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Perpetual Students
#21
(01-09-2019, 09:47 PM)Jenniferinfl Wrote: I have a friend who is married and has three kids. They live with her parents. Her husband is in college right now at a nationally accredited diploma mill. He will owe over $200k when he graduates if he only took loans out for tuition and not for living expenses.

We live in Central Florida. There is no way they will ever be able to afford to move out. He won't even be able to find a job in the field he is training in. He'll be lucky to get his old trucking job back, just now he'll have a $2600 monthly payment to make.

I get so frustrated with stupidity.

This is not a diploma mill problem; it is a judgement problem.  Anyone that moved in with their parents and goes $200k into debt for a school when they're married with 3 kids is just silly.  Even if it was med school, it still wouldn't be a great option; just about anything else is nuts.

Lucky for my kids, this isn't an option.  Because if they said "I want to move in with you so that I can go deeply into debt to finance a college degree," my answer would be NO!  There, that just went out the window.  Onto a new plan, because that one isn't going to work.

Also, if my husband thought this was a good plan for our life, he would be wrong, and I would let him know that in no uncertain terms.  Again, NO!  If your friend had told her husband NO, and her parents had told them NO, maybe this wouldn't be happening right now.
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#22
I have a different friend whose entire family was scrimping and saving to put him through grad school at Northwestern. Mid-career guy, not in a great job. The degree was going to cost in the 200k range and I still was scratching my head trying to do the math.

Even though it was a prestigious MBA from Kellogg, this guy was no spring chicken and was going to be saddled with at least 100k in debt.

This friend and her Northwestern husband were not who I had in mind when I wrote the original post, but the Full Sail guy made me think about them. I don't want to knock someone for personal goals and that sort of thing. I just wonder why a guy who's basically mailroom level at the company and almost 50 years old thinks that it's wise to get into six-figure debt over even a very good education. I guess where do you draw the line? And if you have a bachelor's but your drive hasn't been able to push you at least partly up the corporate ladder, then why would an MBA make a difference? Maybe he made some great connections...
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