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Old 12-16-2012, 03:46 PM   #26 (permalink)
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Average amount of loans owed by a college graduate $25,000. The average college student makes $52,000 out of college, high school is $32,000. You almost pay it all back in one year. Plus 1/3 of students have no loans when they leave college. Student loans aren't nearly as bad as they seem, and it is worth it with the jobs we get with it.
I borrowed over $125K as an undergraduate. I paid it down to $14K before I began graduate school in 2011. I will have borrowed $60K when I finish my masters.

I've never made that much money in one year and I've had an undergraduate degree since 2002. Many graduates today are lucky to crack $30K for their first job. The average household income in the US is $38K. I think your figures are a bit high.
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Old 12-16-2012, 03:52 PM   #27 (permalink)
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I borrowed over $125K as an undergraduate. I paid it down to $14K before I began graduate school in 2011. I will have borrowed $60K when I finish my masters.

I've never made that much money in one year and I've had an undergraduate degree since 2002. Many graduates today are lucky to crack $30K for their first job. The average household income in the US is $38K. I think your figures are a bit high.
I just did a paper on it, I'll see if I can find the article again. All this was from the article. The only one I think was wrong is the income out of college. I think that means average income not first year.

Obviously it varies based on what college you go too, degree path you choice, etc. But them the averages and I believe it. I interviewed about 120 college graduates and 78 of them had loans after graduating that they owed. 59/78 was around $25000 give or take a couple grand. I believe 9 had over $50,000 owed. 6 of that 9 went to college out of state. I can't speak for the income part so all that is based on the articles I read. You are def in the minority.
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Old 12-16-2012, 04:05 PM   #28 (permalink)
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I agree. $52K yearly average for a college graduate at their peak. That makes more sense.

Some today borrow over $200K for their undergraduate degree. I earned my undergraduate degree between 97-02 and the cost has more than doubled since then. Those with professional degrees (that I know) left school with over $100K in loans owed.
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Old 12-16-2012, 04:09 PM   #29 (permalink)
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Average amount of loans owed by a college graduate $25,000. The average college student makes $52,000 out of college, high school is $32,000. You almost pay it all back in one year. Plus 1/3 of students have no loans when they leave college. Student loans aren't nearly as bad as they seem, and it is worth it with the jobs we get with it.
I was a silly person, should have worked more/saved more in school but I took out far more than $25K in loans. I don't think those are averages... especially not in the states, maybe here in Canada.

I was lucky to get an above average paying job but I also did my Master's.
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Old 12-16-2012, 04:10 PM   #30 (permalink)
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I agree. $52K yearly average for a college graduate at their peak. That makes more sense.

Some today borrow over $200K for their undergraduate degree. I earned my undergraduate degree between 97-02 and the cost has more than doubled since then.
I know some do, just a very small percentage. There are scholarships, financial aid, etc to help. One of the nice things about being poor as heck, financial aid covers most of my schooling. I take loans out for housing only. If I had my old job, I would probably only have 10-15K to pay back once I graduated. At the rate I am in, I'll take out about $32K and that is because I choose to take out more. A lot of people take a lot of loans that they don't need, including me. The ones who pay 100K, 200K plus go to top schools, out of state, etc.

If you don't mind me asking, how much do you pay per month for your loans? If you don't wanna share I understand.
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Old 12-16-2012, 04:14 PM   #31 (permalink)
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I was a silly person, should have worked more/saved more in school but I took out far more than $25K in loans. I don't think those are averages... especially not in the states, maybe here in Canada.

I was lucky to get an above average paying job but I also did my Master's.
Canada is different, not sure how all that is. Is there financial aid? How much was tuition? There are many factors.
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Old 12-16-2012, 04:17 PM   #32 (permalink)
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I know some do, just a very small percentage. There are scholarships, financial aid, etc to help. One of the nice things about being poor as heck, financial aid covers most of my schooling. I take loans out for housing only. If I had my old job, I would probably only have 10-15K to pay back once I graduated. At the rate I am in, I'll take out about $32K and that is because I choose to take out more. A lot of people take a lot of loans that they don't need, including me. The ones who pay 100K, 200K plus go to top schools, out of state, etc.

If you don't mind me asking, how much do you pay per month for your loans? If you don't wanna share I understand.
I was lucky too, only had to claim one parent's finances on my loan forms to the Canadian government, and neither of my parents make that much money. I received approximately $12K a year for 4 years, and only had to pay back $7K of it (so $28K) -- then I took a $10K full loan for my Master's program (=$38K total).

I know the question was directed at fullmetal but just for fun, I pay $1,500/month to pay off my loan. It will be in and around 1.5 years to finish paying it off.
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Old 12-16-2012, 04:19 PM   #33 (permalink)
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I was lucky too, only had to claim one parent's finances on my loan forms to the Canadian government, and neither of my parents make that much money. I received approximately $12K a year for 4 years, and only had to pay back $7K of it (so $28K) -- then I took a $10K full loan for my Master's program (=$38K total).

I know the question was directed at fullmetal but just for fun, I pay $1,500/month to pay off my loan. It will be in and around 1.5 years to finish paying it off.
Well the research was undergrad only, master's is def more. So $28K is about average. Is the $1,500 the choice you make just to get rid of it or what they ask? That seems really high.
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Old 12-16-2012, 04:24 PM   #34 (permalink)
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Well the research was undergrad only, master's is def more. So $28K is about average. Is the $1,500 the choice you make just to get rid of it or what they ask? That seems really high.
$500 is my minimum payment but F that, I refuse to pay that much interest and have it looming over my head for like 8 years.

Like I said, I was lucky that my parents don't make good money. If I had to take money from the bank (and not the government's funding) I would have owed at least $20K more. There are many middle-class families that don't have access to OSAP and financial aid because they make 'too much'.
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Old 12-16-2012, 04:28 PM   #35 (permalink)
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$500 is my minimum payment but F that, I refuse to pay that much interest and have it looming over my head for like 8 years.

Like I said, I was lucky that my parents don't make good money. If I had to take money from the bank (and not the government's funding) I would have owed at least $20K more. There are many middle-class families that don't have access to OSAP and financial aid because they make 'too much'.
Okay makes more sense the $500. I would pay more as well. I will try to pay what I can now as well.

I am lucky as well haha. I know a lot of people who aren't as lucky and don't get much help with aid. I also know people who get housing, car, college, a free $500 a month, food, etc paid for (my ex GF...). It took forever for financial aid to work for me, for some reason they thought my parents made too much. They are barely over the poverty line and are disabled.. I was not happy with financial aid. So I am 22 and in school where a lot of my high school class have graduated.
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Old 04-04-2013, 03:03 PM   #36 (permalink)
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I start my career on Monday! Only took 3.5 months! That's gotta be a record lol
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Old 04-04-2013, 07:53 PM   #37 (permalink)
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I start my career on Monday! Only took 3.5 months! That's gotta be a record lol
Nice, in what?

I graduate in May and haven't even begun looking since I've been working on my thesis. Big mistake on my part, but eh.
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Old 04-04-2013, 07:57 PM   #38 (permalink)
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Nice, in what?

I graduate in May and haven't even begun looking since I've been working on my thesis. Big mistake on my part, but eh.
I got an office management position for a resort management company. Super excited about it.
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Old 04-04-2013, 08:06 PM   #39 (permalink)
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Congratulations! Im about to finish my 2nd semester in about a month. In 3 years I hope I can post the same thing
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Old 04-04-2013, 08:38 PM   #40 (permalink)
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Congratulations!

I have finals on Saturday. Only two semesters to go.
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Old 04-04-2013, 09:04 PM   #41 (permalink)
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Thanks everyone! I was getting discouraged, starting to apply in other cities...

then applied on thursday, call on tuesday, interview on wednesday, 2nd phone interview & job today, start tomorrow.

Whirlwind.
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Old 04-04-2013, 09:11 PM   #42 (permalink)
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Nice to see good news, and from near where I went to school (PSU Behrend)! Took me almost 4 months to find a job once I graduated in 2011, it was brutal. But like you, I had about 3 interviews in a week span after that whole summer.
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Old 04-04-2013, 09:43 PM   #43 (permalink)
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Congrats, didnt realize you were also an Edinboro alumnus, I graduated in 2005 from the Boro. Where are you working now? And also, remember me for your new or used car needs with all that money, I'm up at New Motors on Peach
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Old 04-05-2013, 12:21 AM   #44 (permalink)
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Nice to see you don't have to move to get a nice job. I moved because of a job opportunity a sometimes I wish I didn't have to. Congrats to you and I hope your job works out for ya.
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Old 04-05-2013, 02:10 AM   #45 (permalink)
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congrats, I graduate this June and may go back for a second degree.
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Old 04-05-2013, 04:07 AM   #46 (permalink)
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Congrats man!

I also had a low GPA in High School, around 2.0 (never cared), went to a junior college, and transfered to a good university that offered me a partial scholarship...

I am almost done! Can't wait to start working 40+ hours!

And by the way, I'm also getting my Bachelors in Business Administration!
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Old 04-05-2013, 10:05 AM   #47 (permalink)
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First off congrats on graduation. Thats a great accomplishment right there.

Im kinda the reverse, I had a 3.4 in high school and then in college my freshman spring semester destroyed my gpa so i focused on my research work and leadership positions to boost my resume. I've seem people with 4.0s but have no experiences or leadership roles not get a job and I feel that employers look at the skills obtained than a gpa.

I graduate in May and already discussed my financial situation for after college. Looking at $750 a month for loan payments, just realized that even if I made 35k after taxes thats like half of a paycheck taken out already.
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Old 04-05-2013, 10:36 AM   #48 (permalink)
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Just to clear up some things with some backup -

The average student loan debt in 2012 was $27K
More Evidence On The Student Debt Crisis: Average Grad's Loan Jumps To $27,000 - Forbes

The average starting income for a first year college graduate was $44K
Starting salaries rise for new graduates - Jan. 10, 2013
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Old 04-05-2013, 09:06 PM   #49 (permalink)
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I appreciate all the kind words. Keep grinding everyone! It'll pay off!
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Old 04-05-2013, 09:30 PM   #50 (permalink)
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Congrats on the job!
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