Financial Planning Spinoff: Knowing What You Know Now, Would You...

[skyblue17]

This is something I'm often curious about, and it's not really something people talk about openly. Obviously only respond if you feel comfortable sharing!

If you knew when you were choosing your college what you know now regarding costs and the ability to pay off loans & deal with interest, would you have chosen the college or university you chose? If you went to grad school, would you have chosen a different program that was more financially doable (or would you have gone at all)? And if you did feel you took those things into enough consideration, is there anything else you wish you had done differently? Is there anything you're particularly glad you did regarding the costs of higher education?

Please try to keep any responses away from political platforms. This isn't to discuss potential changes to higher education. It's more a what I thought it'd be vs. how it is, or even a "wow, you don't really realize when you're a teenager the weight of the decision you're making when you decide where you want to go to school" kinda thing.

 

[Moliphino]

No regrets on my school or major (engineering degree from Georgia Tech). What really delayed me was the economy when I graduated (2009), which was obviously out of my control. I did take out a lot in student loans, but once I finally got a job in my field I was able to pay them off ahead of schedule.

 

[LSUmiss]

No regrets on the school or major (English ba & masters in social worker). Just wish I would have done it faster. My original major was veterinary medicine & I didn’t make the change til junior yr so that cost me some time,

 

[Ellie008]

I attended a school that was very affordable, took out minimal student loans, and lived frugally after graduation in order to pay them off very quickly. No regrets.

 

[Kitty 34]

DH and I are retired. DH listened to the "right" people at work when starting his 401 back in the day. We're good......not rich but good.

 

[skyblue17]

I think the thing I am most relieved I did was not follow everyone into grad school just because it was the "next step." At the time, I didn't have anything specific I wanted to study that I thought would was worth the time, effort & money it would cost to get a Master's so I opted to wait until I did, or if I found it would help me out professionally. Still haven't gone, but don't rule it out, and I'm in a much better place to pay for it if I do opt to go.

 

[Searc]

Yes, I would have chosen the same affordable state school. DH's employer paid 100% for his Master's Degree, with no strings attached.

 

[skyblue17]

Yes, I would have chosen the same affordable state school. DH's employer paid 100% for his Master's Degree, with no strings attached.

Our state school (not the BIG university, but one of the smaller versions) was on the table for me, especially since both of my parents went there. Ultimately, it was too close to home and didn't have great campus life (plus it would have been hard to justify living on campus). Seeing as I found living on campus to be the most valuable part of my college experience, I'm relieved that I was able to do that. But I think some state schools to do this day are under-rated simply because they are state schools.

 

[LSUmiss]

I think the thing I am most relieved I did was not follow everyone into grad school just because it was the "next step." At the time, I didn't have anything specific I wanted to study that I thought would was worth the time, effort & money it would cost to get a Master's so I opted to wait until I did, or if I found it would help me out professionally. Still haven't gone, but don't rule it out, and I'm in a much better place to pay for it if I do opt to go.

That’s why I’m a social worker. When I made the choice to go to grad school, I said I need to go get a degree in an area that when I get out I’m that vs a masters in Eng or whatever. In the beginning, I chose an aspect of the field that paid well. I took a pay cut to work in the school system so I can be home with DS more. I’m lucky that DH makes decent money though b/c I guess I might have more regret about my choice if it affected me more.

 

[LSUmiss]

Our state school (not the BIG university, but one of the smaller versions) was on the table for me, especially since both of my parents went there. Ultimately, it was too close to home and didn't have great campus life (plus it would have been hard to justify living on campus). Seeing as I found living on campus to be the most valuable part of my college experience, I'm relieved that I was able to do that. But I think some state schools to do this day are under-rated simply because they are state schools.

Yep I’m all about my state school! Everyone in my circle from teachers to drs pretty much went to that school. I work with a few ppl who attended Tulane. We are all social workers so what a waste of $$$ imo. And lsu has a better pass rate for the licensure exam b/c it’s a more clinical program than Tulane‘s. When I see the nonsense ppl post about college entrance & cost around the country, I’m glad it’s not like that here yet. Hope it stays like that for DS.

 

[DisneyHardin]

When I was deciding on which college to go to, I went to talk to my High School Guidance counselor. I had it narrowed down between a state school where I had a full scholarship or the private college that was my mom's alma matter that gave me a smallish scholarship (I would have had to take out loans of about $60,000 to cover the 4 years). The guidance counselor asked me what I wanted to do for a job. I told her that I wanted to be a teacher. She told me that where I went to college would have no bearing whatsoever on whether a school district would hire me or not, so I really should choose the state school where I would come out with no debt.

That's what I did and I have no regrets. I took out one small loan of $3500 to cover one summer of graduate school, but that was it for school debt.

 

[barkley]

i'm glad i did'nt follow everyone college bound that i graduated high school with right into 4 year colleges away from home. i was the odd man out for choosing to go to a community college but i didn't entirely know what i wanted to do for a career path and i knew it would be MUCH less expensive to live at home and pay c.c. rates for the identical general ed classes my peers were taking at the 4 year colleges. i ended up with much lower college costs and long term part time employment that provided skills that combined with my degree made me more marketable to employers vs. just having the degree.

 

[snappy]

I graduated from a state university (New Orleans) in 1979. I had a academic scholarship but the tuition was peanuts regardless way back then. It was a good choice for my chosen field (I was recruited by a top accounting firm and passed the CPA exam on the first sitting). I was also lucky to have great professors who cared and met wonderful likeminded friends while attending college, one of which remains my best friend.

 

[flyingdumbo127]

With the life experience I have now, looking back it would have been financially and otherwise smarter for me to have first attended a Community College rather than jumping into University. At that time, so many years ago now, I had no clue that there were so very many required lower GE classes that everyone had to take. I would recommend any HS student taking the care and time to find this out ahead of time! I am extremely grateful to God for all though.

 

[mnrose]

My undergraduate degree (BA, Chemistry and Philosophy) served me well to get my JD. Went on to have a very successful career as a lawyer. Would not do anything different. Although it is nothing close to the life I imagined at 18-19-20. Something I remind my children of all the time!

 

[indimom]

When I got my first bachelors degree right out of high school, I had no idea what I wanted to do with my life. I changed my major 3 times in those four years. When I got out with degrees in journalism and photography, I had a job waiting and no debt (thanks to my parents and some scholarships). But, I hated the job and only worked in that field a handful of years.

I worked in another field for the next 15-16 years and got an associates degree during that time, again no cost out of pocket due to a state program that reimbursed me for getting my degree.

I went back to school in my late 30s to get an associates degree in nursing. I paid about 75% of the cost of my community college degree. The rest was covered by my employer.
Once I was working as a nurse, I finished my bachelors from a private university. It cost more than other programs, but I liked how it was set up: one on-line class at a time; accelerated schedule; arranging my own clinical experience with a location and schedule convenient to me; and, finished in 15 months. My employer covered about half of that cost. It was worth the loans I took out to finish.

If I had to go back... I wouldn't have gone to college directly out of high school. I wasted my parents' hard earned money. I had no idea what I wanted to do with my life. College was just "what you did" after high school.

As far as the schools I chose each time: saving money matters, and I always considered the costs, but I'm glad I paid a little more for the convenience of my final program. It allowed me to have a life while working and going to school.

We didn't push our kids in any particular direction. Our daughter is currently finishing her bachelors degree in chemistry at an out-of-state college (she received scholarships and we split the rest so she has loans for about $16,000) and she is currently looking at grad schools (at no cost to her thank goodness). Hopefully, she really will enjoy her career, since she'll have about 8 years in by the time she's done.

Our son had no idea what he wanted to do with his life; and, decided to give the military a try. He's two years in now and still isn't sure if this will be his career choice or whether he will get out after four years and pursue something else.

 

[QueenIsabella]

I wouldn't change a thing. I was poor, but smart--the private engineering school I attended gave me enough scholarships that it would have cost more to go to State U, and the degree was more prestigious. My loans would have been the same either way.

Added bonus, I got my MRS while I was there. I wasn't looking, but I did meet my better half--we started dating 3 weeks before graduation. 34 years later, we're still going strong.

 

[georgina]

I started college in 1980. Had several scholarships, took out $5000 in loans, participated in co-op program to make extra money for college (was paying my own way). I would not change the private school, but I majored in engineering and would have changed to just math and been an actuary if I had to do it all over again (did not end up liking engineering). Since I had to pay my own way, when DH and I got married we decided we would pay for our children's college. My in-laws helped a great deal. Grad school is on them, one DD got an MBA paid for by her employer. She was originally an econ major, my other 2 kids were computer science majors. 2nd DD has already said she will probably not stay in software engineering forever, if she goes to grad school she will look for a funded program and have saved a lot towards living expenses.

 

[Searc]

I wouldn't change a thing. I was poor, but smart--the private engineering school I attended gave me enough scholarships that it would have cost more to go to State U, and the degree was more prestigious. My loans would have been the same either way.

Added bonus, I got my MRS while I was there. I wasn't looking, but I did meet my better half--we started dating 3 weeks before graduation. 34 years later, we're still going strong.

I got my MRS halfway through my BA.

 

[tzolkin]

My childhood/adolescence was very "education" driven. There was a huge push for going to a "good" school and being well educated. I went to a prestigious (and very expensive) private university because it was just ingrained that if you're smart, that's what you have to do.

Fortunately for me, my family was rather poor so my education was nearly free. (I think I spent about $12-15k over the course of the 4 years) Due to my circumstance it was worth the money for the experience. I have never really "used" my degree, but I did learn valuable life skills during my time in college. That said, there is absolutely no way that it was worth the $240k (back then!) sticker price. If I had paid that and was stuck with huge student loans I would have major regret.

My husband went to nursing school (which he essentially considered a "trade") and has had an extremely successful career. He was able to pay off his small loans and even buy us a car with his first sign-on bonus. It has given us the opportunity to be a single-income household, to travel, and to save for the future. People are always more impressed by my education, but his was definitely the better value by far.

We are encouraging our children (13, 16, 21) to pursue practical career options that they are interested in rather than feeling pressured to get a bachelors degree just because that's the current norm.