Comments on: The Great College Hoax? http://imtheschmidt.com/2009/02/the-great-college-hoax/ This is not about you and it's not about me. It's about all of us. Mon, 26 Jul 2010 01:24:20 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Derek Pennycuff http://imtheschmidt.com/2009/02/the-great-college-hoax/comment-page-1/#comment-26 Derek Pennycuff Mon, 09 Feb 2009 18:59:46 +0000 http://imtheschmidt.com/?p=177#comment-26 Between the 2 of us, my wife and I spend nearly $500 a month on student loan payments. Our house payment is only $900. It could be much worse. Due to the timing of her consolidation, her interest rate is below 3% (I can't remember exactly what it is, somewhere in the high 2s). Mine's 6.75%. So even though she technically has more debt than me, my payments are higher. What a difference 2 years made, eh? I'm trying to get through grad school without taking on more debt. So far that's working. But I'm driving a car that's ready for the scrap heap. We know we've got to replace it soon, but all our discretionary income is tied up in educational expenses. In another 6 months we'll have a bit more breathing room, assuming the economy doesn't get even worse. But I don't think we can wait that long. Taking on yet more debt may be the only option. :( But I don't regret getting our degrees. We knew going in we were investing in ourselves and that's how we've treated it all along. Making those student loan payments on the salaries we can find fresh out of school is rough, but I honestly think it'll work out in the long run. I cringe every time I read about the cost of education going up. The return on investment isn't what it used to be. And it's looking less attractive all the time. Between the 2 of us, my wife and I spend nearly $500 a month on student loan payments. Our house payment is only $900. It could be much worse. Due to the timing of her consolidation, her interest rate is below 3% (I can't remember exactly what it is, somewhere in the high 2s). Mine's 6.75%. So even though she technically has more debt than me, my payments are higher. What a difference 2 years made, eh?

I'm trying to get through grad school without taking on more debt. So far that's working. But I'm driving a car that's ready for the scrap heap. We know we've got to replace it soon, but all our discretionary income is tied up in educational expenses. In another 6 months we'll have a bit more breathing room, assuming the economy doesn't get even worse. But I don't think we can wait that long. Taking on yet more debt may be the only option. :(

But I don't regret getting our degrees. We knew going in we were investing in ourselves and that's how we've treated it all along. Making those student loan payments on the salaries we can find fresh out of school is rough, but I honestly think it'll work out in the long run.

I cringe every time I read about the cost of education going up. The return on investment isn't what it used to be. And it's looking less attractive all the time.

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