My debts are minimal so I don't really have a debt problem. But what concerns me is all of these kids going into debt to go to college. I have two sons in college and after a total of six years of college between them they owe a little over $3900.  They have friends who are in their third year of college and owe close to $20,000.  I hate to be the bearer of bad news but I think those kids have set themselves up for a life of servitude. And it is not even questioned if a young person goes into debt to fund a college education.  That is considered  "good debt". I disagree completely.  Parents need to be very careful and advise their children concerning college debt. I would have no problem telling a young person who came to me for advice to pass on college if it would require them to go into debt. Many employers will train a young person on the job and I dare say that 20 years from now that individual will be well ahead of the person who borrowed to finance their way through college.

Well I don't know about passing on college altogether.  I managed to pay as I went until I could get some state grants and even then I continued to work and support myself and pay whatever wasn't covered by grants.
I think too many students think that they shouldn't have to work at all and take out grants to cover living expenses as well as tuition.

I have college debt because I don't have any choice. I owe bucks to a friend in the school campus. My parents can't afford to pay the school tuition. But I managed to pay my debt after the graduation.

Yea I didn't mean to get down on anybody that had borrowed money for college. I too had college debt which I managed to pay off. I am just concerned with the sheer amount of debt that college students are taking on now a days. Hopefully they will get good jobs in their field of study and get their debt paid down quickly.

I think a good part of this depends on the student also. I have seen quite a few people who goto college and then dont go for any major really, their only real goal is to not work for another couple of years.
They carry debt and dont have any aspirations, end up working an entry level high school diploma pre req. job anyhow.


Dan

My college loans will be a huge debt for me to repay.  It is something my wife and I will have to start paying in about 6 semesters (go part time at night).  It will be tough but I should be able to increase my wages by having my BS.

flint wrote:

And it is not even questioned if a young person goes into debt to fund a college education.  That is considered  "good debt". I disagree completely.  Parents need to be very careful and advise their children concerning college debt. I.

f

I agree...well partly. When it was time for me to go to college my parents couldn't offer any assistance and the ONLY college I wanted to attend (without regret) was a private college. I did accumulate debt and I don't regret one penny of it. NOW, I could have been more frugal about it, but alas here I am.

How do you feel about people going into debt for medical school, etc? It seems rare that someone could finish medical school without debt.

How do you feel about people going into debt for medical school, etc? It seems rare that someone could finish medical school without debt.[/

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One way to minimize the debt they would need to incur would be to study a shortage area of medicine. OBgyns are in demand in some areas and so there are incentives to study that if you agree to work in a shortage area for x amount of time afterwards.  It's less time than what you'd spend paying on the debt.
I looked into this.  Not for medicine though, but I could have done some consulate work (not as a consulate just in oversees offices).  I received a different grant instead and so I never applied. 
They also need to look into minorities in the field grants.  (women in neuroscience, men in nursing, people who break molds)
But I agree that medical students are probably going to incur some debt, it just needs to be balanced.

We are saving $50.00 a month for our son's education after high school.  So far the account has almost $5000.00 in it.  I know by the time he reaches 18 years of age (he is 10 now) he will not have enough to pay for tuition and books at a college for four years.

The way I figure it is that he will have starter money when he begins college should he decide to go.  What he needs in addition to this he can get through schlorships and by working.  That's the way I did it. 

I do not buy into the lie that parents have to totally foot their children's education after high school.  The best we can do is to put some money away for them, teach them good principles of money management as they grow up, and let them loose when the time comes.