My daughters college is going to be around $100,000. Loans available to me are about 8%. .08 divided by 12=.0066667/ month. 15 years =180 months. 180x.0066667=1.2. 1.2x100,000=120,000. 120,000/180=666.67. Is this correct or am I missing something?
That's the interest payment, but only if it stayed at 100,000. Payment will be principle plus interest. Every payment reduces your principle balance. A quick loan calculator search resulted in $955.65/mo payments.
Thanks guys. I'm trying to get my ex-wife and daughter to understand this. My daughter wants to come back home after college to be a teacher for maybe $40000 a year.
At the end of the day, if she isn’t going to school to do something she enjoys, what’s the point of paying for school at all? Will just end up having a miserable career.
That's what my current wife says. But why spend a hundred grand to get a 40000 year job? After taxes and school payment that's about 16000 a year
Not sure what your market is like, but around here teachers get pretty consistent raises. It’s not uncommon to see public school teachers with 10 years experience seeing 65-75K if they stay in the same school district. Not to mention outstanding benefits and summers off. Your in general only working 10 months out of the year. Coming from a guy two years out of college that is currently paying student loans.
Surely to God she can earn a teaching degree for less money. Community college, scholarships, some states need teachers badly enough they reimburse or fund the degree costs. It might be worth moving out of state and teaching a few years there. Her plan needs more thought-from all sides. Patrick
I would rethink the plan to borrow money for a degree that gets you a Job that doesn't provide the income to repay it. There are less expensive schools that get her the same paper and she will be able to get the same job. Borrower is slave to the lender. As above there are lots of scholarships, grants and other ways to get money for school. My daughter graduated and is on her second year of teaching. She got a specialty in math and science and gets job offers even though she has a good job where she likes to be.
If she wants to be in high demand math, science, biology is where the money is. I'm at masters +20 rite now and only in my 3rd year teaching. But be a Vocational instructor we are paid based off previous years experience in the field. But I'm will be getting my masters in education next year thru a local college for basically free. In SC we have what's called the PACE program, all you need is a community college bachelor's and you earn your needed credentials while you actually work for the district,..for free
I tried to tell her our community college was good. But she's too good for that. My other daughter graduated from community college and is making over 60k/yr. Just got hired on when she passed the nursing boards
She doesn't live with me. She lived with her mother. Told me all I had to do was sign papers for loans. Now she's enrolled in her big school and if her financing isn't lined up by December,she'll be asked to leave. I tried to talk to her but she wouldn't have any part of it. Now her financial aid office doesn't have to tell me anything. I'm not the student
If I was signing papers for her loans, she'd dang well be listening to what I had to say about it before I lifted a pen.
Life is tough, get used to it. Things rarely turn out the way you plan. (We are not in charge) We sat our kids down in junior high school and asked what life style they wanted to live. My oldest stayed in construction. My youngest, 4 years later started college as a pre med major. 5 years later he was a elementary teacher, 5 years later a high school VP, 2 years later a K-8 Principal. He has 4 kids + 2 above. What ever you do make sure you love it or move on. I always tell people to live this life for the next one because this one stinks! Help who you can, encourage and stand with those you can't. If she wants to be a teacher do "all" you can to figure out the college and fees. My son worked his butt off for spending money, I worked mine off for his college and mine, I never looked back!
Both mine made their first moves thru the Military. My children earn their own way, I help with advice and small things in life, but once they graduated HS it was understood that they are the one making the decisions, they have the bills that go along with it......And that's what I tried to do for their first 18 years I was in charge, raise ADULTS not parasites.
X2, Community college My sister went to Tri-C, she lives in Texas now and earns over 100 grand a year as an ER Nurse
Pardon me for being blunt but her sense of reality/entitlement is way off base. I personally would refuse to co sign. Community College is the way to go and let her figure out her own financing otherwise you are going to be on the hook for all of those payments. Life needs to teach some hard lessons once in a while...
We have music teachers in our district making over 100K, Earth Science 100K, both of them have 25+ years in and the earth science teacher is only 53 years old. One music teacher we know is at 50K with 5 years in. Don't forget most schools also have a state guaranteed pension. 40K a year to start sounds bad but when you add up the other benefits I wish I would have went into teaching instead of engineering. Big name schools = big time tuition.... My one son is a senior in high school right now so we are doing the school shopping right now, he knows that mom and dad are not going into debit so he is being smart about his choices. I have a second son that will be graduating high school in 2 more years and he will get the same treatment.
