I hold a BS (International Relations, 2001) from the University of Wisconsin as well as a Master's (Public Administration, 2005) from Columbia University. My parents paid for most of my undergraduate costs, but I still managed to take out close to $80,000 in student loans for my undergraduate and graduate education. During that time, I think it's important to note that I also held side jobs around 20-30 hours a week for personal spending and "beer money."
Starting in college I signed up for three credit cards to finance travel and other living costs during a couple of full-time, unpaid summer internships around the country -- all to get that requisite "experience" that supposedly helps the chances of a job out of college. My first job ended up being an environmental technician in Los Angeles; work that primarily involved dragging heavy equipment through asbestos and lead-laden crawlspaces. My salary barely broke $35,000; not enough to live and pay down my college debt effectively. Thus, after two years, I returned to graduate school at Columbia -- an opportunity that I felt could not be missed.
Even after my one-year graduate program, I incurred $75,000 in new student loan debt. I consolidated my loans, and believed that some soon-to-be-had job would allow for a relatively modest payoff time. Initially, I had to take low-paying contracting positions just to get by. I had no health insurance. Even with the help of school career centers and networking events, it took nearly two years to find a 'real' job; a startup consulting firm with a bad habit of casually missing pay days.
Needless to say the consulting job didn't work out. I eventually moved to San Francisco where I currently work in a more stable position with the state. Two years in, I am still frustrated by lack of mobility and career development options. My income allows for minimum payments on my loans and credit cards every month, but since graduating, almost 10% has been added to the original principal of my graduate student loans. My total debt stands at $91,897 -- still way more than I make in a year. This, coupled with the recession and San Francisco's high cost-of-living, leave me feeling I am living some form of what one recent article described as "indentured servitude" -- all for following a respectable career pursuit and excellent academic opportunities despite relatively little honest financial payoff.
What have I learned during this process? I still can't say I know what I want to do. The old conventional wisdom -- work hard and stay in school -- no longer applies. It belongs to a different, dying economic age that spanned the last half of the 20th century. Those pursuing a substantial level of higher education should take time and dig deep to find what really drives your work ethic and makes your intellect tick. Push back hard on those who tell you that you must choose a major now, or even that you need to go to college in the first place. Why not become a trade apprentice, take a broad swath of Gen Ed classes, or perhaps leave on a gap year?! I think there should be a new conventional wisdom -- work smart; discover, and then pursue your passion -- a statement more in line with the marathon that life is and one that will hopefully save people a lot of money.
Most Americans are financial slaves for one reason or another.
And again, this does not directly address your situation at all but I think does address the majority of the victims posting about college costs.
There is very little reason to attend private school unless they are paying you a full scholarship (or very close), or you have rich parents. otherwise it simply isn't worth the investment.
and the ridiculous cost of living in CA, anywhere here!
if you want to know what is going on at UC :
http://cloudminder.blogspot.com/
Sounds familiar
Eventually you go broke with that approach.
The idea that you need a college degree to make money even in this economy is silly. There is and always will be a need for qualified mechanics, welders, electricians, and other trade jobs in the US. These are all careers in which you can make at least $60k a year and that is before benefits.
You have been sold a bill of goods by a higher educational system whose sole purpose is to survive and pay salaries to unproductive out-of-touch professors who care little if you obtain employment and have a productive and fulfilling life. You are all victims of a sales pitch that sells the value of the college degree.
What is most important is that you all realize that you have done nothing wrong. You are in the same boat with hundreds of thousands of other graduates.
The one thing that you, as graduates, can do is work to change the system. And the first thing you should work to change are the bankruptcy laws in our country. Many of you will have your government sponsored loans for 7 years before you can declare bankruptcy. Many of you will have your student loans for life. Our politicians have sold out to the special interests of the student lending industry so these loans are not dischargeable by bankruptcy.
I urge you to use these posts to garner support to change these laws that discriminate against graduates in debt-in favor of financial corporations. You must talk this up. You must write your congressional representatives. You must be constant-never stop.
I recommend people work part time while in school (in something close to your chosen field, if possible). Make connections. Shop for good values on colleges. Attend a community college for a year or 2, if necessary. I paid for my college degree (engineering) entirely out of my own pocket. I kept the debt low, and it was easy to pay off when done. It was a great investment.