Re:How to get rich without getting lucky
by wtvanhest on Friday June 01, 2018 @12:47PM
(#17207227)
Berkeley is an exception. Most state schools do not offer nearly that level of aid. If you are upper middle class (i.e. parents make $70Ksh-$150ksh), and you don't have exceptional grades, you will pay the sticker price and you will leave school with $20k-$75k of debt. That is before adjusting for the rapidly rising price of college which will no doubt continue rising at 7%-10% per year over that 4 year period.
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Re:How to get rich without getting lucky
by ryanwaggoner on Friday June 01, 2018 @02:25PM
(#17208456)
Honestly, leaving school with $20k-30k in debt is hardly the end of the world. That's what, $200 - 300 / month? Seems well worth it for a 4-year education of even decent quality. Beats the alternative.
Note: I'm not saying that we shouldn't do a better job of funding higher education, but this level of debt is not crippling. The real issue to me is people who run up high five figure or low six figure levels of debt for low-quality degrees or institutions, or who don't finish, or who are being trained for a career that will never make enough to have that be a positive ROI.
While students may be especially fortunate to live in California, my understanding is few even in other states at the $75k family income level pay sticker price. Note also that median family income in the US is around 60k. For example, at UW, CollegeSimply reports the net price for a family income of $48,001 to $75,000 is $10,231: http://www.collegesimply.com/colleges/washington/university-...
Average student debt of those who borrow is in the 20s-30s of thousands at most schools. $75k of debt for an undergraduate degree would be an outlier anywhere. https://lendedu.com/blog/student-loan-debt-statistics-by-sch...