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Originally Posted by jmjj215
It's baggage you'll carry with you for a long time that is hindering your wealth-building potential. Also, to live on someone else's money (the government's) usually causes the recipient to be less..picky about what they spend their money on.
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First, I'm 2.5 years into paying my school loans...(and I did just consolidate at 3.5%). Second, I don't think it hindered my wealth building. My Roths are earning around 8-9% and I can write off the 3.5% interest, I own a my car outright (purchased new) and I have own a house. If I had wanted to leave college (private school) without debt, it would have taken me atleast another 4 years to do it. During that time, I would have been making $7/hour, if that. By having the loan, I was able to graduate in 4 years, and I still had a lot of fun. I didn't have to worry about getting up early on Saturday morning to go to work, or juggling that with playing sports.
One good reason to leave college with student loan debt, is that it's reflected onto your credit report. I know some people who had no debt out of school and had to get a cosigner for loans. I know other people who had mountains of student loans from two bachelors degrees and had no problem getting a loan in their name alone.
Also, my loans went toward tuition only. I did not borrow any money to spend on clothing or partying. I had 3-month summer internships that paid for all the other 9-months of spending. I don't know of anyone that was able to take out subsidized loans to use for non-educational spending.
Re: How much for college?
