My Degree Isn't Worth the Tuition I Paid With Massive Student Loans
Posted March 3, 2015
I'm not really sure that there is a solution to my issue but you seem to know about student loans so thought I would run it by you.
Back in 2007 I wanted to go to school to get into the graphic and web design industry. At the time I was working full time so was exploring online options - this led me to The Art Institute Online. The recruiter talked a good talk about how affordable an associates in web design would be and how many career options it would give me. I enrolled asap.
I had to take out loans to cover the cost and as my schooling continued I would keep getting notified from my student advisor that I would need to take out more loans - it seemed every time I was told "yes, this amount will cover the cost for the rest of your schooling for the associates" - a couple months later she would say I needed more loans.
I was young and naive and figured this was par for the course. Then enough was enough - I was up to more than 50K in student loans (half of that amount in private loans) and they were telling me they needed more money. I was months away from obtaining my associates degree - I couldn't take out anymore loans so they said I could downgrade to a "diploma".
So two years of schooling, over 50K in student loans and I walked away with a "diploma" in web design.
The quality of the education was sub par, I'm not a qualified web designer and could not hold a job in the industry. I tried to further my education at a local community college but found out that the art institute credits I earned were not transferable.
Over the last five years I have used every deferment/forbearance option that I qualified for as we were struggling financially. I have exhausted those options and now have over $400 per month in student loan payments.
What's even worse - my father is a co signer on all of these loans. I have pretty much accepted that it is what it is and that I have to chalk it up to "dumb tax" on my part, but now that I have two children it is a crushing weight.
If you have any ideas I may be missing, I would be thrilled to hear them.
WRAL Get Out of Debt Guy
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