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Travis Walters

Travis Walters

Posted: February 22, 2010 01:50 AM

College Debt: No Regrets Spending the Money

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I started college majoring in English at the University of South Carolina Beaufort. Though is has grown slightly, it remains a fairly small branch campus. After a few months there I realized I wanted to focus on writing more than the program there would allow. And, I didn't feel like I got as many of the opportunities that students at larger schools had. I transfered to the Savannah College of Art and Design after a year at USCB because SCAD had a dedicated nonfiction writing program.

In my second quarter at SCAD I took Nonfiction II. And, as luck would have it, so did the editor-in-chief of the student newspaper. He announced the open positions at the paper in class one day. I applied for news editor and was hired. Looking back, it turns out that this was the opportunity I knew I wouldn't have at USCB.

In the rest of my classes the first question anyone asked was, "Why do you write and go to an art school?" The simple answer is that writing is an art, but I understood where they were coming from. There were a lot of required, and usually expensive, art classes. Fortunately, I also happen to like the visual arts and enjoyed my drawing and design classes.

The question I argued with, and the one they should have asked, was whether or not enjoying art negated the high cost of attendance. Scholarships and family support covered my tuition, books and supplies at USCB. I didn't have to pay anything out of pocket. SCAD, however, is a much more expensive school.

I live at home and commute 30 minutes to campus because that's cheaper than paying for housing and a meal plan. Tuition for the 2009-2010 academic year was $27,765. And, with the ever increasing cost of books, supplies, food, and everything else, I spent quite a bit of money each year.

My final debt is less than some at SCAD because I am a transfer student. In the end I'll owe approximately $60,000 in Federal and private loans. I think the worst thing that could happen now would be regretting that I spent that much money. But, I don't. I think it was worth it. I've had many opportunities to travel; to work with journalists from other universities and organizations, and to interview really interesting people at the forefront of their fields.

 
 
 
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03:16 PM on 03/05/2010
I went to art school too. I dropped out when I maxed out my student loans, worked full time, and couldn't affor to finish. I can tell you you are better off finishing and owing the 60.

The myth today is that you need to buy a home asap when the truth is buying homes has ruined a lot of people lately! Also a car- Why is a car a given? you can live in NYC or any place with decent transit system. The cities that invest in good transit do it to attract good talented workers- the kind of people you want to be around anyway. The cars and houses are considered an "life achievement" but really are a marketing ploy by the banks and media. They are nice to have but the price is way steeper than you can imagine...

Your payment won't be that high and at the end of the day you have your experiences. Who looks back on their life by looking at their old bank statements? It silly. Creative people balanced with healthy living are the better choice, screw the money- you would waste it anyway on a car or upside down mortgage.
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05:04 AM on 02/23/2010
Wow, you expect 60K debt? You're going to have a rude awakening when the time comes to pay. You are looking at $600/month minimum payments for at least a decade or more. That is harsh. I would look at median incomes and really think about this one. Publishers aren't exactly hiring right off the campus and you may not hit it out of the park with your first book. There is no escaping these loans, they'll haunt you if you don't start making big bucks right out of the gate. Even at 40K starting salary, which is getting hard to find, you're looking at 1/4 of your take home going to debt service. Hope you don't want car and home too.

Good luck to you
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cloudminder
06:57 PM on 02/22/2010
537 employees made over $25,000 (each) just in overtime pay...

In the 2008 calendar year, the U.C. system had more than 21,000 employees with total pay over $100,000. In addition, 537 employees made over $25,000 (each) just in overtime pay. Find out who they were, what campuses they worked for and how much they made by searching the database below.

Over 3,643 employees of the UC system earn more than $200,000 a year. Since 2006, 1,200 more employees were added to this number.

To perform a search, you can leave the fields blank or on "select" if you want broad results. For more narrow results, you can enter a person's name or select from the drop-down menus.

(Note: This data was provided by the University of California.)

http://cloudminder.blogspot.com/
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Brooke Steele
09:52 PM on 02/22/2010
So your point is that salaries must drop? I won't argue about administrative pay (and the number of administrators is growing), but the universities need to compete for the best talent (research professors). Additionally, the professors who earn those (high) salaries generally are expected (required) to cover 50% with grant dollars.

It does cost more to do business in CA, so all EPA (staff) employees will cost more. It is probably cheaper (or somehow required) to pay overtime to existing staff than to create more positions. Positions were probably eliminated due to budget shortfalls (although the workload doesn't go down).

So the options are to pay the salaries or close the schools.
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Clive Coogan
Lang may yer lum reek!
06:47 PM on 02/22/2010
My only advice to all gradating students with excessive debt is the following: GET AS MANY SEALED TRANSCRIPTS AS YOU CAN WHEN YOU GRADUATE! One day you will need these for something. If you miss one payment on your student loans you will NOT have access to transcripts. I ran into this problem with a fantastic job opportunity and I could not get the school to release transcripts. Order at least 20 sealed copies of your transcript for future needs.
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AppleJuiceJunkie316
05:27 PM on 02/22/2010
Funny thing about this story, I was going to attend the Savannah College of Art and Design, I even took a tour of the campus. The artwork and the computer designs were incredible by the students (some of it rivaled Pixar and this was back in 2000), but the cost of tuition was sky high for my family. 27,700+ a semester is ridiculous. 27,700 is what I paid for my Master's Degree and a portion of my senior year in undergrad plus a little extra I took to pay for a computer and car repairs. I couldn't imagine owing 30,000+ or even 250,000 which is outrageous. You'd have to be rich before you could even start to get out of debt.
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Robin J
01:48 PM on 02/22/2010
I think an important process to at least examine is what kind of work will you be able to do when you are done? Will you be able to get a job in your field that pays at least $60K a year (at least within a couple of years of starting?). Because I think that young pp such as yourself think this is worth it now---but when you are my age, and you have paid $120,000+ in PAYMENTS on that $60 K in debt, you may think....what could I have done with that $60K that went to debt service. How fast will you be able to pay it off? Do realize that having this level of debt limits your choices- you DO NEED a good job that pays at least what you owe annually to be able to live and pay it off in a reasonable amount of time. You can't join the Peace Corp, or work for a non-profit and make no money- you owe too much. I also have student loans, well above the average posted in the related article here---but because I looked at all of this recently, I got very serious and will have this and all other debt paid off in about 18 more months- about 25 years ahead of schedule- why? So that I have all that extra debt service money in MY pocket.