1. no kids. Yes, I would tell them to borrow if they have to (but I think by the time I have kids and they go to school, I would be ale to pay for them).
2. Graduated in 2002. Still have about $100,000 but at 3.xx interest. I can write a check and pay it off if I want to but low interest rate is nice.
3. We grew up in a single mother household income on welfare/foodstamp/garage sales everything. Both my brother and I borrowed heavily for our education. we both are quite happy we did this. Without our education, we would still be dirt poor.
[quote=bearishgurl][quote=bobby]up to $20K? that’s gonna be tough to get a degree.
I think there’s a rule of thumb for how much to borrow: The amount borrow should not exceed the expected annual income for the first few years.
I borrowed $225,000 for school. Very glad I did. Would definitely do it again. Wouldn’t be where I am today without this loan.
I wouldn’t borrow for some lib art degree but for a practical field, it’s worth every penny.[/quote]
bobby, are your SURE you would encourage your kid to take out this size of a student loan TODAY … even for a “practical” degree?
And if you don’t mind my asking, how long ago did you finish borrowing this amt and how much left of your student loan do you still have to pay?[/quote]
