Re:In a recession, is college worth it? Fear of debt changes...
by donw on Monday August 31, 2009 @11:44AM
(#796131)
$200k for four years of education, for a job that pays $25k/year. So, eight years after she graduates, she will have gross income equalling the cost of four years in school.
Given living costs versus her income, it will take that girl somewhere around twenty years to save up $200k in cash, and that's if she scrimps and saves.
Staggering.
I worked and saved, and went to a 'safety school' to save on costs. Even with a $30k personal disaster (2008 was not a fun year) layered on top of the cost of university, a year of work later and I'm back to the point where I could not work for a year without too much discomfort. My total college education cost less than a semester for your coworker's daughter.
If I ever have kids, I'll put aside enough to put them through college (yay, EIRA), and then tell them that whatever is left over at the end is theirs to keep as a graduation present, and likewise, if they use all of it before they finish, they can get a job to pay for the rest.
Given living costs versus her income, it will take that girl somewhere around twenty years to save up $200k in cash, and that's if she scrimps and saves.
Staggering.
I worked and saved, and went to a 'safety school' to save on costs. Even with a $30k personal disaster (2008 was not a fun year) layered on top of the cost of university, a year of work later and I'm back to the point where I could not work for a year without too much discomfort. My total college education cost less than a semester for your coworker's daughter.
If I ever have kids, I'll put aside enough to put them through college (yay, EIRA), and then tell them that whatever is left over at the end is theirs to keep as a graduation present, and likewise, if they use all of it before they finish, they can get a job to pay for the rest.