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Paying off college loans
#1365135 Tue Jun 16 2020 05:25 PM
Joined: Apr 2005
Posts: 2,612
C
Shop Shark
Some of the younger ones on the Spoon may have that horse collar and more may have kids who have to dig in their pocket each month. I was going through papers my late sister had and ran across MY college loan. I saved enough up through high school to cover 1955 and 1956 and sold my 34 Ford street rod to the bankers kid to cover 1957 but was hung out high and dry to cover 1958. I had a zero credit rating so my Dad, bless him, signed on the dotted line to pay for my final year. After an undergrad degree I got offered a teaching/lab assistant position that would pay for grad work.

First: the stamp on the business size envelope is for FOUR CENTS
Next: the loan for $552.24 is payable in 8 payments of $69.03
The note carrier was "The Tuition Plan Inc." One Park Avenue New York 16, N.Y.

You can bet that 1958 loan was as hard to pay as five figured ones now.


Evan
Re: Paying off college loans
coilover #1365143 Tue Jun 16 2020 06:35 PM
Joined: Aug 2019
Posts: 217
O
Shop Shark
I maintained athletic and academic scholarships throughout school and was very lucky not needing a loan.

Though I think 4 figures today would be a closer representation of $550 back in 1958
https://www.usinflationcalculator.com/

$20-30K is pretty typical for kids graduating a 4 year college. Probably worse for those with post-graduate degree that's increasingly important.
For that kind of $ you'd better have a good plan for that degree... I sure didn't have a plan.

It seems like things went off the rails when they made it so that anyone can get a student loan... but the loan cannot be alleviated by declaring bankruptcy.
I'd bet that's when enrollments and tuition skyrocketed. A wonderful system for fat cat school administrators and loan sharks.
Trade your soul for a career anyone?


'59 Chevy Suburban, NAPCO
Re: Paying off college loans
coilover #1365183 Tue Jun 16 2020 10:53 PM
Joined: Feb 2001
Posts: 6,856
W
Master Gabster
I started college in 1961 and the local college was $10 credit hour for full time and the $12 for part-time. I worked full time at the local grocery. In 1962 I bought a 1957 VW and 1964 I bought a used 1963 Falcon convertible. I got married in July 1966 I was making $2.00 an hour and my apartment rent was $76 a month. My wife was making 50 cents an hour working parttime and playing the piano at church and also worked as the church secretary. Then the draft was going to get me so I enlisted in the Army at $100.00 a month. The highest year for my son 1990-1994 was $9000.00 art IU, Bloomington Campus. Now it is $35,000.00. I don't know how parents do it now. I was able to pay all of is tuition and room and board. He earned all of his spending money. When he was home he worked at a local bank and they recruited him to work parttime at the branch back at school. He is a well organized I started to say kid but he is 48.


Ron, The Computer Greek
I love therefore I am.

1960 MGA Roadster Sold 7/18/2017
1954 3100 Chevy truck in the Gallery
2017 Buick Encore
Pix on Photobucket
Re: Paying off college loans
coilover #1365191 Wed Jun 17 2020 12:15 AM
Joined: Aug 2005
Posts: 9,128
Master Gabster
I found high school boring so my grades weren't good enough for academic scholarships and I wasn't athletic enough for an athletic scholarship. My parents didn't have the money to pay for college so I had to work to pay my own way. I didn't want to work while going to school so I'd work full time until I could afford a year of school then quit the job and go to college for a year. Living with my parents helped a lot. It took me six years to get a two year degree. I did manage to land a small scholarship one semester after making the President's Honor Roll with a 4.0. It was enough to pay for books the next semester. After I got my degree I went to work. I couldn't afford more college and didn't want a lot of debt.


Save a life, adopt a senior shelter pet.
The three main causes of blindness: Cataracts, Politics, Religion.
Name your dog Naked so you can walk Naked in the park.
Re: Paying off college loans
coilover #1365193 Wed Jun 17 2020 12:37 AM
Joined: Feb 2001
Posts: 6,856
W
Master Gabster
thumbs_up


Ron, The Computer Greek
I love therefore I am.

1960 MGA Roadster Sold 7/18/2017
1954 3100 Chevy truck in the Gallery
2017 Buick Encore
Pix on Photobucket
Re: Paying off college loans
coilover #1365194 Wed Jun 17 2020 12:42 AM
Joined: Oct 2006
Posts: 11,766
D
Extreme Gabster
I was like you in high school Tiny, bored to death. Actually quit short of one credit but changed my mind and went
back that summer and got my degree. Closest I ever got to the university was driving past it on my way to work.
I guess I figured it would be even more boring than HS. However, I did and still do a lot of reading, and the only
reading I can or ever could stand is technical stuff. Having work around theoretical physicists at Fermilab as a
Sr. Technician, I was exposed to lots of cutting edge ideas. I don't think a day goes by that I don't make it a
point to learn something new. Hope I can continue down that path for another 22 years.
Daughter is 40 years younger than me, and after squandering her collage money the first couple of years, she
needed school loans when she got serious about it. Got her batchlor and master degrees and paid back every
penny she borrowed. Took her till she was 36, but she honored her contracts. darn Proud of her.
Denny G
Sandwich, IL

Re: Paying off college loans
coilover #1365195 Wed Jun 17 2020 12:51 AM
Joined: Aug 2001
Posts: 4,396
2
Shop Shark
I wasn't doing very good early in high school, figured I'd join the military when I got out.
Then they had a presentation my Sophomore year about going to a full time Tech High School.
Told my parents I wanted to take auto mechanics, Dad insisted I take Machine Shop and put Mechanic as my second choice.
Got Machine Shop.
One of the best moves I ever made! And I was still 15 years old. Was working in a machine shop before I even got out of high school.
Making more money than any of my friends. Just to make this related to Stovebolt, Driving and customizing a 65 Chevy van.
https://i.imgur.com/QUbpSjo.jpg

Not rich, but had a great career and retirement is not bad also.
Country life with a Redhead is also good. Another good move I made!

Don


Of all the things I've lost in my life, I miss my mind the most!

1967 GMC 9500 Fire Ladder Truck
"The Flag Pole"
In the Stovebolt Gallery [stovebolt.com]
More pix on Photobucket [s893.photobucket.com]
'46 2-Ton grain truck
'48 3/4-ton grain truck
'50 2-ton flatbed
'54 Pontiac Straight Eight
'70 American LaFrance pumper fire truck.
Re: Paying off college loans
coilover #1365199 Wed Jun 17 2020 01:36 AM
Joined: Aug 2019
Posts: 217
O
Shop Shark
Interesting stories, and awesome van!
School is good and all... but it seems like most professions are polluted with 'credentialism'.

There's a lot of entry level job ads requiring at least a bachelors degree, and then higher level jobs weighting post-graduate degrees over experience.

Personally I've learned so much more lasting knowledge AFTER leaving school (in 2012 with a physics BS). Internships, jobs and time to pursue my interests is way more educational than constantly jumping hoops with homework, exams, class projects.

My old professors though, were some of the best and hardest working people ever. Some of them talked highly of 'European style education' where a lot of people bypass the 4 year degree through placement in apprenticeships or vocational schools.

Last edited by Ott3r; Wed Jun 17 2020 01:37 AM.

'59 Chevy Suburban, NAPCO
Re: Paying off college loans
coilover #1365216 Wed Jun 17 2020 03:39 AM
Joined: Mar 2014
Posts: 1,665
J
Shop Shark
I worked my way through. I spent 5 years with the Marriott and started when they had 5 hotels. Only job where I was shot at and sued...not the same day, though. It took me 7 years to finish, but I never borrowed a cent.


Jon

1952 1/2 ton with 1959 235
T5 with 3.07 rear end
Re: Paying off college loans
coilover #1365240 Wed Jun 17 2020 10:49 AM
Joined: Feb 2001
Posts: 6,856
W
Master Gabster
I would like to clarify, my son did not get a free ride. When he was in high school and out for the summer he worked numerous jobs, he sold fireworks most summers. Then he got a job at a convenience store and that lead to being recruited for a job in a bank, still don't know how that happened. Any time he was home from college he worked there during the day and at night worked at the convenience store. Back at school, he was asked to work at the bank, and when he graduated they offered him an assistant managers job the next town over.


Ron, The Computer Greek
I love therefore I am.

1960 MGA Roadster Sold 7/18/2017
1954 3100 Chevy truck in the Gallery
2017 Buick Encore
Pix on Photobucket

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