KETV Omaha - Iowa College Grads Among Deepest In Debt

[OmahaBlueDog]

The latest report on the subject from the Project on Student Debt said 73 percent of Iowa graduates left college with some debt in 2008. Their average debt was nearly $28,200, the second-highest in the U.S.

Only graduates in the District of Columbia owed more, on average.

Among the state's public universities, Iowa State graduates tend to owe the most. Iowa State's class of 2008 owed an average of $30,700.

For more, go to http://www.ketv.com/money/24891721/detail.html


As contrary to logic as it would seem, I'd almost be inclined to tell a grad with a BA/BS to double down, accrue more debt, and go on to a post-graduate degree. The job market is so bad right now, that my guess would be, financially, that one is better off going for a masters, doctorate, law degree, or medical/dental degree.

[exboyfil]

1. Especially if they are going into public service with the

10 year forgiveness. At a pretty low point in debt (even assuming a $50K salary), it makes no difference whether you borrow $25K or a $100K - the payments are the same. You can borrow up to a $100K (even a little more) pursuing a PhD, get the degree, and get a pretty nice job teaching in a public High School for ten years (better than living the hand the mouth existence of most PhDs trying to stick with tenure someplace).

[realisticphish]

2. yeah

though state jobs aren't exactly a dime a dozen at the moment, as I know all too well (library science master's degree, shortly)

[exboyfil]

4. We just had a bunch of teacher openings this year in our

school district. Our sister district also had a bunch. Lots of turnover right now.

[exboyfil]

3. In Iowa virtually no merit money is available unless you

walk on water (3.8-4.0 GPA and 30 ACT) to the state schools. No grants for families making over about $60K either. The tuition is not bad (especially when compared to instate University of Illinois), but usually the full education amount is carried by the student.

I asked a Financial Aid person from Iowa State why this was the situation, and she really did not have much of an answer.

Iowa takes a healthy cut for taxes as well. The top marginal rate is 9% for families making over $63K. Property taxes also take a pretty healthy chunk. We also have 7% sales tax on everything but food and medicine.

I am not complaining. I have done my best to prepare my children for college. It is interesting the contrast in Iowa to a state like Georgia which is able to offer nearly tuition free for B students are better. It does make me think about accepting a transfer to Georgia as my girls get older. I am not so much afraid of current tuition, but what it will be like in four and six years when my daughters start college. Private colleges are not even in our plans. We are planning for the state schools. Fortunately we have one five minutes from my house. It would be perfect for my youngest who is thinking medical school. How to pay for that I haven't a clue.

[Lasher]

5. This is a disgusting trend.

People should be able to get at least a bachelors degree without going into debt like this.

[pstokely]

6. They're already overqualified, advanced degrees wil just add to that

too educated to be cheap labor