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Ballparking: How much student debt to take on to get $xxx amount in a job?
Posted on 6/6/23 at 4:28 pm
Posted on 6/6/23 at 4:28 pm
Just interested in MT thoughts on this... my youngest is evaluating.
Obviously none is the best answer.
But for a kid going to a specific career, what's a reasonable ratio?
1:1? $100k total debt for a $100k/yr starting job?
1:2? $25k total debt for a $50k/yr starting job?
Just looking for thoughts from the gurus. TIA!
Obviously none is the best answer.
But for a kid going to a specific career, what's a reasonable ratio?
1:1? $100k total debt for a $100k/yr starting job?
1:2? $25k total debt for a $50k/yr starting job?
Just looking for thoughts from the gurus. TIA!
19
Posted on 6/6/23 at 4:35 pm to Meauxjeaux
The least to make the most.
Posted on 6/6/23 at 4:40 pm to Meauxjeaux
Depends. Does what the kid wants to do actually require a degree? My anecdotal story is my wife got a master's degree to become a PA. Could have definitely done it cheaper, but she really wanted to go to a specific school to be close to home, so we had $100k+ in loans that we paid off in 6 years.
Posted on 6/6/23 at 5:06 pm to Meauxjeaux
quote:
Just interested in MT thoughts on this... my youngest is evaluating. Obviously none is the best answer. But for a kid going to a specific career, what's a reasonable ratio?
Most kids change their mind a few times while in college. My thoughts are try to minimize debt by going to a cheaper school while they are most likely to do this exploration and decide on and stick with a major. Maths, lab science sequence, social science electives, required English classes, etc can be taken at a cheaper college and transferred.
Posted on 6/6/23 at 5:23 pm to Meauxjeaux
quote:
Just looking for thoughts from the gurus. TIA!
Then you definitely came to the wrong place. These are the same guys that fell for Gamecoin
Posted on 6/6/23 at 5:41 pm to Meauxjeaux
The only degrees worth debt are in STEM.
I wouldn't finance any other degree program.
If you want a degree in business or accounting, pay as you go.
I wouldn't finance any other degree program.
If you want a degree in business or accounting, pay as you go.
Posted on 6/6/23 at 5:43 pm to Dawgfanman
quote:
Maths, lab science sequence, social science electives, required English classes, etc can be taken at a cheaper college and transferred.
I absolutely agree.
I also think an accountant missing 2 credits in science is still an accountant.
A portfolio manager missing 2 credits in English is a portfolio manager.
Many degrees are a box to check off for a headhunter. They don't care what the degree is in so long as you can check the box.
Posted on 6/6/23 at 5:54 pm to meansonny
quote:
If you want a degree in business or accounting
If you do the business degree correctly, it can be very lucrative, much more so than most engineering degrees. No, if you’re getting a business degree from ULL and going work at Iberia Bank as a mortgage broker, it’s going to be tough to make that one make sense.
Posted on 6/6/23 at 6:09 pm to Meauxjeaux
I'm at 75k student debt with a 60k job, sucks only because I switched majors a few times and was dumb at the start. I took out the max so that I wouldn't have to work at first. Then started taking out just what I need for tuition.
Posted on 6/6/23 at 6:10 pm to Meauxjeaux
Just make sure the kid works through college to help offset costs and limit loans, and get a useful degree.
Posted on 6/6/23 at 6:14 pm to nugget
quote:
If you do the business degree correctly, it can be very lucrative, much more so than most engineering degrees
There is nothing in a business degree that can't be learned on the job.
Honestly.
And how many hours in a business degree are in science, anthropology, PE, Art, etc..
The idea that it is the degree that bestows competence is a huge lie.
Posted on 6/6/23 at 7:03 pm to meansonny
quote:
There is nothing in a business degree that can't be learned on the job. Honestly. And how many hours in a business degree are in science, anthropology, PE, Art, etc.. The idea that it is the degree that bestows competence is a huge lie.
What do I need to know as a mechanical engineer that can’t be learned on the job?
And learning a trade isn’t what going to college is about. This isn’t 1972. If you go to Yale and then Harvard B School, it’s worth however much it costs because you’re set up. Same if you go to one of the good but non target schools.
Posted on 6/6/23 at 7:12 pm to nugget
quote:
What do I need to know as a mechanical engineer that can’t be learned on the job?
I'm not a mechanical engineer.
But I can assure you that it is more complex than some marketing and management theories.
quote:
And learning a trade isn’t what going to college is about.
Agree to disagree.
Lol
At least the universities like to claim it is about preparing for the working world.
quote:
If you go to Yale and then Harvard B School, it’s worth however much it costs because you’re set up. Same if you go to one of the good but non target schools.
I don't doubt that some colleges are one big fraternity.
But don't also make the mistake that a Harvard student "has made it". There are successes and failures at all schools.
Posted on 6/6/23 at 7:12 pm to Meauxjeaux
Where you go to school is more than a linear job outcome. Where you go to school has one of the most profound impacts on how you learn and think, who your lifelong friends likely become, potentially who you marry, cultural experiences, etc. that stick with you long after a first job.
I think economic outcomes are important but is way overthought. If someone builds skills then college is still an easy decision even for hundreds of thousands in investment.
I think economic outcomes are important but is way overthought. If someone builds skills then college is still an easy decision even for hundreds of thousands in investment.
Posted on 6/6/23 at 7:15 pm to meansonny
A business degree on its own is pretty meaningless. Tons of business majors without connections working hourly at Starbucks.
Posted on 6/6/23 at 7:21 pm to TheWalrus
quote:
Tons of business majors without connections
There are tons of people without degrees and without connections who become millionares.
Posted on 6/6/23 at 7:26 pm to Meauxjeaux
Posted on 6/6/23 at 7:34 pm to Meauxjeaux
You could compare NPVs between the two scenarios (going to college versus alternative). Identify the cash flows in and out over the number of years anticipated working. Will have to assume any salary adjustments along the way. I went to college to know how to do this.
Posted on 6/6/23 at 7:41 pm to RoyalWe
Except that’s damn near impossible to project the cash flow past the first few years professionally.
In mid career and my projection for income over the next 10 years would still have meaningful different low-high ranges.
In short, it’s a lot more than a financial decision.
In mid career and my projection for income over the next 10 years would still have meaningful different low-high ranges.
In short, it’s a lot more than a financial decision.
This post was edited on 6/6/23 at 7:42 pm
Posted on 6/6/23 at 8:47 pm to Meauxjeaux
I'm not sure this makes sense to think about in that manner. I think you really gotta look at each person's personality for one. If your kid is smart enough to really do well and driven then spending extra for school can make a lot of sense especially depending on your state school options. If your kid wants to be a teacher but is super smart, don't let them go Ivy league unless its a hot daughter and the Mrs may pay off.
There's not a lot of degrees where doing extremely well at your best state school with a full ride won't get you almost anywhere paying for school somewhere "better" would.
There's not a lot of degrees where doing extremely well at your best state school with a full ride won't get you almost anywhere paying for school somewhere "better" would.
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