In all seriousness, though, this question did pique my interest in the state of the cost of a college education these days. I am in the process of embarking on a new graduate pursuit, which will, no doubt, leave a very serious dent in my wallet for many, many years to come. In addition to the dents my undergraduate and first graduate degrees put in my poor, broke wallet. Therefore, this topic seems pertinent to my life at the moment.
The program I'm looking at costs approximately $61K for the two year MS degree without a specialization, which I will seek (infancy). That will make it roughly another $1600ish since I need two additional specialization classes. Holy shit, that's a lot of money!
Like so many people out there, I already have a significant amount of debt from my previous academic endeavors. Education is expensive (please see rant about this in a future blog post), but one has to consider if the end result (those fancy letters after one's name) will pay off in the long run. Or ever. So, since I plan on adding to this astronomical amount of debt... let's crunch some fairly imaginary numbers!
According to the U.S. Bureau of Labor Statistics, social workers make an average of $43,120 annually. According to the U.S. Department of Education, if I made $43,000 per year, combined with my husbands income (because they include that in calculating your repayment costs, those slimy bastards) I would have a low monthly payment of $1590. If I used the income-contingent plan, that number would look more like $1100. Hot damn.
I went to private schools. Very expensive, private schools. What does education cost at a state school? Let's use my in-laws alma mater, the University of Illinois at Urbana-Champaign as a comparison.
For U of I, the full four year tuition for an Illinois resident is $127,240. Hmm. I guess I'm not sure where the savings is in going to a state vs. private school. Maybe in the scholarships? Grants? Financial aid? It's a lot to think about, but it seems like saving for my kids' education now is definitely the right thing to do.
ANYWAYS, back to the original question: why was I so broke in college? I don't really think the cost of education is why I was broke in college. As you see I took out a lot of loans and got aid and scholarships, so it wasn't like I was paying out of pocket my college career, like some people do. No, those numbers above is why I'm going to be broke for the next 30 years. I was so broke in college because I was too busy to make a significant income! I studied my ass off, partied off what was left my ass after studying, and I participated in some extra-curricular activities. The money I earned via work-study went to eating out and groceries, mostly, or things like new clothes or alcohol. But, I think it basically boils down to I didn't have money because I didn't make money! Same reason as now. I really wish they paid us stay-at-home-mom's more. Kids are expensive!! Don't even get me started hyper-linking the cost of having and raising kids!!
It is amazing to me the cost of education. My brain is worth A LOT of money!! I'm both flattered and flabbergasted by that fact. There is a lot to think about after writing this and looking into U.S. education expenses, but I have to go play with my baby and fill out my FAFSA. Because if I'm going to afford my education, I need to get more education. It's a vicious cycle.
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