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Average student loan debt per age.


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I think my tuition cost per semester was around 300.00 in 1974.

i never needed a student loan. Summer full time and part time jobs during school paid for my tuition. That really can’t be done today.

College became a huge for profit business about 25 years ago.

Edited by Mainecat
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52 minutes ago, awful knawful said:

If you have student loans in your 50s/60s you're doing it wrong

yup.  Any parents who take out PLUS loans for their kids are foolish IMO and unless you went back to school  for a masters having them of your own in your 30's is idiotic.  Parents refuse to  have a conversation with their kids about going to affordable schools.  We have a bunch of friends who are paying through the nose.   My kids got into everywhere they applied and could have spent anywhere from 20 to 40k a year on school.  They both chose closer to the bottom cost wise.  They will graduate with about 20k in students loans each and will have them paid off in 10 years if I choose to not pay them off.  I would have paid them off this year but if there are going to be free handouts my kids can get their share so we will wait and see.   

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2 minutes ago, Mainecat said:

I think my tuition cost per semester was around 300.00 in 1974.

i never needed a student loan. Summer full time and part time jobs during school paid for my tuition. That really can’t be done today.

College became a huge for profit business about 25 years ago.

its crazy the increases and the # of useless majors even crazier.   There are affordable options but kids have been brainwashed into thinking going away to their first choice school is the best way,  

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1 minute ago, Rigid1 said:

Paid mine off in 3 years..Paid in full by the time I was 26..

i graduated in 94 paid off in 96.  I graduated at that time with 30k in loans when jobs paid low 20's so I don't feel bad when they talk about what the average kid today owes when if they got a good degree 50-70k is normal around here.      

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29 minutes ago, Mainecat said:

I think my tuition cost per semester was around 300.00 in 1974.

i never needed a student loan. Summer full time and part time jobs during school paid for my tuition. That really can’t be done today.

College became a huge for profit business about 25 years ago.

Thank you Bill Clinton,

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I’ve now instructed my daughter to start applying for all loans/grants she can get her hands on.  Financial sheets have been prepared accordingly.  No reason to use my/her money for her education anymore.  Uncle Joe got it now!  Wooo hooo!!

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Just now, Zambroski said:

I’ve now instructed my daughter to start applying for all loans/grants she can get her hands on.  Financial sheets have been prepared accordingly.  No reason to use my/her money for her education anymore.  Uncle Joe got it now!  Wooo hooo!!

good luck with that.   the expected family contribution here was north of 60k a year between my 2 kids.  Both got some money for grades but still are paying 20k in tuition plus room and board for 1 of them.  The only easy money the kids qualify for is their Fed student loans for 25k over the 4 years.  My son will only take his for his junior and senior year in case there is handouts.   his tuitions less than I have in his 529 plan for the 2 years.    

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1 minute ago, Angry ginger said:

good luck with that.   the expected family contribution here was north of 60k a year between my 2 kids.  Both got some money for grades but still are paying 20k in tuition plus room and board for 1 of them.  The only easy money the kids qualify for is their Fed student loans for 25k over the 4 years.  My son will only take his for his junior and senior year in case there is handouts.   his tuitions less than I have in his 529 plan for the 2 years.    

Well, gotta give it the “ok’ college try”.  It’s gonna be free money!

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My brother dug around and got a $60k per year scholarship at Harvard. Old obscure one he found from an alumni who came from The County... decided to set aside some money for others. Guess it went unclaimed for lack of whatever reason...

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