about to take out my first loan for college

mr_coffee

I haven't read all the posts but what about fin. aid and scholarships/grants? my first year I took out 2k a semester, and after that year I had 4k in debt.

From there on, my good grades brought in alot of $$$, then I had alot of fin. aid as well. So I don't have any more debt than 4k and i'm making money going to school.

Why don't you claim independent if your parents aren't poor? Then you can at least get some fin. aid to help you. Also to cut costs for rooming, split an apartment with alot of people. I know some guys who have 9 guys living in a 4 bedroom apartment their rent is like nothing even though its crowded, they just go to the library or some other area to study then just come home to sleep.

quark80

Wow! The expectations of some people in this thread amazes me! Possibly it's a cultural difference between the US and Australia, but my parents more or less kicked me out of home as soon as I finished grade 12 (I was 18). Their opinion was that after compulsory education was finished, it was my choice what I wanted to do with my life, and if I wanted to go to university I had to do so on my own grounds.

I was never eligible for the Australian equivalent of student loans as my parents earned too much and they were expected to support me. However they never gave me a cent towards my university education. And still I've managed to successfully put myself through 4 years of undergrad and 3 years of grad school, and am about to finish grad school with no debt. Get a job (I have worked as a TA since I was a 2nd year undergrad and worked fulltime in all the holidays as a research asst. and in industry), apply for academic scholarships...It can be done. Just stop whinging about it. Really, you can't expect your parents to support you forever. I find it kind of sad that people would expect that.

Winzer

Wow. Thanks for all the usefull input guys.

Mmmm... SO if I claim myself independent I get better support? How?Won't I just get offered more loan money?

Grant wise I really cant get because my parents make good enough money, so I am not need-based. It kind sucks fillin out the FAFSA and not getting anything-grant wise.

I think I am just going to have to work my tail off and see if I can get some good scholarships.

Cyrus

Given the global competitiveness of the world today, I think its quite sad that any parents would not want to make sure their kids get a college education. That should be a no-brainer for any parent. Also, its not fair to expect a kid to attend school full time and work full time. I know lots of people whose parents pay for their education, or get a good majority of their education paid off from scholarships. So, I dont buy this 'kicking your kids out when they are 18' argument. I know far too many people that dont get kicked out. I honestly feel sorry for anyone that had to support themselves through college because their parents didnt care about their own kids. -sad. I hope you have more respect for your own kids than your parents had for you.

quark80

Therein lies the cultural difference between the US and Australia. In Australia it's more common than not for kids to leave home once they finish high school, be it their own choice, or being kicked out by their parents. I know almost nobody who stayed living at home after high school.

Here you're just expected to grow up and get on with life and not mooch off your parents. I personally see it as "you're an adult, act like it". Again, it's just a cultural difference and I have a hard time reconciling with some of the comments made in this thread about the expectations of financial support from parents.

JasonRox

TTTTTHHHHHAAAAAANNNNNNKKKKK YYYYYOOOOOUUUUU!!!!!

This is what I was saying earlier. Everyone says it's not so hard, but again, it's easier said than done.

JasonRox

How much is tuition in Australia? That can make a big difference.

quark80

Depends. International students pay about Au$18000 a year in tuition. Domestic students pay anwhere between $2000-$10000 a year in tuition. That's just for undergraduate. Graduate school is $18000 a year regardless of you being an international/domestic student.

There is NOTHING available in terms of student loans to cover living expenses while you're an undergraduate, unless you get a scholarship (which are more or less non-existant at Bachelor degree level), unless your parents are more or less at/below the poverty line. Grad school is slightly easier given that there is more funding available for tuition/living expenses scholarships. We have to work our way through uni, it's just a fact of life here :-)

Astronuc

I started at a private university in the city where I lived. IIRC tuition was about ~$2000/yr (kept increasing about 10%/yr) and living expenses (dorm - I lived on campus - books, supplies) ~$2000 - in 1975. I received a small grant of ~$600, and a loan offer ~$800. I rejected the loan. My parents contributed about $1000, which is what they could afford. I paid the rest.

I had worked during high school and had saved up several $1000's. I also worked part-time during university - first at a grocery store near my parents, where I had worked my senior year of high school - then at a museum near the university. That took care of the first/freshman year at uni.

Then during the during the summer (2 months), I returned home (to save money), take care of my younger siblings, help my father replace the roof on the house, and I took a full time job in the maintenance department at the university and learned plumbing and mechancial maintenance, and some electrical and A/C work. I spent the summer repairing plumbing in all the dormitories, and doing the annual maintenance in many of the equipment rooms of most buildings on campus. I kept that job part-time during second year of university. I also took a second job working in the food services of the university - which paid my room and board. I washed dishes and kitchen ware.

During second summer of uni, I got a job at an oil refinery, which paid very well. One of the men in the university maintenance department had a father who worked at the refinery, and he gave me contacts to get the job at the refinery.

Third year at uni - I got my own apartment - and worked in the food services of university and also worked part-time as a janitor - usually at night.

During this period one of my younger brothers started university, and I actually helped my parents financially - and did so for the next few years, as my sister started university.

I took one semester (2nd) off in my third year of university - to work and think about where I was going in life. I took a construction job.

During my 4th year - I decided to change universities and course work from physics to nuclear engineering. I started a new baccalaureate program (with some transfer of credits) in NucE, which took 3 years. During that time I worked summers and holidays doing iron work. I got onto to some well paying sites and made enough to pay my way through school and occasionally provide additional support to my parents and siblings.

In graduate school, I obtained assistantships in teaching and research, and I landed a full time job in a local municipal water department. I married my wife at the end of my undergrad program. We both worked and we earned enough to pay off her school loans and pay for two Master's programs.

Back in 10th grade, my mom started telling me that I needed to get a job if I expected to go to university. So I did. I got all my jobs because I went looking and gradually built up work experience.

There is nothing amazing about it - it's just life. Some people have huge amounts of wealth - others have to work to pay for basic living - and there is a spectrum in between. One plays the hand one is dealt, and do what one has to do. It is what it is.

I prefer to earn my way, and I don't need, nor do I want, great wealth or luxury. I also do not begrudge those who have great wealth.

bartieshaw

I dont understand where you are coming from on this one quark. Im studying undergrad in Aus and tuition is covered by HECS (from my understanding all aus citizens are eligible for this). In terms of living expenses, I get youth allowance and rental assistence from the government, so i have to work very little...and i dont think its too hard to get those benefits, ive got mates who are still living at home getting youth allowance while working and spending it as the weekly drinking budget.

quark80

Yes, there is HECS for tuition, but newsflash, you still have to pay that back!!! I racked up $32000 worth of tuition debt in 4 years for undergrad. And have paid off all but about $2k, which will be paid by the time I finish my PhD in September. This thread was about whether it was possible to leave uni debt free was it not? Well in my experience, it is.

But it's VERY difficult to qualify for youth allowance/austudy/whatever they call it these days. To qualify, it is basically entirely dependent on how much your parents earn. And the cut-off for being eligible isn't that high. I commend you and your mates for finding a way to get it :) But for most students, they can't, at least they can't without blatanly falsifying income levels and stuff on the forms.

bartieshaw

First off, yes i know you pay HECS back, my point was that it is much the same as a student loan from the US, but for tuition only. And, in my experience, MOST (not all) people who simply say they do not qualify for the government benefits because of their parents earnings have assumed that is the case rather than investigating it.

There was no falsification of income levels in mine or my friends' case, it just turns out that rather than what the tone of your posts implied (at least to me), the government is doing everything it can to encourage higher education here...

In fact, one of the requirements to qualify for youth allowance is that you have earned a MINUMIN amount in the past 18 months, not a max.

Astronuc

Pastor's Plight Shows Burden of Student Debt
http://www.npr.org/templates/story/s...oryId=11837081

If one can, avoid excessive debt. Work, even part-time, if possible.

JasonRox

Reminds me of what we do to third world countries.

physics girl phd

First -- I personally question living at home after you graduate from college.... and even if someone IS okay with that... what if their dream job is in another city, region, or even country?


With regards to salary and meeting living expenses -- it also depends on the field... if you are working for academia, a government research facility, or industry... etc. and: What if you meet and marry someone who has children (or if you quickly have childern together!) -- They aren't not cheap!

I couldn't pay off 50k in one year, but then I've done things like teach high school, work part time for a national lab while they paid for a grad degree, and then finally attend grad school with normal student stipends and tuition waivers... not exactly your "well-paid" jobs, but things that were, for me, more enjoyable and have gotten me to where I am.

I'm only just now going to BE employed for a respectable wage... and my husband has two children from a previous marriage... so we have their school, heath-care and living expenses (the eldest uses a wheelchair and has several other non-medicare covered expenses now that we are in a state with a long medicare wait-list -- and medicare doesn't transfer across state boundaries).

I'm glad my loans are smaller... and I took those out (tax-defered loans ONLY) mostly to cover moving expenses to/from grad school (moving can easily be ~2k or more if you don't own a truck to attach a U-Haul to...). I'm chosing to pay off my loans quicker than required... but I'm also giving some pad room for doing special outings with the boys a few times a year, to do things like get them real beds and a real dining table here they can learn to use silverware, and in case some emergency expense strikes.

mike07

I think it's unfair the student loans will not cover living expenses if your an undergraduate. They should cover everything as many students can't afford to pay for living expenses while in school. I hope some companies can offer loans to cover those expenses soon since I will be a student next fall.

ice109

IMF, worldbank i hate em