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Old April 24th, 2013, 11:33 AM
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katlady katlady is offline
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Join Date: Mar 2006
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I have a BS in Business with an option in Finance and I never took the SATs. I took all my general education stuff at Junior College then transferred to a four year college for my last two years. I think kids today care more about the status of going to the 'right' school and that causes stress to the teenager and the pocket book of the parent. Save the money/stress and send them to a junior college. Here's an article on the benefits of Junior college. If you child has to get a student loan he/she is starting out life in the hole. The average cost per year is $22,261 according to CNN. So in four years you are spending at least $89,044 and private colleges are more expensive. Now your kids if fresh out of college and also $90K in debt now many years will it take them to get clear again? My degree is finance after all so let's see $90K at 3% interest for 15 years the monthly payment is $621.52 that is higher then a car loan and the loan period the length of some home loans. Plus the student is paying $21,874.23 in interest so the real cost is $111,874.20.

I was an adult when I went back to school so my 4 year degree took 8 years because I was working full time until the last two quarters where I quit my job and finished by degree. I paid my college as I went along while I was working. The last two quarters I requested a loan from my dad of $15K so I could pay my bills and finish quickly. I was a full time student I took 7 classes in one quarter and 6 in my last quarter. I fully tended to pay my dad back. But my dad is awesome and he forgave the loan as a graduation present. But say he hadn't done that my 5 year loan at 3% would be monthly payments of $269.53 total interest of $1,171.82. I did gradute in December of 2002 so costs have increased I'm sure. But the cost of education is a much better deal. I have a good stable job I enjoy the junior college route didn't hurt me at all.
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