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View Poll Results: How much could were you in debt/how much could you be
0-1000 in CC debt
24
60.00%
1000-3000 in CC debt
3
7.50%
3000-6000 in CC debt
3
7.50%
6000-10,000 in CC debt
1
2.50%
10,000+ in CC debt
2
5.00%
0-1000 in available credit
2
5.00%
1000-3000 in available credit
2
5.00%
3000-6000 in available credit
0
0%
6000-10,000 in available credit
3
7.50%
10,000+ in available credit
16
40.00%
Multiple Choice Poll. Voters: 40. You may not vote on this poll

College Debt

Old 07-14-07, 12:18 PM
  #1  
timmyquest
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College Debt

I'm a double major at the University of Iowa. I can finish my history degree this year and graduate but i may need another year to complete my psychology degree and i'm trying to consider if its worth it. Mostly because of the money reason. I chose an out of state school mostly because i was only going to be there for 2 years and was suppose to get more financial help from my family. Needless to say i've taken out more loans then i expected.

Just wondering where most of you were financially when you left. I also hear people discuss credit card debt and amazed at some of the stories. I have about $12,000 in available credit and by the end of the month should owe nothing.

So for the poll, if you don't mind, sharing where you were when you graduated and if your willing just post how much money you took out as an undergrad in student loans.

Make two selections in the poll:

How much did you owe to the credit card companies
How much could you borrow from the credit card companies
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Old 07-14-07, 03:07 PM
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Hmm, not many takers ehh?

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Old 07-14-07, 04:25 PM
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I owe nothing thanks to working my way through school (just made my final tuition payment!) but I am also going to a local school and I believe tuition in Canada is signifcantly than in the US.

Not sure how much credit I could get, I haven't tried to get more since I don't need it.
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Old 07-14-07, 05:53 PM
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Been out of school for OH TOO MANY years... but went on full scholarship. Credit card companies didn't hand out cards back in the 70's like they do today; I got an AmEx card 3 years after I graduated college, and still have that. I think it's a great training tool - charge & pay, not charge & string out.

College students should NOT have credit cards. You kids are too young, you have no real income, and you don't think about paying the load, plus your college loans. So, when you actually have a job, and have disposable income (this is $$ after taxes, all your bills & basic expenses) in excess of 15% of your needed budget, then you may get a credit card. This is, of course, after you have at least 6 months worth of basic expense banked for emergencies.
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Old 07-14-07, 06:03 PM
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GI Bill paid a good part of my tuition costs, had a few scholorships, took a few loans, and worked 25 hours a week as a waiter. I ran out of GI bill, but already had accepted a good offer from an employer, so I took the last semester off and ran up the credit card. Paid off my credit and my loans the 1st year after college.
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Old 07-14-07, 06:04 PM
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Originally Posted by apclassic9
College students should NOT have credit cards. You kids are too young, you have no real income, and you don't think about paying the load, plus your college loans.
While that does apply to some (maybe even most) people, it definitely isn't applicable to all students. I have a credit card, real income, and am a full time student. I do not carry a balance on my CC, as soon as I put something on there it gets paid off. I know many other people who are like that.
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Old 07-14-07, 06:20 PM
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Originally Posted by Malistryx
While that does apply to some (maybe even most) people, it definitely isn't applicable to all students. I have a credit card, real income, and am a full time student. I do not carry a balance on my CC, as soon as I put something on there it gets paid off. I know many other people who are like that.

I'm one of them.

I have a credit card for 2 reasons:
1. Build credit history.
2. Emergencies.
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Old 07-14-07, 06:21 PM
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Originally Posted by nobrainer440
I'm one of them.

I have a credit card for 2 reasons:
1. Build credit history.
2. Emergencies.
Those are my 2 big ones. Number 3 for me is so that I can pay my tuition online. Just throw in on my Visa and pay it right off.
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Old 07-14-07, 06:27 PM
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Even if I include tuition and random other crap I purchase, my CC bill is always less than $35 every month. I tend to pay stuff off almost immediately after purchasing something.
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Old 07-14-07, 06:33 PM
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Originally Posted by BugsInMyTeeth
Sheesh.. kids these days.. all respectable and responsible.

Y'all sold out.
The things we do so that the CC company doesn't have us by the balls!
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Old 07-14-07, 06:35 PM
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Originally Posted by Randomus
The things we do so that the CC company doesn't have us by the balls!
What are we thinking?! Let's go buy new bikes!
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Old 07-14-07, 07:02 PM
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{edited} Sorry ... your numbers are surprisingly low for educational debt, in my experience. What you're talking about is probably worth every penny.

Unless you're stupid and then there's no cure.
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Old 07-14-07, 07:55 PM
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What are you paying a semester? I go to a private university and a semester is a little over 11k (as are a lot of other private universities. For example Boston). With my scholorships and everything I end up paying about 5500 a semester.
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Old 07-14-07, 08:01 PM
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I owe nothing to the credit card companies. I could "borrow" nothing from the credit card companies. I'm quite happy with it this way.
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Old 07-14-07, 08:07 PM
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I think I had a little over $1,000.00 in credit card debt when I graduated college and I believe my spending limit was around $7,000.00. But I have known people who had over $20,000.00 in credit card debt when they graduated college.
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Old 07-14-07, 08:39 PM
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I will be graduating in three years with a projected debt of $10,000, from government student loans. My parents gave me $10,000 when I was 18, which I invested in mutual funds and is now worth $21,000. I just took out money for the first time this month since I am now living on my own.

One way I found to reduce the cost of living was to buy a condo. Spend $500 a month in rent and you will never see that money again. My parents agreed to pay half since it will almost certainly appreciate in value, so they are making money. Plus, my sister will graduate high school in four years so she will probably move in.

Originally Posted by apclassic9
College students should NOT have credit cards. You kids are too young, you have no real income, and you don't think about paying the load, plus your college loans. So, when you actually have a job, and have disposable income (this is $$ after taxes, all your bills & basic expenses) in excess of 15% of your needed budget, then you may get a credit card. This is, of course, after you have at least 6 months worth of basic expense banked for emergencies.
I use my credit card for every purchase, I pay it off in full immediately. I just use it to get points and free stuff. I am getting a free first class airline ticket! Three credit cards combined I have $18,000 available. Not every college student is a complete idiot...
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Old 07-14-07, 08:42 PM
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The expected cost of attendance at the law schools I am looking at going to is about $65,000 a year.
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Old 07-14-07, 08:53 PM
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I have two years of college done and two to go but I will get out without any debt. After 7 years in the military I will have enough saved to put a huge down payment on a condo, buy a new car, and go to my last two years of college pretty much without having to work. On top of that I will get my GI Bill and my 100% academic scholarship when I start school again.
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Old 07-14-07, 09:41 PM
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Debt free since 1993.

I'm a senior (non-trad) f/t student working on my geology BS degree. I like rocks

Tuition is cheap ($1500/semester) at the state college I go to. I get Pell grants and state grants plus good scholarships for my good GPA. I get enough each semester to pay for school plus my modest living expenses. I'm taking the summer off work, still living off 2006/2007 financial aid awards.
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Old 07-15-07, 06:14 PM
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Sorry if I offended any of you young, debt conscious, responsible folks; I work in student financial aid and see too many unconscious, irresponsible students, who feel that they should have everything they want when they want it, and simply do not understand the concept of credit, interest & debt.
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Old 07-15-07, 06:15 PM
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(but then, one of the reasons I truck Salsa all over the place to MTB races is that I find cyclists to be smarter than average)
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Old 07-15-07, 06:19 PM
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Originally Posted by timmyquest
I'm a double major at the University of Iowa. I can finish my history degree this year and graduate but i may need another year to complete my psychology degree and i'm trying to consider if its worth it. Mostly because of the money reason. I chose an out of state school mostly because i was only going to be there for 2 years and was suppose to get more financial help from my family. Needless to say i've taken out more loans then i expected.

Just wondering where most of you were financially when you left. I also hear people discuss credit card debt and amazed at some of the stories. I have about $12,000 in available credit and by the end of the month should owe nothing.

So for the poll, if you don't mind, sharing where you were when you graduated and if your willing just post how much money you took out as an undergrad in student loans.

Make two selections in the poll:

How much did you owe to the credit card companies
How much could you borrow from the credit card companies
Sorry, but your poll is kind of stupid. You don't offer any choices for STUDENT LOAN debt, just credit card debt.

You think everyone has some debt or available credit but no student loan debt? I'm confused.
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Old 07-15-07, 06:24 PM
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um... use student loans to pay for your college. a credit card is bad BAD BAD for this. i'll be a bit over $40,000 in debt by the time i finish my bachelors this spring if i do finish it this spring which i should (i hope i didn't jinx it.) sometimes you have to go in debt to pay for things. its the way the world works. we get more in debt and the rich get richer off of it. if you want the degree go for it. you'll pay it off soon enough, hopefully.

and in america college is expensive! that $40,000 is with me spending 2 of the 5 years at a community college! and i worked at that point. now it's pointless to work. there's just no way it'd even make a dent. i was debt free until i entered a 4 year school. and in three years i've gone into that much debt. that's just...

>:[
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Old 07-15-07, 07:08 PM
  #24  
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After a long break of over a decade, I'm going back to school. I will be paying cash for each semester. Since becoming debt free this year (minus house note), I've found that there there is nothing in this world that I need bad enough to borrow money for.

If I can't pay cash for it, I don't need it.
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Old 07-15-07, 07:13 PM
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Thats not always true midschool. Sometimes you can invest your money and make more from it than you are paying in interest on a loan. I have enough to do lots of stuff but I'll still end up taking out some loans in the near future because I don't want to sell off mutual funds and stuff like that.
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