Was Your Student Loan Worth It?

Everyone says taking out a student loan to invest in your future is well worth it, but is it really? 

For a handful of professions a degree is absolutely necessary, but for most jobs, it's not necessarily required, but gives you the competitive edge when trying to land that first job.  At least in my experience, after that first job all future employers are interested in on the job experience, and couldn't care less about a degree.  In these cases I think spending 4 years working your way up the totem pole may prove to be more worthwhile than pursuing a degree.

So my question to those who did take out student loans to go to college is "Was it worth it?"  Did the advantage it gave you in your career justify the tens of thousands of dollars in debt?

When I started school and went through the whole student loan process, I was nothing but confused. But since I was trying to find a way to pay  off my education I felt the need to go through with it. They throw so many numbers at you that you eventually find yourself just shaking your head and saying "ok." If I'm not mistaken they added 4% interest to my loan which was to be paid a year after I graduated. But in some ways I figured if I began to work while I ws in school by the time I was out of school, I would be able to pay off my loan in full with the money I saved. But then again if I am going to take the time to do that then I might as well just work through school and pay off as I go along. I think that loans are there for a sense of breathing room. It's not for everyone but it's an option.

I took out a student loan for technical college, and in my case, it wasn't worth it because I ended up going into another career field entirely.  My husband took out student loans for his bachelor's degree, and he ended up in a job that didn't require a degree.  We would have both been further ahead financially to skip school!

I didn't take out a student loan. Six months after graduating grade 13, I began working full time as a musician and continued for about 20 years. At that time, I was also a member of ACTRA and making union wages on film sets as a background performer and standin. That has been my main source of income for the past 10 years.

Some of my coworkers on the sets have spent tens of thousands on their education and careers in the performing arts, among other areas.

So in my case to get where I am now, I'm glad I didn't take out a student loan.

I wish I knew then what I know now, that's for sure! I would never get a school loan at this stage.  My degree didn't help me find employment in my career field and in fact- all places I applied upon graduation were demanding 3+ years experience in addition to the degree, or would accept  5 years experience instead of a degree. ( and this was for entry level positions!)

While I loved my college experience and felt that if anything- it taught me responsibility and catered to my love of learning- I wouldn't go into debt to pay for it if I knew then what I know now!

I managed to go through most of college without having a job, and my Dad paying for most of it so it, so I was one of the lucky ones.  Last semester though, I had to take out a loan for $5000, and by the time I end up paying it off it will probaly cost me $5000 to have used that $5000.  So, I have to pay back 200% of what I borrowed.  Economically, it probably wasn't worth it, but the experience of being in college, the social interactions, not just the partying but being in close contact with people constantly was probably worth it.  College is a great time for networking and in some cases in life it still depends on who you know.

Basically what I'm saying is, the jury is still out on if it was worth it or not, but given the enjoyment that I have had during my time in college and the friendships formed, I think it was.