Reality Check - College Loans


Old 11-08-06, 09:01 AM
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Join Date: Aug 2005
Posts: 17
Reality Check - College Loans

You know when you're a starry-eyed senior with college acceptance letters laid out in front of your academic advisor and they just point to a school, say a gajillion good things about it, and you start to become enamored with it?
Unfortunately, I was naive enough to fall into the situation. I was accepted into NYU (yay) and I was so psyched about going and as far as rationale goes, it just made sense. I figured, I would just slowly pay off my loans while I worked when I graduate.
Then I got to college, and I really exactly HOW MUCH loans I would be taking out.
I'm thinking about transferring to a state's school because of the insane expense of this university. I mean, it has a great rep and it is a great institution with opportunities, but I'm taking out a little less than 30k a year! That's crazy! And if I want to go for my PhD? I mean, I know most PhD programs provide fellowships and stipends, but I highly doubt that I would have enough to spare to do monthly payments for my loans. But at the same time, I know that having a "name" college could open a lot of doors!

I am so torn. Any advice?
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Old 11-08-06, 09:23 AM
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Join Date: Oct 2004
Location: WI/MN
Posts: 18,497
I hear you. I'm going to have my loans paid off eventually, but my wife's are so bad that we probably never will. She consolidated into a plan where you pay based on income for 25 years, then any remaining balance is written off - except that amount becomes taxable income for the year it happens. Cheaper school, working full time and going to school part time, whatever it takes to keep the debt level lower is a good idea. Your undergraduate institution is less important than where you go for grad school. State schools are worth considering.
Old 11-08-06, 10:55 AM
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Join Date: Aug 2003
Location: Midwest
Posts: 4,158
i think it also depends on what line of work you'll be getting into. look at what people doing that kind of work are earning a year & see if it's worth it.
Old 11-09-06, 09:54 AM
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Reminds me of that classic line "I went to Modeling school, do you want fries with that?".

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