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Does anyone else feel that COLLEGE LOANS are a joke

Groovy_Gravy

Groovy_Gravy

Guest
Apr 26, 2012
387
14
#1
The whole system is one big money making game against students between textbooks and high interest loans..

heres a situation. my parents make "too much money" according to the govt.. (huh?)

so I get 0 aid and about $40,000 worth of high interest loans PLUS i pay out of pocket for the remaining balance AND books. those two combined are usually between $1200-2000 a semester...

meanwhile..

my best friends family is "poor" (yea right)
he has a 4 yr degree that cost him ZERO. the govt paid his whole way.
now hes going over seas to get a masters degree which is going to cost him a grand total of $6000.

so let me get this straight...

I pay about $60,000 for a bachelors and he pays $6000 for a masters???

How in the hell is this right?? What makes me more capable of paying a huge loan than him?? my parents havent paid a dime towards my schooling.

This makes my blood boil

feel free to discuss.
 
#3
The government deemed your parents well off enough that they could pay for your schooling if they decided to do so. I suspect you don't know all the details of the application your friend made, or possibly the details your parents provided.

Though I can't complain, over here tuition is free for up to 5 years ("free" in that it comes from the government so it'll be taken from my taxes if I stay here). Small student loan (inflation matched) to help cover living expenses (the bar job alone didn't cover it) and I was paid (both tuition and a stipend) to study my MSc and PhD :D

Go to a cheaper institute (unless the big name institute is going to make a massive difference in career possibilities), buy used books, look for scholarship opportunities. There are always way to save and/or make money.
 
#4
If you enter certain areas of employment, your loans are canceled. I don't remember the details but teaching is one. I just remember that because my daughter is going for her certification, and I told her to look into that.

Edit: None of my kids got any monies for attending collage. That's part of the reason I am living in a cardboard box with my dog.

Just kidding, but it did hurt. When I see them now, it was las worth it, every penny.
 
#5
hypapanuse said:
If you enter certain areas of employment, your loans are canceled. I don't remember the details but teaching is one. I just remember that because my daughter is going for her certification, and I told her to look into that.

Edit: None of my kids got any monies for attending collage. That's part of the reason I am living in a cardboard box with my dog.

Just kidding, but it did hurt. When I see them now, it was las worth it, every penny.
Click to expand...

Teaching forgiveness is after so many years in a school with x% poverty.

Yeah, Fed loans are OK, private ones really bite you though.
 
#7
DerHoggz said:
Teaching forgiveness is after so many years in a school with x% poverty.

Yeah, Fed loans are OK, private ones really bite you though.
Click to expand...

There aren't any true private loans any more. The government took over the whole system and so they are all regulated to the point that there is little or no difference between private and government loans. (I'm oversimplifying of course.)
 
#11
Also, if your parents aren't paying anything towards your education, not even the loan payments afterwards, why would you put them on the application for the loan? Are they paying for your housing, food, car, etc.?
 
#15
LiquidMidnight said:
Ignoring the obvious that a Master's program is shorter than a Bachelor's program, even if you write a thesis, my Master's was much cheaper than my Bachelor's. In fact, other than internship credits I did at the end of my program, I didn't pay one cent in tuition.

It's called an assistantship.
Click to expand...

Assistanship, scholarships, and lower tuition rates.

Also, and this is especially true for the PhD, you're also more valued by the university. In some universities the undergrads basically pay for everyone, this is especially true at Ottawa.
 
#18
Ziltoid said:
Assistanship, scholarships, and lower tuition rates.

Also, and this is especially true for the PhD, you're also more valued by the university. In some universities the undergrads basically pay for everyone, this is especially true at Ottawa.
Click to expand...

Different here anyway, tuition fee money only pays for PhD students when they are tutoring or working on behalf of the university. Funding is typically from research councils, the same people who you apply to for research grants.
 
#20
LiquidMidnight said:
Ignoring the obvious that a Master's program is shorter than a Bachelor's program, even if you write a thesis, my Master's was much cheaper than my Bachelor's. In fact, other than internship credits I did at the end of my program, I didn't pay one cent in tuition.

It's called an assistantship.
Click to expand...

I think the OP meant his friend is managing to get to that level with only paying for the masters (even then, $6k seems cheap for an international student PG). His friend will almost certainly need to have finished a bachelor's before taking on the masters.
 

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