Parents Can Stop The Student Loan Crisis! - Dave Ramsey Rant!
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- Опубликовано: 11 сен 2024
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I’m so glad I found Dave when I did. I’m a senior in high school whose parents are not paying for my college, and I applied to a lot of expensive schools. After finding Dave a month ago, I realized the horrible situation I would be putting my future self in if I took out 50,000 in student loans a year. Instead, I just commited to the best public university in my state, and I got a scholarship there! It was hard saying no to what I wanted, but I know that I am making the smart decision.
Emily Smith Well done! The biggest part of this is learning to exert some self control and follow wisdom instead of the “I want it and I want it now” toddler that lives in all of us. Keep it up!
Private schools don't have the secret knowledge. This was THE 5 minute discussion at my house my senior year of high school. I saw it even then. I went to the best public school in my state, too!
Good for you! Just another thing to consider - there are a lot of future employers out there who will talk with you about your decision - and that you paid your own way through school without incurring $200K in debit - and decide that you're exactly the type of person they want working for them.
I was in that SAME EXACT BOAT!.... 4 years i wanted to cross state lines to go to a for profit college or a university across state lines... found Dave Ramsey and decided to go to community college instead, worked part time for my gen eds and remedial courses and studied full time with no job for my last 2 years in Applied Math and am finishing school with 0 DEBT! in 14 months.... although to be fair i was my grandmother who told me this first, but i was under the notion that they didn't understand how the real world worked
Congratulations girl!
I was soooooo close to taking out thousands of dollars in student loans!! The only reason I didn’t was because of Dave Ramseeeey!!! I will save and pay on cash when I go!!
When my girls started middle school i told them Mom can’t afford to pay for college. But I will do whatever I can to support your education and help you get a scholarship. Fast forward 7 years and I have a sophomore and freshman having a fabulous time at a private college in Southern California both on full ride scholarships. They both have jobs to take care of living expenses. Cost of attendance per year is 156k for both without the scholarships. I feel like I won the lottery.
Amazing!!
College is too expensive, but as a teacher, this segment is so important. I graduated from a great in-state public school and have had no problem getting jobs or having to defend my credentials. Just because you pay more for something doesn't necessarily mean it is a better product.
Congress!!!!!! STOP THE STUDENT LOANS NOW the price would go down overnight
It's also possible in some situations for some schools to increase tuition dramatically overnight. This happened with my uncle back in the 80's. We'll see though, there's a lot going on here.
Parents often don't know much more about finances than their kids!!
So true for some
That is true, because kids say " I want", and parents say " I pay"
my problem with dave ramsey is that he says that governments should not help people. that they should biblically help themselves. but sends his kids to the institutions that where formed from the agreement of people. for providing education from the state level as a basic way for people to get education. it is irritating to see the devaluation of of peoples hardship that follows the sentiment of dave ramseys personal responsibility. yes we can make a difference in our own lives im sure from the uk the usa is the complicated but not far off. but siding on compassion is what makes you a parent and thats what most people would do for there children.
@@samuelhastings6859 so your problem is that dave doesn't pay for "compassion", and that he thinks its stupid to do so?
That’s no excuse.
I am going to Community College Ramsey, I am getting done with my Associate degree very soon, I am transferring to a public University for 2 more years, my all tuition is free I have scholarship and some amount of Pell grant. I am going to graduate with zero dollar student loan with mathematics and software developer degree.
Good on you, to be so financially wise at such a young age.
I encourage you to also get into an internship/co-operative with a company that will give you real-world experience. Do this as early as possible, leaving you with ~2-3 years of professional experience by the time you graduate. While a degree/education is extremely important, I've interviewed so many graduates with very little hands-on knowledge that don't meet the minimum requirements - even with a masters degree. Software engineering/development can almost be thought of as a trade, and as long as you're continuously practicing (best done on the job), then you'll be more than set for the future. Also, co-ops are an excellent way to network and communicate with seasoned developers.
a community college for people who taught self responsibility on dave ramsey.
Excellent Keshab. You are in the right path! My friends son went to DVC and graduated from UC school and is now working in Apple. Don't let anyone discourage you. You are in the right path.
Amazing a mathematics major who didn’t go thousands of dollars into debt, you’re a unicorn.
If I could add my 2 cents...it is also OK to go to a local Jr college first for all your gen eds. It also gives a kid some time to really think about their major.
Blame the government for making the loans so accessible as well therefore driving up the price. And telling everyone they have to go to college or they won't make it in life.
Alex Dull GO BLUE!!!!!!! I got a full ride to The Beautiful Fabulous University of Michigan 🙏🏽🙌🏽
Ohhh absolutely they can! You know I grew up being told you’re going to college no matter what! My parents couldn’t afford it for me but I was convinced I was going. Graduated with a Finance degree and $22,000 in student loans and I tell you what, Dave is right when he says “the 30 year old me would appreciate it if I just applied for more scholarships.” And not go out and party. LOVE THESE RANTS!! 🙌🏽👍🏽
Great job Raul. The loan debt is what is it. You still make more money, and have more security and upward mobility than most without a completed degree. You did well, regardless.
Jennifer Adams Franklin JENNIFER! Appreciate you! 🙏🏽. Working hard. Can’t wait to get to baby step 3
@@JenzJoe yet. Someone with the exact degree is flipping burgers or at starbucks...
Super crazy thing...when my daughter was born as soon as I got her social number I opened her college fund. She’s 13 and I have almost the entire 4 years covered at this point. I didn’t have more kids because I couldn’t afford more school funds. It’s crazy how that works. I know I know, I’m lucky and stupid and not everyone can do that.
I gradutaed with 14 grand in debt from a state college. Paid it off and i work side by side with people who went to "better" schools and are still paying 10 yrs later.
After high school I got a job at a Amazon warehouse full time , they paid 95% of my tuition for my Associates in Mechanical Drafting plus the financial aid I got from Pell and GA HOPE, which I’ve put back for getting my bachelors. I’ve already got a job in my field and I’ve still got one semester left. I’m a few years older than most in program but I’ve got ZERO LOANS!
I wish someone had told me this year's back
My mother and I talked about it in the 90s, but people called us losers, negative and mentally ill. Dust off the mentally ill negative losers in your life and see if you can get some stock tips.
Only thing you can do now is to warn future students
They did tell you, you didn’t listen because you thought you knew everything.
I know because people with student loans and the news told me, but I did listen and I knew better than going tens of thousands of dollars when I was making $9,100/year after taxes, working and going to community college.
My dad just said "I am not paying for it and you shouldnt either" - I got a full ride to a regional campus of the huge state school, my friends spent $50k/year at private schools. They went on spring break while I went to work. Turns out, I was the winner.
About to Graduate in May with no student loans! Feels good not to have anything looming over me.
CONGRAULATIONS Now you can enjoy the fruits of your labour with no stress, worry or bother. Good luck.
I realized student loans were a bad idea at 17 years old so I joined the Marine Corps. Now I'm about to have an MBA all paid for through Tuition Assistance and the Post 9/11 GI Bill. Don't understand why so many don't consider military service a viable option.
bloomjoe08 exactly!
not everyone can go to the military. NOT fighting trumps war!
Some people are medically disqualified that's why.
I wish I could join the military after college! This is mainly because I think that being a military officer would be a viable option.
However, I am probably medically disqualified. I suffer from anxiety and other mental health issues.
@@rooclicknet8666fight your debts then 😂
Amen Dave,
As a recent grad, I can say it’s possible to go to school debt free and those reading it, YOU CAN DO IT!!!!!
Here’s my story, I worked and saved up during high school (still maintained a 4.0+ gpa), took 1.5 years worth of community college classes and AP courses during high high school, joined the Army National Guard to pay for tuition, worked as a RA for a semester (Free room and board), took a year off to deploy over seas and saved all of it, then took a paid internship. Instead of being Normal and being in debt 50k, I came out with a healthy bank account and enough saved to cash flow grad school in the future, and still graduated with honors!
Thanks Dave, I read all your books while deployed and it changed my view and outlook on money. I was raised by my mother under the Dave Ramsey principles and because of that I am Debt Free!
Congrats! That's amazing. And thank you for your service.
Thank you for your military service to the United States of America.
The nursing major has impacted the whole state of California, every single school is filled and the requirements are absolutely insane. I have no choice but to leave, thank god there’s special programs that exchange students from different states in the US.
True
I tried to tell a roommate to work and pay for school with cash, he and another roommate told me that that is a stupid idea. I didn't bother arguing because they are set in their ways.
In California, it's a different story. In-state tuition for the University of California is now $15K per year. The university system is bloated with administrators driving up the cost. Also, the UC system is excluding some Californians because residents pay less in tuition. UC is now chasing the cash cow of allowing foreign students. UC charges $28k/year for non-residents. I came from a poor family and I started my undergrad degree at a community college for very little money and I transferred to a state university to finish up my last 2 years. Starting out as an adult sacked with student debt is not a great start. There are a lot of angry graduates because they owe a lot for their education. Everybody has to remember that there are no guarantees for investing in human capital.
I think some of that tuition is due to the cost of living in your state. At Indiana University, annual tuition is $10,000 a year.
Damn..I'm a Cal-state Dominguez Hills graduate but got mine while in the military after community college
@@Cahluvca I'm a CSU Sacramento grad from the 80s! As you know, CSU offers an excellent education cheaper than UC. UC has a lot more prestige. Back then, my tuition was only $300/semester. Back then, the State of California paid more into higher ed. I work at the UC system and I've heard from bean counters that the state only contributes only 13% With the UC bloat and lower state contribution has made UC unaffordable for Calif residents. :(
Dave Ramsey has 4 kids, he is hiding it from his wife. 😱 😱 At the start of the video, he said 4 Ramsy kids 😂😂
If he does, he gets a $20 prize.
I think a LOT of the problem IS the cost of college. My wife and I both went to state colleges. We worked our way through college with a part time job. KIDS CANNOT DO THAT NOW!
I got my b.a.s. without any debt. I had some financial aid and I worked 50+ hours and saved up to cover my tuition. I did two years at a community college and the b.a.s. degree I wanted was offered at my community college for fractions of the price, compared to if I had went away. It allowed me to work while I was in school.
I lived with my parents while in college. Went to community college, earned A.S., transfered to local state 4 yr college, earned B.S. I paid cash every semester, never took out any loans. You can do it, ignored the "4 yr plan" and take longer if needed so you can pay cash, trust me it's worth it. Also at 24 yrs old FASFA does NOT consider parent's income anymore, so you can qualify for Pell Grant more than likely to help pay for school
Thank you for uploading this! I played it for my step son whose mother has convinced him to attend a particular out of state university because the weather is nicer there!
"Of course you are feeling the bern. You are stuck" Hahahaha. Perfect analysis.
Just because you're older doesn't mean you're smarter. I'm 18 and my mother wanted me to take out student loans to go to college
If she is not smarter, then she has wasted a lot of years for nothing
@@HamiltonRb I'm sure she's smarter in some areas but this certainly isn't her specialty
Please don't. Apply for scholarships. There are tons out here.
The best value in higher education beyond the two-year level is the mid-sized state university. If you are an above average student with good grades, you will get scholarship support, smaller classes, more individual attention, and a lower cost. I know. I teach at one.
Well there's no arguing that college is expensive, but yes, you should go in state. In fact, you should hit the community college first, then 2 years at your university.
I agree with you here. I have a set of triplets who are attending community college, live at home, and carpool. The state provides college students with about 60% in funding. They're on the hook for the rest. They locate and win scholarships to pay the difference. No student loans here.
I almost begged a nephew to not attend an expensive private school when he could get the same education at a state school for 25% the cost. Both his parents placed big importance on prestige education. Co-signed his student loans. 2 years & $60k in debt later he flunked out and went to state school in a completely different career track. SIgh...
What’s important is you tried to impart wisdom, he will listen to you in the future.
The Vanderbilt family today is broke, the university is all that is left of there legacy.
Options to Cut College Costs
The whole “student debt” thing seems to me to be self-inflicted, based on my own experience with our children. Here are some ways to avoid debt::
1. Community college. Typically, two years can be done at community college while living at home if the student chooses transferable courses.
2. State universities. They cost less for in-state students than others. And again, if there’s one nearby, the student can live at home.
3. National Guard. You’ll get college assistance and a part-time job during the year. Your initial enlistment training will be done by the time you start college if you enlist during or after your junior year of high school. And if you later decide on a military career, you'll have four years' longevity credit for pay purposes.
4. My brother went to medical school by being an Army doctor afterward. My younger son and I got our master’s degrees while on active duty, being ordered to an advanced degree program where we got full pay and allowances for about a year-and-a-half each.
Others may have other ideas.
The biggest hitch to the community college/state school thing is classes that need to be taken sequentially and if you are going for a degree in the community college vs just getting some credits out of the way. I went for a full degree in community college and ended up taking 15/18/19/20 credit hours, then the state school I transferred to didn't accept some of the community college classes so I had to take precalc and calc at the same time (with a waiver) then ran 18/22/25/25 credit hours to graduate on time. If I had planned ahead I could have moved a couple credits from the state school to community college by researching what would transfer but hindsight is 20/20.
Check, and check on #1 and #2. This is what my 3 are doing and they stay at home and carpool
I agree with Dave on the connection between the exorbitant student loan debts and the populist push for communism/socialism.
I used to live in Brazil, it's a completely different reality down there but when I was 17 years old my parents didn't have money to put me in college. I went to work, at 22 I was a manager and made enough money to pay my own college and did so. I got the less expensive program that gave me the exact same degree than a expesive one.
daniel g guardabassio GOOD MANO
Just to point out, sometimes out of state tuition is cheaper than instate. I went to the U of Arkansas (Woo Pig Souiee!) and we have a small but respectable contingent of students from California. When I asked them why Arkansas when they lived in CA one finally told me "room and board, plus tuition is less than community college where I am from".
WPS
Makes sense!:D
Crazy story; I am in my 50s, and decided to do something fun that I never got to do and take art at the community college. While there, I discovered a list of scholarships and I met the criteria for one. I thought it would be great to get a couple of hundred dollars for art supplies. The scholarship was for war veterans who lived in the state for ten consecutive years. The letter from the state came back that the state would pay for me to attend any state university up through a masters. Quick switch of plans; we have an excellent college of social work, and being a veteran and older I decided that getting my masters in social work would be a great retirement career (work in my 60s and 70s). My bachelor's is in business so I wasn't sure of being accepted but I was accepted, and though I have to pay for some of the expenses myself (I work full time and attend classes on line or at night) I am holding a 3.9 GPA and hope to become a social worker. It won't pay well, but it is a career I can do as an older worker and supplement my retirement. I will be a beans and rice working retiree, but I will be the first masters degree graduate in the family.
Many colleges compound the issue by restricting the number of hours a student may take - for some it is 12 hours a semester. A friend opted to return to the same college from which she received her original degree - 30 years earlier - to get a second degree (long story). When she got her first degree she took 18 credit hours a semester while working to pay for it. When she went back she was told she could only take 12 hours unless she had approval from the department head. She asked why and was told that it was too stressful for students if they had to take more than 12 hours a semester. Her assessment was that it was an easy way for the college to milk students for at least two more semesters' worth of fees and expenses while making the college appear to be concerned for the student.
There is probably some truth to that, just like all the fluff irrelevant classes they make people take during college to make them "well rounded". They also want to keep the GPA up and if students fail too many classes and lose their aid, the college loses income and gains a worse statistic. I had to appeal several department heads during college to get out on time and had no issue getting approval, but they likely don't approve below average GPA to take more classes.
My restriction was at 20 credit-hours. Any engineering school worth its salt wouldn't dream of keeping you at 12 hours without forcing you to go 5 years. I remember some kids got out in 3 years with transfer credits and taking 18-21 credits per semester.
Engineering schools wouldn't, but my friend's second degree was in marketing. She just laughed at the students who thought 15 hours was unbearable.
Wow, that's crazy. When I was in college 18 credits was expected.
Parents also need to say no to useless degrees that won't actually get students jobs once they graduate.
I work for Amazon making $15 a hr. Bringing in $1800 a month! No education needed to pack a box up!
Just get a good paying job and don't follow everybody's Path ! You'll be surprised how much money is in that McDonald's, Ross, Walmart, Wendy's, Car Salesman, Waste Management, Construction Employees Savings accounts!
"That's why you think Bernie is Santa Claus" 😂 I love listening to Dave! His logic is spot on every time
Wondering why Dave never mentioned community college. THAT is for the budget conscious learners.
It all boils down to sheer laziness. The parents aren't willing to forego their vacations, boats, and new cars in order to save the money to put their kids through college. The kids aren't willing to go to school part-time and work their way through college.
I won’t choose my kids college for them, but I’ll pay what I’m going to pay and advise against them being dumb and wanting to spend more than they can afford.
I’m about to finish my first year of my Mechanical Engineering bachelor. I messed up and took about around $12,000 in student loan debt to pay for my education. If I could go back a year, I would be at community college for 2 years before I came here. I’ll be working full time next semester to pay off my debts as much as possible and pay for my next semester of classes in cash. Hopefully, I’ll graduate with less debt than I have right now. Thanks, Dave.
Good luck. Check to see how your classes priced. I know for me when I took 12 credits, it was the same price as taking 18 credits. That's a savings of about $900 or 2 free classes and then every credit after that was $100 less. I found this out during my 3rd year and I took full advantage of it.
shaochia vang It’s the same way here. I only took 16 this semester, but I definitely plan on using it to my advantage next year.
@@russ1422 Yes. Use it to the max of whatever they allow you too. You'll save roughly $7200 if you get 2 free classes every semester. And sorry, I meant a savings of about $2000 for 2 classes not $900. University courses are generally $350 per credit.
Also another thing I did that most people don't do is sign up for classes in the summer. Take ALL your gen Ed classes during the summer. I would hate to have to take a poetry or music class mix with your major courses. And I also think they do the pricing for the 12-18 credits also. You want to save as much as you can on it. I graduated with a bachelor degree with $10,700 in student loans and had I found about this earlier, it would had been probably half of that or even less.
One more thing. 2 free classes per semester , you can get 6 free classes per year. That's about $6000 off your tuition. That would mean it'll take you 3.5 years doing 18 credits saving you about $20,000 in tuition. Just a FYI, I quit my job going into my final year of college and took 21 and 24 credits in the fall and winter semester and 12 in the summer. Working full time and doing full time college is time consuming.
The in-state and out-of-state tuition is only part of the issue the main issue is that the kids who are getting the student loans are living off of the loans versus going to work at a part-time job. Also community college should be highly considered
Agreed, students trying to live off loans for room and board, food, and tuition is a bad idea and an easy way to rack up significant debt. I know this older lady doing the same, living off loans for life expenses. And her degree is one of those more useless ones.
In defense of a lot of kids, some parents actively encouraged them to go to expensive private or out of state schools. Growing up, I heard countless parents tell their kids to go as far away as possible for college because "it's all about the experience." Laying all of the blame on kids, many of which were under the age of 18 at the time, who made massive financial mistakes at the behest of their parents just isn't fair. My friend's mom wouldn't even allow him to apply to a community college out of high school because that's where "losers" go.
Yes, people have this misconception about community college but it's wiser and cheaper. Stay at home and save money. Plus apply for scholarships. There are a ton of them out here. Do dual enrollment in high school. Some states pay for tuition and textbooks so you can knock out your first two years of college for free.
Student loans needs an absolute overhaul.
Colleges too. I don't need to pay for a gym, "free" food or "concerts" lumped into my tuition.
On top of student loan debt, these parents give little Johnny or Jenny a credit card to meet everyday expenses.
And don't forget telling them they have to get a car loan to build credit to buy a house.
I went to the University of Oregon at Eugene. Born and Raised in Portland Oregon. Government and Organic Chemistry. Wharton MBA. FIN TECH BIZ
If only I had seen this video BEFORE I went across state lines to get my education 😭. My parents couldn't help because neither of them graduated college. I figured it out and dropped out after my first year but still, the loans were just not worth it. Thankfully it worked out and I started my own business that is now successful, but if I ever do go back to school it will be at a much more reasonably priced school. Thanks Dave, I've learned so much from you.
Congratulations
I had no parental guidance when I was a teenager, in regards to finances.
I was a young, dumb kid who had no idea what I was doing, and I went to college because I thought I had to. I had no idea what I wanted to do, but went away to school anyways...
Neither of my parents went to college so my mother was all about it. My father was basically absent in my life..
I believe if I had just an ounce of guidance in that time period I would’ve avoided a mountain of debt..
If I ever have kids it will be a completely different story..
Teenagers being offered thousands and thousands of dollars in loans is a disaster, and the trillion + college loan debt in this country proves it...
You’re absolutely correct!! It’s a complete disaster!! 📚
Dave still doesn't address the main problem that even an in-state school costs $12k/year for tuition. Not including books, computer, living expenses, etc. Multiply that by 3 kids over 5 years (average time to graduate most places) and you're still looking at a $144k cost just for tuition. I don't know too many families who can afford that. Yes there are ways to slim that down some but even then the average family doesn't have that kind of cash available to them.
The sad reality is that most people and most families will have to take out student loans for college. Unless one is wealthy or super smart it is nearly impossible to completely avoid. That's just reality these days (as a result of the government being involved in student loans).
Don't have kids, apply for scholarships and financial aid, go into the military or police force, get a full time job, go to a trade school, etc.
I have a set of triplets who are attending community college for the first two years, they carpool, and live at home. The state provides college students with about 60% in funding. They're on the hook for the rest. They locate essay writing contests and win scholarships to pay the difference. No student loans here. No money out of any of our pockets.
Dave got the money and still paid for his kids to go to state school. I bet his kids didn't want to go to college. They will be rich one day. Dave did mention he won't give his kids money to sit on yacht and do nothing
Dave Rantsey! 👍🏻
Great educational benefits in the military. How many of your kids served in military?
I'm a military certifying officer at a college, so it works great for me
College: 1. Complete as many AP classes in high school as possible.
2. Work for at least a year between high school and college.
3. During that year, do as many of those "scholarships" as possible.
4. Do a "2-year" degree in your field of study.
5. Now if you go to college, in the worst case scenario you get $10,000 student loan instead of $100,000.
The only way for the student loans to be dealt with is to make so student loans can be processed through bankruptcy court. People "KNOW" it is a loan and need to accept consequences for their actions.
Parents can stop a lot of problems.
I was so frustrated and stressed my first 3 years of college because I was SO overwhelmed. Through God's grace, my parents' help, and a lot of lost sleep working, I made it out with 30,000 in student loans, which is really good considering I went to a private university. Now my loans are down by half! If Dave Ramsay helped with it, I would support a complete overhaul of the system.
I agree something needs to be done. And I'm a Berrnie supportor if it's to help make college more affordable than great! But I am also taking lessons from Dave Ramsey and other financial gurus to help me with my finances and to build my wealth.
Who really makes money from the education system? Why are prices so high?
In state schools a lot of the money is going to building more buildings because the swelling enrollment, not really being pocketed just being spent. The private schools are where the money is being stuffed into pockets all around.
Rising tuition is a multi-faceted problem. The money goes to a multitude of places. It pays salaries, it funds research, it goes to construction of new facilities, it goes to school overheard, etc.
tenured teachers make huge salaries because they have credentials on paper,
colleges hire administrators to pretend to appear to offer services so more students attend
they buy more and more land and fix it up like Disneyland to impress prospective students so they link in their minds a campus with great services and amenities must mean I will get a great education. the cost of nothing in this world goes down so the price keeps going up. staff gets yearly raises, healthcare and other costs go up , so the price keeps going up. Most 18 year olds cant afford any rate of college - so Colleges and Universities figure whats the difference between signing your life away for 10k or 60k as long as the US government is guaranteeing the loan, everyone gets paid and they all pretend its a GREAT system.
It’s best to explore scholarships, be mindful that colleges, states, and the federal government gives out grants, which don’t need to be repaid as well. Education is not measured by which university that you got your degree from, but that you know the knowledge.
My college degree did little compared to the cost. I was able to succeed because I use the internet to educate myself
I know a family with 7 kids. The kids take CLEP tests for as many of the gen eds as they can and then do the rest through an online university. This helps them keep the cost down. They still study and learn. Have the flexibility to work and come out in the end with a degree.
"There's not a stray one" lol 😂
I love how he compares Bernie to Santa Claus but if we're being honest Dave has a strong physical resemblance.
Can we go further and state that cheap credit is ruining this society. Time to pay the piper !
Do not take out student loans seniors, listen to those who made the mistakes.
Dave, I’m a school counselor in So Cali and I tell my middle schoolers to never take a student loan. In addition, if you want to become a school teacher, you don’t go to a UC, Cal State is just fine!
When my daughter was looking for college she would come back with schools that cost X amounts of dollars. After a few colleges, my wife and I said we would only do Y amount.
She looked at a $50,000 private schools and $20,000 public schools. We found a local public school that we were settling on and but she applied to a higher end, all girls, private school. My daughter said well maybe she will get a scholarship. I said there is no way I could afford it and no way you could either.
A week later she received a letter from the school, it looked like a wedding invitation, with tissue and an rsvp card. I KNEW I could not afford it. Then I got an e-mail for a scholarship.
It costs me $1,000 more a year to send her to a small, private, one of the best school in her field of study in the country than it does to a public school.
She is finishing her freshman year with about a 3.5/4 GPA and loves everything about it. She will graduate with no debt and a shiny used car.
I applaud your daughter's willingness to try for scholarships. So many kids just don't want to apply because they're certain they won't get it. I didn't get a full-ride, but the scholarships did cover a good portion of my college cost.
@@lianakriebelYes, I have a set of triplets in college. None have full ride scholarships either but our state provides about 60% funding and their on the hook for the rest. They've applied for multiple scholarships and consistently win so they have money to make up the difference. Even the small ones $1000 - $5000 add up. Especially when they win at least one scholarship every couple of months.
Dave Ramsey should talk about the recent college admission scandel that happen.
Agreed
Agreed stop the Federal Student Loan program. 👍🇺🇸Why has tuition gone up $3.5 x in 20 years? 👎
$12,000 a year still might be too much college
30 hours a week x 52 weeks = 1560 hours at $7.70/hour, and you can make a heck of a lot more delivering pizzas.
@@selfimpovingprophecy5970 that's a good price for a associate degree. What degree are you going for ? Base on your income you may even qualify for tells grant, that's like $6000 a year.
@@selfimpovingprophecy5970 GL. How much do you make a year ? Community college is usually 60 credits and a credit is around $140 plus books and all should be close to $9000-$10000 ( from where I'm from ). That's like $4500-$5000 a year which isn't that bad to pay off if you work full time.
Also check the pricing of your college cost per credit. Sometimes when you do take 12 credit which is considered full time, itll cost the same as taking 18 credits.
My parents were up front.. The said they could not afford any college for 8 children. But they encouraged us to go by any means necessary. I have two degrees via student loans. First one paid off 2 years after college. Still paying the 2nd one. (Graduated MBA at the height of the economic bust.) Paying for college is doable, if done correctly. In state tuition, beans and rice living, getting a high paying job after.... (3rd one took awhile.) I will not complain about a student loan, cause it's very possible to pay them off with strategy and focus. But paying triple the cost for the experience? No..... that's not realistic. Banks are not the bad guys for making loans accessible. We don't like to admit that WE did not complete due diligence, use common sense, or run the numbers before we signed on for college/univerisity. Just like a drug dealer can't force you to purchase and use his/her product, neither do the banks force us to do so.... DUE DILIGENCE, FINANCIAL LITERACY AND RUNNING THE NUMBERS. These steps are with everyone's grasp regardless of your education level. We have to be smarter, and stop expecting the banks, the schools and the government to look out for us. It was never that way.... it will never be that way.
I agree. People get upset with the banks for giving out the loans but they're not forcing them. People sign because they're not aware. My 3 kids are attending college. No one is taking student loans around here. We tell them the only way you will go is scholarships and working and this is what they're doing. No loans her
Cathey Belcher .... u are doing ur children such a great service! College is work. That is all. Too many commercials and Hollywood movies attempt to make it an “experience”. Unrealistic. You children will be soooo better off! Experience and education. I applaud u! Excellent parenting. 😃😁👍🏾
Dave I admire your calmness about the student debt issue I personaly could not at the thought of it.
I went to Vanderbilt, my kids will not, for exactly the reasons Dave lays out here. Let’s wise up people!
I've already told my kids that they only get to tap into their college funds if they attend school IN-STATE and pursue a degree which will give them an ROI. I refuse to let them get into the mess I did. I clawed my out and prospered but skipping that step would've been fine by me!
Going to these big name schools is like wearing Gucci it's all about the label and that's what your paying for.
College is not the answer for most students!A heavy equipment operator can make more money,than a data analyst!
I swear.... it's like going to "Financial Common Sense Church" with Dave. These feel like little sermons... Ha! But he is correct. The student loan "crisis" won't stop until people learn to stay in there financial lane.
Financial institutions prey on those who aren't aware. The banks are happy to give out these loans like candy if people keep signing for them.
So you're telling me if your kid got an acceptance letter from Harvard, you won't let him/her go?
Harvard turns people into communists
"I'm smarter than you cause I'm older than you" Can you elaborate how age and intelligence are directly related? Bernie is 77.. does that make him smarter than you?
Comparing to someone 18, the odds are pretty good their parent (at least 33, most likely double the age of the kid) is wiser if not smarter.
@@randomvideosn0where But as kids get more mature, parents should treat them as if they are more mature.
I love this!!! ha ha, my children went to the community college and did just great, as well as achieving wonderful jobs. They are able to look after themselves well. There is nothing wrong with a community college education.
My daughter is going to have to take student loans for law school next year. She is graduating with her bachelors degree next month debt free, paid for by herself with help of a lot of scholarships, that she worked hard for. Unfortunately law school is very expensive, she is going in state to the most affordable one but she will have to take out student loans to go. I will help as mush as possible and she will be working as much as she can, but it wont be enough. She has wanted to become a lawyer since she was 12 and has done everything she needed to do to get there, I have taught her to never go into debt and so far she hasn't, she worked and paid for her car by herself, and now I have scared her of debt so bad that she is questioning going because of the cost. I do feel that a law degree will pay off in the end, and told her not to give up, just pay loans off as fast as possible when she graduates before buying anything the loans need paid off. Hope my advise is ok.
New Jersey does not have enough colleges for their students. Most students have to go out of state to go to college for their four year degrees..
It's also great to go to a technical school. My son in law went from military to technical school for tool and die and makes $37 an hour. He just turned 30. When he has overtime...ch ching$$$$. He's letting my daughter be a stay a home wife in a traditional role having a garden, livestock, and managing the household. God blessed us richly.❤
My stupid parents are requiring me to take out loans no matter what I do. Guess I’ll be saving a lot until I graduate CC.
Most community college credits transfer to the four year institutions now. Get your core out of the way cheaply, then pay for only 2-3 years of the more expensive institution. Also, it can pay to APPLY to an Ivy League, if you know you can get in, as bargaining chip for scholarships at the state school. I did need a $10 K student loan to get my PhD, but I easily paid that off in less than the time it took me to get my bachelor's degree. Now Harvard and Stanford grads work for me. Preach it, Dave!
Dave gave a shoutout to the Gamecocks!
I wish I had the Dave Ramsey I’m my country when I grow up. My life could be so much easier. I am 50 years old and I have a hope about my future! Thanks , Dave for education!
He's so right about the high school counselors. My school had a person who was just the college counselor and she told all of us to take out loans and that they would be forgiven. Now should I have questioned this? Yes for sure! However I was 17, and my naive thought process was "Why would my counselor lie about this?". Such a shame, everyone I graduated with is in student debt now. Paid mine off two years ago and lived off of rice and beans for three years.
Thanks Dave!
Agree 100% on staying in-state if you and/or your parents are paying. I wanted to go to a specific out-of-state school because (1) its engineering curricula had a marginally better reputation and (2) the out-of-state choice is always exciting and sexy vs the townie in-state options, but my parents said nope. Was very salty about it for years, but looking back now, I'm grateful they put their foot down. If I'd gone to that out-of-state school, I would've wound up with $100k in student loans vs the $20k I borrowed by staying in-state. And in retrospect, for all practical intents and purposes, the quality of education between the two schools was identical (the out-of-state wasn't MIT or anything like that). The truth is, like Mr. Ramsey always says, outside of a very few select professions and situations, where you went to school is absolutely irrelevant, even when it comes to landing that first job: it's all about how you did there.
Thank you Mr. Ramsey!! I will be putting my foot down and making my daughter go to college in state. If she decides to go out of state. She will have to do it on her own. She knows how hard I has been being single living paycheck after paycheck. But am so happy for her.. She my baby and will be first generation going to college. If I would of know all these with my first kid. I would of not had her get loans. She is 26 and I talk to her about you. and with her taxes for 2 years has paid her students loans. she has no more loans. yeach!!!
The banks and gov. Should not allow 100s of thousands of $ dept. for school.
I was an international student did my MS in a private university in Virginia and paid 8 times that of a local student. The worst thing is I graduated in 2008 just before the financial crisis.
Ok so I’m at UC berkeley for computer science but I’m also from North Carolina. I’m paying roughly 60K per year versus the 30K at UNC CHapel hill and like 55K at rice and other private schools. Idk if I made the right choice tho. CS at cal here is so so good (like 1 in the world) whereas CS unc is mediocre at best. We’re the connections and stuff over 3 years (I plan on graduating early) worth the extra ~100K? Also, average CS salary after graduation here is like 120K
Dave, young people need skills training. College is not the only option...but the remaining options are limited.
Watch TUCKER CARLSON what he has to say about student loan debt, he thinks colleges should have to cosign for the students right now the colleges are getting rich without any risk
I think he’s got a decent point
No, because the college will just spread that cost across all students. That punishes the hard working students who chose a real career path and makes them subsidize the partying art students.
Paid off my student loan of £2990 due to 3 jobs and gezelle intensity in only 3 months. Still over paying my mortgage and investing during that 3 months. Over here in England. Thanks Dave for the guidance /videos and book... Still got my emergency fund of £1000. I'm debt free!!!
I went to a private Christian school out of state, but I had scholarships and some of the remaining costs my parents paid via 529. My degree was engineering, and God blessed me with a job. Less than a year after graduation, and I only have $600 left, which will be gone next month. I could've been worse, but I do regret not being able to invest as much during these months of debt repayment.
EDIT: I should say, too, that I did go to the local community college during my senior year, which did save me a few courses and allowed me to have an on-campus job. (Though I'm realizing now that the on-campus jobs pay so much less than an actual off-campus job.)