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Philosophy is a good undergrad choice if you're planning on going to law school. >Taking out $200,000, which is the going rate for most liberal arts 4-year-deg

by astura 7y ago

Philosophy is a good undergrad choice if you're planning on going to law school. >Taking out $200,000, which is the going rate for most liberal arts 4-year-degrees The average student loan balance is $29,800 upon graduation. https://www.cnbc.com/2019/05/20/how-much-the-average-student-loan-borrower-owes-when-they-graduate.html https://www.cnbc.com/2019/05/20/how-much-the-average-student...

monoideism 7y ago
"Average student loan balance" is not what I said. Average student loan balance includes: 1) Tons of scholarships, and 2) Non-liberal arts colleges (technical schools, professional schools, the scam schools advertised on TV, etc). I also was thinking (although failed to specify) private liberal arts colleges. I stand by that figure. If you're taking out loans for a private liberal arts degree, it'll be over $100,000 and many will exceed $200,000. Edit: Just read that it's supposedly $32,000 in loans for private 4-year degrees. I'm very skeptical of that Federal Reserve figure, since average tuition only for private 4-year degrees is somewhere around $35,000 per year. The Fed also has incentives to find ways to underplay this figure, just like they undercount unemployment. So I'm highly skeptical. College Board estimates $14,610 per year is what students actually pay for tuition only. If you don't have wealthy or upper-middle-class parents, then you'll need to tack on living expenses and books. If you're not wealthy or upper-middle class, you'll take most of that out in loans, which will be well over $100,000 by graduation. I know numerous students who have recently graduated with over $100,000 in loans from private 4-year colleges (no, not me, I graduated over 10 years ago, and all of my remaining loans are from a professional master's degree). I know several underemployed lawyers who have well over $200,000 in school loans that they'll likely never pay off.
Retric 7y ago
https://en.wikipedia.org/wiki/Opportunity_cost https://en.wikipedia.org/wiki/Opportunity_cost 31% of students graduate with zero debt, that does not mean their tuition was free. Those balances also exclude loans taken out by parents to pay for collage.

by astura 7y ago

monoideism 7y ago

"Average student loan balance" is not what I said. Average student loan balance includes: 1) Tons of scholarships, and 2) Non-liberal arts colleges (technical schools, professional schools, the scam schools advertised on TV, etc). I also was thinking (although failed to specify) private liberal arts colleges. I stand by that figure. If you're taking out loans for a private liberal arts degree, it'll be over $100,000 and many will exceed $200,000. Edit: Just read that it's supposedly $32,000 in loans for private 4-year degrees. I'm very skeptical of that Federal Reserve figure, since average tuition only for private 4-year degrees is somewhere around $35,000 per year. The Fed also has incentives to find ways to underplay this figure, just like they undercount unemployment. So I'm highly skeptical. College Board estimates $14,610 per year is what students actually pay for tuition only. If you don't have wealthy or upper-middle-class parents, then you'll need to tack on living expenses and books. If you're not wealthy or upper-middle class, you'll take most of that out in loans, which will be well over $100,000 by graduation. I know numerous students who have recently graduated with over $100,000 in loans from private 4-year colleges (no, not me, I graduated over 10 years ago, and all of my remaining loans are from a professional master's degree). I know several underemployed lawyers who have well over $200,000 in school loans that they'll likely never pay off.

Retric 7y ago

https://en.wikipedia.org/wiki/Opportunity_cost https://en.wikipedia.org/wiki/Opportunity_cost 31% of students graduate with zero debt, that does not mean their tuition was free. Those balances also exclude loans taken out by parents to pay for collage.