Hi! So I am 23 and my spouse is 27. My husband just got accepted into a university that he has always wanted to go to. Unfortunately, even with financial aid, it will put us in debt for $80k for him to graduate with his undergraduate degree in Business. I myself have a undergraduate degree in Psychology, and would like to continue on to graduate school but I am nervous if spending that much money on an education is wise for us. Currently, together he and I make about $55k a year and we have 2 young children.
How much is feasible to spend on an education? I was lucky enough to receive my undergrad with no debt because of my parents having saved my college funding since I was a baby, so I currently have no student loan debt, and the idea of contributing $80k for my husband's schooling really worries me.
I think in order to be thorough, it would be useful to know how much your husband expects to earn once he graduates.
Some positions after graduation can be quite large, which would make repaying 80k fairly easy to do. So, it would depend.
Another factor to consider is why your husband wants to attend this particular school. What's so special about it? Is the program very prestigious, or the school itself?
A directional college will often provide the same education (albeit, not the same contacts) for much less money.
I'm glad you're thinking both money and education--too often people just plow blindly ahead with regard for the type of hole they can dig for themselves. I agree with ukaserex, the amount of debt you are willing to take on should be determined in the context of the financial outcome of the education.
At USAA our rule of thumb is to graduate with debt equivalent to a year or less of what you can expect to earn in your new job. The Bureau of Labor Statistics website could help get an idea of the earnings potential of various occupations across the spectrum (check it out and you'll see hundreds of different "occupation profiles" where you can gather some data if you don't already know what to expect.
If you're not on the right track, perhaps your husband can get some of the basic coursework done in using a lower cost approach or you can leverage education opportunities through your current employers.