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What was your financial status when you graduated college

  1. Sep 6, 2009 #1
    Hope this question is not too personal; I just like to get a good idea on what my financial status is relative to the financial status of other college graduates or soon to be graduates like myself
  2. jcsd
  3. Sep 6, 2009 #2


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    Broke and in debt. The good news is that the higher your degree, the broker and more in debt you're likely to be. Congratulations.
  4. Sep 6, 2009 #3
    When I got my BS I had zero debt and about 10 grand in the bank.
  5. Sep 6, 2009 #4
    Same here.
  6. Sep 6, 2009 #5


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    Ditto. I'll probably end up with my MS and even more in the bank.
  7. Sep 6, 2009 #6


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    I had a modest amount of debt and assets in the neighborhood of $2000.

    I've always been extremely wary of debt...I chose to go to college part-time and work part-time so that I would not incur excessive debts. Don't know how helpful my answer is since I'm probably atypical.
  8. Sep 6, 2009 #7


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    Thank God for state schools :). I'm amazed how one of my friends is making SUCH a stink about tuition increases when we still pay 10-20% of most private universities.

    Plus his parents pay for his tuition.
  9. Sep 6, 2009 #8


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    I left grad school with about $5-6K. While in grad school, my wife and I bought a new car (Honda Civic Wagon for about 10K), and we paid off her undergrad loans, and saved for a down payment on a house.

    I had paid my way through my undergrad program, and I helped my parents support my siblings in their university programs.

    My parents subsequently gave me a few $K toward a downpayment on a house.
  10. Sep 6, 2009 #9
    Although I had been able to pay my way through undergraduate studies, I was not able to pay for my first semester as a grad student and had to borrow from my mother. It was humiliating because I thought I had been weaned. For my second semester in grad school, I got a fellowship and was able to pay my way again and within a few more semesters paid my mother back.
  11. Sep 6, 2009 #10
    I'll probably be around $60,000 in debt after I get my B.Sc, and then tack on another $100,000 or so if I end up going to law or pharmacy school.
  12. Sep 7, 2009 #11

    Vanadium 50

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    I graduated college about $9K in debt, and grad school about $7k in debt, $7k in the bank, and a paid-off car.
  13. Sep 7, 2009 #12
    That is disgusting amount of debt for a BS. Did you go to Harvard? I hope so for that price.
  14. Sep 7, 2009 #13

    Ivan Seeking

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    I went full time and part time while working part time of full time. Since I went back to school a bit late in life, my situation was different than a typical college student. For one, we moved to Oregon and bought a house right in the middle of the program.

    Some of my tuition went on credit cards but we didn't bury ourselves; not by today's standards. However, the cost of tuition was climbing quickly by the time I finished.

    For me the far more substantial number was lost income, rather than debt. I had a successful career before returning to college. All in all, going to college probably cost me well over 200K, plus tuition and books. Moving to Oregon probably set us back another 100-200K, but that depends on how you look at it. We bought a five acre lot in the woods that would probably be worth millions anywhere within commuting distance of L.A.

    P.S. No regrets. I wouldn't want to do it all again, but it was worth it. I would have liked to have gone on to a graduate program, but that would have been too much to handle financially. By the time I finished, we needed to concentrate on making money.
    Last edited: Sep 7, 2009
  15. Sep 7, 2009 #14
    Agreed. If I paid that amount of money I wouldn't even want to attend the school. I would just be expecting my degree to come in the mail. :D

    I haven't gone to university yet but I'm planning to next year after 4 years I PLAN to have no debt. Universities in Ontario have a lot of excellent scholarship opportunities and the provincial government pays for you to go while you're in school. You only need to pay them once your done. (normally its not the full amount though. I think I don't have to pay back 1 grand every year)
  16. Sep 7, 2009 #15

    Dr Transport

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    about $3K in debt after my Bachelors and 1st Masters. I paid everything off over the next couple of years and when I got my PhD i was in about $10K. I was deployed for the war, so I paid everything back and was completely out of debt except for my mortgage within 18 months.
  17. Sep 7, 2009 #16
    I'll be graduating from undergrad with about $60k in debt as well. Even though I am a U.S. citizen, I was not eligible for in-state tuition in any state since I moved so often, and also my parents made too much money for me to get any assistance. So, I have financed my education primarily through loans.
  18. Sep 7, 2009 #17
    Unless you receive any scholarship or your parents paid for all of your college amenities , I cannot imagine someone graduating from harvard with only $60,000 of debt seeing that it cost a student about $60000/year to attend that school
  19. Sep 7, 2009 #18


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    I left college before graduating, and then went back a couple of years later to take some courses related to my work as a soils scientist in construction. Anyway, for the first three full years, I ended each year with a little more money in the bank than the previous year. I worked full-time each summer (construction or mill-work) with all the overtime I could get. Every school year, I played guitar in a band and made spending money from frat parties, mixers, etc. I also bought and sold guitars and amps on the side, and repaired and refurbished them. Lots of college kids sell off nice instruments cheap when they get hard-up for cash, so I did quite well with my little side-line. The trick is to be liquid (always have several hundred bucks in your pocket) for when opportunities present themselves, and understand the market well enough to estimate your profits accurately. I never borrowed a dime for college - state universities are a pretty good deal.
  20. Sep 7, 2009 #19
    Nope, in fact I had to go to a lower tier state school because they offered me more scholarships than higher tier schools. It's also not like I did bad in high school. In fact, I was literally the top student in high school.

    The ironic thing is, since my parents make so little money if I did go to Harvard I'd probably have less debt.
  21. Sep 7, 2009 #20


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    College? What's that? :confused:
    I never graduated high-school, but at least I was debt-free when I didn't.
  22. Sep 7, 2009 #21
    You're right, I forgot how disgustingly expensive it is to attend that place.
  23. Sep 7, 2009 #22
    I'm on track to be $22,000 in debt by the time i get my B.S. (unless i get more grants or scholarships. Keeping my fingers crossed). Not sure how I'll pay for grad school.

    I don't want to hijack this thread or anything, but does anybody think freshman year is too early for a job or should I wait a year? Don't like the idea of being in so much debt and then worrying about my PhD
  24. Sep 7, 2009 #23
    Why would anyone be in dept after college when everything is paid for by the government?
    Go Europe! Go Europe!
  25. Sep 7, 2009 #24
    Same here except w/ $25,000.
  26. Sep 7, 2009 #25
    My wife and I both emerged debt free as undergrads. However, she needed to complete almost a year of free service and an additional year of part time status. When she went back for her Masters (Education), we accumulated an extra $35,000 in loans - plus the lost income because she wasn't teaching.
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