collect on the full amount which I know is illegal because the eduacation department is already taking money from his SS check and took these loans back. His loans went from $24,000 to $48,000. Now they want to garnish his wages and said if the employer won't cooperate they will sue the employer. How can an employer school district pay 15% of his wages when he works in 5 different districts at any given month and may only work 3 times in the year for one district and 10 for another and never the same school district each month. He is on call and goes where he is asked first. We would LOVE to pay off his loans and can't. We have no medical or dental for me at all. We don't have cable or dish t.v or newspapers, or magazines. We don't have credit card debt or auto loans. We don't have loans on furniture or appliances. We have the internet cause a son pays for it for us and my daughter buys our groceries in trade for my babysiting. $250 per month. We don't have enough income for groceries otherwise. We have a few small areas we can cut butl not many. We are close to bare bones as it is. At all costs we will keep the internet, our house and food on the table and one car to drive. Internet hubby needs for his work and a phone as well. We can give up one phone line if need. We can give up my cell phone too if need.

I think it is ethically wrong for the government to give loans and then change laws to where someones degree is pretty much useless unless they go through yet more schooling but can't get help to do it and that does not have the financial means to do it either. Subs get no unemployment or salary either it is a federal law passed insanely by congress in 1954 and needs to be overturned and fit to today's society and needs.

While most can find work in summer and most full time contractual teachers have a 12 month salary those like my husband, elderly, disabled hurt from this. It is ethically wrong too that government bailed out these big moneyed crooks, forgive these loans and help them and won't forgive student loans especially for disabled, disadvantaged and elderly struggling to have food on the table and a roof over their head. Some seniors have lost their homes and are living in cars and this is sick and not at all the kind of thing that should ever have to happen. Many have gone back to work even though ill and in pain. The government should forgive the loans of people like that. If they can forgive and bail out the crooks from Freddie Mac, Fannie Mae, AIG and others. Write your congressmen and women and US sentators about this unfair treatment of the rest of us. We should all start at ground zero.

Oh forgot the loans want $595 a month and we cannot do it on a $1,494 income. Mortgage being $600 and utilities, gas, auto insurance, phone, propane for cooking, gas, and other expenses. We live rural so no bus either.

Hi Michael,

I just wanted to say I am finally going through my currently over 6,000 pieces of gather new mail that is in my inbox on here. So with that in mind I have finally come to a piece of mail that was addressed to me in regards this article submission you have created to share with the gather community. Thank you for taking the time and sharing your piece with us here at gather. :o)

I am still paying off my loans ten years after graduation and it is hampering my ability to buy a home. I don't think this is fair, because I want the American dream just as much as everone else does. But, at the same time, I have to say that being able to get an education was a better alternative than what I was doing before I graduated (earning minimum wage working at places like Rite Aid and Jack-in-the-Box). I agree we have a problem but I don't know what the solution is...

thanks for sharing

A college education doesn't come cheap. My daughter has loans. We've helped her as much as possible and she has worked to earn money since she was 12 years old. Her loans won't be as substantial as most grads, but I hope she can find work in her profession.
Scholarships are not easy to get. The competition is fierce. I think children should start working and saving as soon as they're old enough to have a paper route or babysit.

Im worried what the credit crunch will do to students and parents ability to borrow student loans for college. I suspect more students will be forced to turn to cheaper less prestigious colleges for their educations.

I don't know that I will ever actually be free of my student loan debt. It is six figure debt, and I do not foresee getting a well-paying job.

One company, in particular, is charging extremely high interest on my loans. What really ticks me off is the fact that I didn't take out the loans through them. Oh, no, they bought my loans.

It is ridiculous that we are sold this idea that it is important to go to college. Then, the government permits our loans to be bought and sold, exorbitant interest to be charged, and no way to get forgiveness on private loans.

If I ever have children, I'm not certain that I would encourage them to go to college. After all, the jobs that I have held since graduating didn't require a degree, and, in fact, my education has been held against me in many situations.

I just graduated law school. My loan payment, were I actually able to pay it, is $1300 a month. Seriously. $1300. A month. I make less than $10 an hour at my job and it's taken most of my friends over a year to find anything. I am lucky to be working at all. Graduates are taking law clerk jobs that used to go to second year students. Deferring the loans is my only choice right now, and of course the interest continues to accrue. I've paid my undergrad loans off, so the $1300 is just from law school. I also paid more than $18,000 off while in school by working full-time. It's sort of an odd joke because I can't worry about it at this point - I'd be lucky to make a $50 a month payment right now. Yes, this will definitely inhibit my ability to get a new car (mine's junk), buy suits for a new job I may get, pay for food, gas, etc. I have to constantly think about pennies in order to make rent, let alone a $1300 payment.

However, I can't believe that there are people on this board that would not encourage higher education because of cost. Yes, it sucks, but education is NEVER a waste. NEVER. I honestly may not end up being an attorney, and I'm ok with that. But I will never, ever take for granted the education I received or be anything less than thankful that I was able to go to college and graduate school. I think those that don't go to college will have a tougher time. Graduate degrees are becoming the standard, not the exception, for many career paths. By saying you've never had a job that required a degree and so you wouldn't encourage your children to go to college, is sort of ridiculous in my book. That's like saying you've never lived somewhere cold, so why buy a sweater. Why? It gives you more options. It keeps your mind warm and cozy and teaches you new ways to think about the world around you (the education, not the sweater). Yes, the financial side is a burden, but if thousands of people who've come before me handled it, I can too. It will lower my quality of life if I consider not buying books, cds, movies and clothes a lower quality. There's a library and used clothing stores. I can ride my bike or the bus. I can make a pot of beef stew that'll last me for a few weeks of dinners. There are a lot of arguments against the financial side of college, I admit. But that will only last 10 - 15 years at best. My education will last me the rest of my life.

So many really great insights coming here. I have many more coming into the MPR Newsroom through our Public Insight Network.

But here is a follow up question -- and it's based on the notion that more Americans see a college education as a requisite for getting any kind of decent job.

The question: Has the economic downturn soured many people who went to college primarily to ensure they would have a decent job and standard-of-living?

A better question than "what has changed?" is "how has the VALUE of a college education changed"?

Why in the world would anyone BORROW to get a liberal arts degree at a private college?

Why would anyone BORROW to get a liberal arts degree at the U of M?

Why not go to a state college?

Is a literature or sociology degree from Saint Thomas or Hamline worth the price?

A simple cost/benefit analysis would scream NO!!!!! So then, why would anyone borrow to do this?

Could one conclude that the majority of student loans are subprime? After all, the student is borrowing more than the product is really worth.

I still have loans, my son is in college -- hasn't taken out loans yet, but probably will next year-- at least a little. There is a difference between what you qualify for and what you need. I will encourage him to explore that difference.

My husband and I both worked our way through college and graduate school. I took out one small loan and he took out several. We attended state schools and lived like paupers. After graduation, our loan payments were similar to a car payment. My husband's first job paid a minimal salary but we still made it.
Students in college need to be told repeatedly that the loans they take out will have to be paid back immediately after graduation. That scrimping during college instead of living better on a loan may not be the answer.
My daughter graduated from a state college in 2005 without a single college loan.

I started college last year, i took 2 semesters and decided i didn't like that particular college. Towards the end of the semester when i was approached about registering for the next semester i told my advisor i wasn't going to be returning and that i was planning on transferring. The semester ended and suddenly out of nowhere i got a letter from the college saying on of my student loans had been taken back by the bank that had provided it, leaving me with a $2,500 balance with the college. I told them i was unable to pay it all at once and they replies that they didnt want to handle partial payments or recurring montly payments so they sold my balance to a creditor. The creditor promptly froze my transcripts and added another 33% of the original balance on as their fee. They too are unwilling to take any up front payments followed by monthly payments. So now i have a barely started college education, frozen transcripts to prevent transfering and a $3300 bill the creditors want paid all at once. Since i can't pay it all at once however, they have decided to add $300 worth of late fees and other charges each month. Oh yea, my college experience so far has sucked.