Quote:
Originally Posted by someone123
I don't know, but the tuition component has clearly gone up substantially. When you are just starting out those few thousand dollars per year make a big difference on their own.
|
I have this debtate with my younger brother all the time. He ended up with $20K in student debt whereas I ended up with $18K in net savings. My total tuition over that period of time was around $6K. I completed my first two degrees in five years total while it took him five years to complete one. So assuming he averaged $4k per year, he spent aroud $14K more on tution than did I. So his finances should have only been about $14K worse than mine, but ended up $38K worse. Tutuion was only a minor contributor to the difference:
-he took 5 years to complete a 4 years degree
-he only worked during the summers whereas I worked full time all year
-he lived with only one roomate in a good location, I lived with multiple roomates in crappy apartments in less desirable locations
-he bought food on campus at inflated prices, I brought my own
-he went to bars more or less every Thrus, Fri and Sat, I went to a bar maybe 2-3 times per year
The increase in student debt is mostly due to poor priority setting.