My granddaughter is off to CMU here in Michigan and pursuing to be a PA (Physicians Assistant). It will take 2.5 years to become one.

She already has 3-4 years under her belt in the medical field from Ferris College. So the time is going to be spent to finish the degree in medical field.

My question is, "why do these kids have to pay 10-11% interest on a student loan? She doesn't need to have someone forgive her loans.

You would think the Federal educational system would be more generous through the bank.

I can buy a car for less interest on a 5 year loan.

Any help on suggestions would be appreciated.

You can also work during the summer and pay cash as you go. Grants and scholarships too.

when they "fixed" banking they made sure to break student loans.

they didn't fix banking either

Have her apply for every scholarship under the sun.

She did work before going to Ferris State. Her schedule now won't let her. Its 2.5 years straight.

I think she has applied for scholarships before.

Fafsa, scholarships maybe look at ROTC if she was inclined to serve in the military. If the military isn't an option there is the federal Public Health Service, good jobs, good pay and benefits. They have a college loan repayment deal. Here's the link to their page for PAs https://www.usphs.gov/professions/physician-assistant/

Shop around with different banks, my daughter’s rates are around 8% which I think is still way to high.

What Federal education system?

More government subsidizes college the more they will charge. If Biden gets his way will be 1 million a year.

She has some schooling already...maybe RN..? Go to work for a couple years and then cash flow college. There will still be PA positions in a few years.

It is important to continue applying for scholarships. My daughter applied for everything she could, even when she was in college. She was awarded 4 scholarships her junior year of college. She took out a couple of student loans also and had them all paid off within 6 months of graduating. She is a molecular biologist. It sounds fancy, but it doesn't pay 100k, by any stretch. She's debt free, single and happy at 28.

Sure it costs more now, but it is really nice to be able to go a semester or a year and stop and get a job and go back. W\hat a luxury! I started college in 1966 If I did not take at least 12 credits each semester and get a 2.0 I would lose my deferment. Coming from a family that could offer no financial help it ment working enough hours while in school to stay in school.

Bryce

My daughter has been working on college for the last 26 years. She currently is in a Phd program for psychology. She has worked hard at it, she is getting paid to get the Phd. She worked a full time job all the while doing college at night at UNLV.

Her full time job was a good job allowing her to be self sufficient and pay for all her schooling except the Phd which as I mention she is getting a paid to do.

Just show you don't have to do it all at once and it make take years.

Both of my kids went college for free. What scholarships didn’t cover, dad did. Lol

I have no idea why anyone would send a kid to college. The only thing that is gonna happen to your children is the liberal indoctrination. i wouldnt waste a penny on these left wing houses of iniquity

My daughter in law is a pediatrician. She has a student loan that began around 1991. It has been refied several times. Her loan rate is so low, she would be ill advised to pay it off. I think it is around 2.5%.

Nope, but ill bet you dont mind when those college educated folks are trying to heal what ails you as you get on in age. Id agree if your career doesnt require an education, why waste the money...but there are still a lot of careers that require an education.

I agree midlander and yes Sheepdog 1, I am college educated.
Paid for it myself, half cash from working while in college as a lifeguard and the other half as a loan. Somehow I didn't get indoctrinated into a liberal or turn into a left wing-ist

Because lots of high paying jobs and professions require a college degree. And there is no need to fear the liberals - your kids should be smart enough to think for themselves.

I’ve got 3 done so far and it hasn’t cost me anything.

This makes no sense to me, please explain why a person would not want repay a loan?

I much prefer a world where doctors go to medical school, engineers learn physics and math and any number of other professions have educated people.

I however believe that too many people go to college to pursue useless degrees. We need more people attending votech and trade schools.

As for the cost of college. I have two in college and two still at the house (Junior in high school and 5th grader). Push kids to pay for their own college with their own work and accomplishments. Oldest is about to finish and paid her way with an academic and a D1 athletic scholarship. She will graduate with an engineering degree and is headed to medical school. Second received a full scholarship (tuition, room and board) for academics and is studying accounting. The plan is that she will attend law school. Third is working on applying and getting appointed to either the Naval Academy or West Point--so no cost. Fingers crossed. No clue about the youngest--we have time.

I paid for every penny of my college and law school. My wife did the same with an academic scholarship. I set the expectations early for my kids to do the same. It will mean more to them if they earn it.

Seriously college is perfect for some people in some fields, but these days it is nothing but a money pit for most young people. There are so many better ways to get an education or learn a trade. College is not what it used to be that's for sure. A waste of money in most cases.

It’s weird,,,,you don’t see the protests at trade schools


Why is that?

When I went to trade school, if you missed more than 2 days of a class, you had to retake it. You could retake 1 class for free, but you had to pay after that.

When my wife went to a private University, she could skip as much class as she wanted, so long as she could pass tests nobody cared. (She skipped lots of class, and graduated summa cum laude but she's an awesome genius)

Go for a trade you will make more money.

Many choose a four year degree to make a living in a career they really enjoy, so maximum profit or income is not always the end goal for everyone. We have two granddaughters who are HS juniors so we will see next fall how things play out. We have put monies away for all 3 of our granddaughters so we can help with expenses.

Bryce

All of my boys had scholarships.
Easy to do.
You need brains or build…..

Shout out to S D school of mines and technology…

Through work, scholarships, our help and grad fellowships our two children have advanced degrees with no debt.

Bryce

Many were told just get a degree in anything it does not matter what and you will earn a few mill more during your life. I was told this in school and it completely bs for a large % of the population. Unless it's engineer, law school, nursing or a specific career that requires a degree and you know what you want to do collage is a joke. You wast 4 years of earnings and many rack up debt. The girl checking me out at the gas station today has a 4 year degree the debt and a $15 an hour job she didn't need the education to obtain. Many are just like her that bought into the lie. They would have been better off in an apprenticeship in many cases.

If everyone has a 4 year degree that degree become less valuable because scarcity is a big factor in determining value. Highschool deplomas don't mean much today because everyone has one. Collage degrees would be the same.

A four year degree certainly doesn’t carry the same weight as it did for the baby boomers.


And the cost has gotten ridiculous. Charge the students tens of thousands while slurping up government money and sitting on endowments in the billions.

I mentioned a young fellow I met at the airport in NYC heading to Maine to pursue a four year degree in music at $50,000 a year. $200,000 in student loans for a four year degree. Maybe it will work out and he becomes the next Keith Richards. Highly doubtful.

If you add the opportunity cost of 4 years of lost wages at $50,000/year, the total cost is $400,000.

College can be done on the cheap if you go to a public school (not some private school where tuition / room and board can be $60,000 + a year) and only pay for tuition. The key is to maximize work, scholarships, and savings to cash flow your way through.

My daughter’s going to UofM for environmental sciences this fall…..she could change a different science path after she gets her basic courses the first year or 2. Think it’s about $5000CA a year, $30000 for 5ish years.

One brother went ROTC and received BS and MS. Sister went National Guard and received BS and MS. No debt and both had great careers.

About the only thing I have used from my college degrees for is the transcripts to qualify for a series. My work ethics and experience and desire to learn and do my job has been what lead me to succeed. I would really like to question physicians and surgeons to see if medical school really taught them more than what they learned during hands on experiences. Even lawyers I would have to think learn more from experience than what law school teaches. My wife and I both have over 6 years of college and both of us would rather have our children become an apprentice and learn from someone doing a job. I have met too many Amish and Mennonite youngsters that figure out how to succeed with only an 8th grade education. None of our public schools or colleges teach work ethic and determination.

The best advice that i received from a friend was to not have much money in the bank when your kids are
college age!

Many choose a 4 year degree for the "college experience". Drinking, partying, and sex. Get by that and you may have something when your done.

Heck, I never knew what we had on my street most weekends when it’s nice out was called “the college experience”. I’m living the good life I guess. Fixing to burn some wood Saturday night. I’ll keep a few cold for y’all in the cooler.

Too many kids think college is an extension of high school and party hardy and get out with a degree in basket weaving history and want to sue the college when they can't get a job.

There needs to be some sort of collateral affixed to student loans, especially when kids are going after these exotic and obviously useless degrees. Don't schools have guidance counselors nowadays?

No, they don't. Those things are a byproduct of going to college if you are lucky!

Probably has to do with the risk. Sounds like banks or somebody has a hard time collecting these no collateral loans. How do you make up for your losses. Higher rates for payers.

That's why I went to college when I was 17.

It's not why I am in it today.

You're telling me that kids today won't choose to go to school for 4 years and not have to work if mommy and daddy are paying for it even if they have zero interest in a future career?

And some people are calling wolfdog naive, lol.

He doesn’t have to be Keith Richards to make a decent living in music.

He doesn’t have to be Keith Richards to make a decent living in music.
[/quote

The average kid spending that kind of jack better make more than a decent living if he will be coming out of school with 200 grand in loans.

You may be right Yotetrapper, but I've never known anyone who went to college just to party because daddy was paying for it. Guess I don't know any people with that much money to throw away.

all high schoolers or kids going to college should watch this