College Loans

kiki162

So I'm starting to look at getting a loan for my graduate program, and wanted to know what other's are or have used. Originally I enrolled in a grad program at another school that allowed me to charge my CC w/o additional fees. That gave me enough time to pay down some it until work reimbursed me. At my new school they offer deferred payment, but it's a 3% charge on the CC, or you can send a check. Not the most ideal situation.

Right now, I'm looking at private loans, mainly since I make too much money. If any of you have good experiences with a specific bank in getting a loan, please share.

JoJoCal19

If you're in the US, there's no such thing as making too much money for Federal student loans. Avoid private student loans like the plague if you can. Their repayment terms and flexibility with deferments/forbearance if you ever need it are nowhere near Federal student loans.

atippett

I have my private loans through Suntrust bank and Sallie Mae. I got a better interest rate through Suntrust, but the process to go through it is absolutely horrible. Their website is extremely unorganized. Sallie Mae is very simple. Although I got a higher interest rate through Sallie Mae, I chose them over Suntrust for my THIRD (!!!) private loan, simply because the process was so easy. First loan: Suntrust. Second loan: Sallie Mae. Third loan: Sallie Mae.

BradleyHU

jojocal19 wrote: »

if you're in the us, there's no such thing as making too much money for federal student loans. avoid private student loans like the plague if you can. their repayment terms and flexibility with deferments/forbearance if you ever need it are nowhere near federal student loans.

facts!!!!!

gespenstern

IMO formal education is overrated, especially in IT and not worth getting loans. I either pay for it with a small fraction of my paycheck (WGU) or don't do at all.

the_Grinch

First, check with your school and see if they offer some form of deferred payment for those who's job reimburses them upon receipt of a grade. I know at Drexel they have a form that you fill out and for a $50 or $100 fee you have until the first or second week of the next term to pay for the class(es) you took. Second, for graduate school you can most definitely receive a federal student loan.

JockVSJock

kiki162 wrote: »

Right now, I'm looking at private loans, mainly since I make too much money.

If this is true, why are you even considering becoming a debt slave with student loans? Just pay your way thru with cash.

DatabaseHead

gespenstern wrote: »

IMO formal education is overrated, especially in IT and not worth getting loans. I either pay for it with a small fraction of my paycheck (WGU) or don't do at all.

Lots of educational experts are stating this very thing, not the WGU part but formal education is overrated IF you have to go in debt. Your work pays for it well...... that's different.

BA in our department wise beyond his years did it right. Went to community college, got his associates. Hired on then in a few months applied for tuition reimbursement and is now getting his degree from Washington University paid for.

But this is just me thinking out loud....

kiki162

So when you figure in deferred payments, and each class is around $3500, yes, I could certainly do credit cards for it. Yes I get tuition reim. to cover part of my yearly tuition. Getting those points on my CC are great, however I'd rather have a separate fund/loan for it.

Far as the formal education comment...I totally agree with you. Even for a BS program, it's EASY for most of us that are already working in IT. Regardless of how you get a degree, no one can ever take that away from you, and it provides a good basic foundation for anyone. I've always wanted to get my Masters because I like to learn, and I work around a lot of smart ppl that already have their MS.

New2ITinCali

I don't think an I.T. degree is ever overrated. It definitely gives you leverage against other candidates and it shows that you have drive, ambition and passion. Thanks to my I.T. degree, I landed my current role in which I was under qualified for. My background (experience) and education both weighed heavily on my managers decision to hire me. They even asked me about specific courses and when I said "ERP" during the interview, their faves lit up. So IMO, education will never be overrated. It could actually be the reason in which you could end up landing the job.

MontagueVandervort

I wish I could respond to this thread. I wish I was welcome here. I wish admins would at least answer my requests for assistance. Please work.

MontagueVandervort

I have to agree with JockVSJock. Why take on debt when you don't need to? Do you realize you'll be paying even more because of an interest rate? Just figure out the monthly cost of grad school and calculate it in like a new household bill. You'll be far better off.

JockVSJock

gespenstern wrote: »

IMO formal education is overrated, especially in IT and not worth getting loans. I either pay for it with a small fraction of my paycheck (WGU) or don't do at all.

+1

The school I went to for my Masters for IT, oversold it. They said I would be getting some many job offers for high paying positions.

The only positions that I was qualified for was IT help desk.

A person I work with only has an associates degree...yet has the experience and he is a master of Storage, SAN, and vCenter and he is commanding over 150K...He only has an associates degree. He has said this over and over again:

In IT, only experience matters.

I've posted this before, and I will continue to rage against the education system in this country because it is outdated, costly, predatory, and not preparing folks for the 21st century workforce. Just enslaving them with debt. Why do you think so many rallied to Sen Bernie Sanders student loan forgiveness program (which I'm against...they fell for the BS and they need to pay for their mistake, not me).

former college professor, Marty Nemko:
https://www.youtube.com/watch?v=sMr2BxA_HVU

former High School Teacher and NYC Teacher of the year John Taylor Gatto:
https://www.youtube.com/watch?v=Ww4m8GUK69E


What is you current role?

What experience do you have?

What are you wanting a degree help you do?

TranceSoulBrother

You do not need college loans for the sake of college education. I won't go all Dave Ramsey here but like others said, consider the ROI.
So many people will hit you with the Degree vs Experience discussion. Only you can decide what's best for you (and prevent forest fires)

Anecdotal evidence like Jock's is good insofar as someone wants to keep plugging away at the keyboard. For others wanting to move to the corner office or climb the ranks while not nugging away at the keys daily, a degree is important because the HR rules and societal conventions require it. Nevermind the one or two tech billionaires who are college dropouts.

Look at your degree dispassionately. We're talking about IT here, not Art Appreciation or Music History.

The education system here might not be aligned with industry like they do to a certain extent in Europe, but it provides a plethora of opportunities for diligent learners.

DatabaseHead

It really depends on the type of study you want to go in.

For instance, I know for a fact that the local community college computer science / development graduates land jobs when they graduate. Several of the large corporation attend the job fair there and see it that these resumes get a strong review. Can that be said for the business admin associates, not sure, probably not.

It really depends on a lot of variables, market, degree, skills, too many elements to factor in right now.

I personally believe if you do it "right" the first time you don't have to get a masters or continued education in regards of school. That's not to say you should stop learning, no way.

My biggest concern for anyone is getting in massive debt for a degree with little to no return. If you are unsure, do a cert or read a book, lol. Don't take on 30,000+ of debt for something you are "dabbling" in.

TLeTourneau

I am considering a student loan for my master's degree. The primary reason is that although my employer offers re-imbursement that will cover almost the entire cost of the program the school does not have a deferred payment program. In this case I am looking at the loan to pay tuition and that loan will be repaid by the re-imbursement. I will incur some expense due to the interest but it should be fairly minimal. So I think there are times when it's not completely unacceptable to consider a student loan although I did pay for my bachelor's out of pocket.

cptpizza

In general, I agree with the sentiment that whenever possible, avoid debt. That said, even people who make a reasonable amount of money may not have the disposable income to pay out of pocket for additional education.

I also agree that some schools programs are overrated. However, I still feel that quality education requires substantial effort, regardless of where you go. If you are doing just enough to pass, it doesn't matter if you go to a traditional school or a diploma mill.

Sure, IT technology changes quickly. Often the curriculum is behind the current technology. Many of the concepts and troubleshooting techniques, however, can stand the test of time. My Associate's degree was at a tech school that has now been closed for some time. I had teachers that literally just passed the same class the term before mine and read out of the book. Many of my classmates did not go onto work in the IT field after graduation. I studied hard, got my first job while I was still in school to combine the fundementals learned in school with the experience of the real world. While i'm not getting rich, I make a decent living.

I just recently returned to pursue my bachelor's degree after over 15 years of work experience. I will be paying for the education with loans. I do not take on debt typically, but I also do not want to decimate my savings by paying up front. I do recommend paying some of the amount throughout the process, to avoid the interest accumulation while going to school.

Bottom line in IT: If you know your stuff, jobs will come. A few more doors may be opened with a degree, as they meet requirements of hiring managers that sometimes have old-school mentality when it comes to educational requirements of a job. Other times, experience will trump the piece of paper.

blargoe

Why do you feel that you need to enroll in a master's program at all? Wanting to go into IT management?

TLeTourneau

blargoe wrote: »

Why do you feel that you need to enroll in a master's program at all? Wanting to go into IT management?

Who are you asking? I am not sure that I want to go into management but the competition for the higher level positions can be fierce, we have non-management people in senior tech and architectural roles that have doctoral degrees.

For me it's more about I want to do it and my employer has a bias towards degrees.

beads

gespenstern wrote: »

IMO formal education is overrated, especially in IT and not worth getting loans. I either pay for it with a small fraction of my paycheck (WGU) or don't do at all.

With brick and mortar schools rapidly turning into nothing more than adult day care replete with "safe spaces" and special snowflake protection zones I am complete agreement here with Leo. Get the tech skills first, learn the business side of the art at the workplace. B&M schools need to exist in the present form is rapidly evaporating.

Skills first.

- b/eads

DatabaseHead

@ Beads agree to agree........