Debt

[spinningwheelgirl]

I was just wondering what think about going into debt for school. Do you think it is ok to go into huge debt just to get a degree? What if you are going to a pastor or youth pastor and you will be making little money when you graduate? Or do you think it is better to go to school part-time and work while you go to school and come out with little or no debt.

 

[stuartguthrie]

In Australia most students go into debt when going to university. We have what is called the Higher Education Contribution Scheme which basically allows students to have their degree paid for by the government and then they have to pay it back once they have graduated. I personally don't think that going into debt is bad to get a degree - I think it's quite admirable that students give up on the luxuries that they could afford if they worked to further themselves.

As for then graduating and going into a job that pays little, I don't think that's important. You have to do what you enjoy in life. If you want to be a pastor then GOD gave you those dreams and you can't go wrong with them.

Remember if you do go into debt, only borrow the minimum that you have to and yes it probably would be helpful to pick up a couple of hours work if you can do (maybe a Saturday night pizza deliverer).

Good luck, GOD will bless you!

Stu

 

[servingtheking]

I don't believe going into debt responsibly is a bad thing. Everything in this world costs money, and you have to buy anything that you want or need. Paying for college is just buying yourself an opportunity for an education.

 

[General_Peanut]

I have gotten into debt for a lot worse things...



I dont think there is anything wrong with it...im bout to go into Seminary and im sure im going to have to borrow some money, i also will be working hopefully fulltime and i think that will help a little. If youknow you can handle studies and working i would proly go that route.

 

[skatepixie]

I don't think its bad, but I do think its something to think about before you end up in over your head. Always try to minimize debt if you can because when you pay things back you pay interest too, not just the cost of the item.

If you are going into something that doesn't pay much...then you really need to think about the debt issue. I'm not saying to give up on your dreams, I'm just saying to be really honest about what it will mean for you in the future when you go about paying off that debt. How it will effect your life and if that will be alright with you.

 

[Aaiden]

Mostly it comes down to personal choice and what your particular situation is. Usually depending on certain circumstances you can take as many as 30 years to pay of school debt. I would however look into as many grants and scholarships and humanly possible. Good luck!

 

[~Beauty_from_Pain~]

When I was a senior in high school and heading for college, I decided that I wouldn't go if I had to go into debt. My first year went fine. However, I am now in debt. I don't like being in debt, but it no longer really bothers me.

 

[Hungry4Righteousness]

thankfully, i've run across a way not graduate debt free, even though i go to a private, Christian University

 

[thepinkpencil3]

I'll let you know in a few months... I chose to go debt-free. I already have enough money to pay for 2 years of tuition and books, minus gas.... and my parents will help with all of those fronts. I chose a cheap public (great school though) over a private Christian university like I really wanted. I'm still wondering if going in debt up to my eyeballs is worth the experience and a school I know I'll love....?

 

[Adela]

We have some major debt, but that's the only way my husband and I could have gone to college.

Our parents have given us zero help.

We plan to pay off all of our debt even though it's going to be a major pain. I would rather have debt than a job I hate for the rest of my life.

 

[GuitarMia05]

im in debt right now from my first college ... im making monthly payments to them so that is working out nicely...and ill be attending a much closer to home College in Jan. so im sure ill have more college debt coming up...lol!

 

[dreamarie]

I think that taking on some debt in order to earn a college degree is acceptable. There are many difficulties with borrowing money with the intention of going into ministry, and the best counsel I received when asking these same questions came from my pastors’ questions: Are you okay with the fact that you might not be able to go where you’re called because of a loan payment? How have you served/assisted your local church in a ministry capacity? (This helps you decide what kind of uni you want to attend and what you're willing to pay) What’s your “life stage”? How much debt (credit cards, car payment, etc.) do you currently have? My mentors also shared their choices about paying for school and where they succeeded/failed.

I counsel students about debt at my university, and I think there’s a tendency not to stop for a reality check before we sign the dotted line. The rule of thumb is to keep your payment below ten percent of your expected gross monthly income. There's a website (Finaid) that allows you to calculate what that would be.

It’s wonderful that you’re thinking about this early. Sorry this post is so long…

Love & prayers,
Drea

 

[ACADEMIC]

We have some major debt, but that's the only way my husband and I could have gone to college.

Our parents have given us zero help.

We plan to pay off all of our debt even though it's going to be a major pain. I would rather have debt than a job I hate for the rest of my life.

Great point.

At the same time, taking out the least debt possible is highly advisable. For most, that will mean either going to a State school and/or gaining the support of their church as part of their internal leadership development.

 

[Paris9226]

I personally don't like the idea of going into a lot of debt for school. I am planning on being a teacher, so that decision has really influenced me to try to pay for more things on my own right now. I also go to a state school where my tuition is actually pretty cheap. I just figured if I went to a more expensive school and continued to live where I do, I would be paying off loans for quite a long time.

 

[chemica]

The payoff of a college degree in the US is not quite what it used to be. Tuition rates have risen much faster than the pay for a college graduate. I guess it is ok to go into debt for it, but be smart about it to. If you absolutely have to pay for school with loans go to a school with in-state tuition instead of that $30k/year school that will keep you in debt until you turn 30.

I would also suggest that if you do go into debt to actually have an intention of using the degree. I can't tell you how many out of staters at my school pay huge tuition ($35k a year at my school) and don't intend to use the degree. It is basically a very expensive 4-year ski trip for them.

If I didn't have funding for my education, I might have looked at ROTC before going too much into debt.