$25k/year -- Is it worth it?

Paying for College
1

<p>I am planning on going into pharmacy and am not sure whether or not I'll get into Rutgers (which would only cost me $8k/year if I got in). My safety is Albany College of Pharmacy, which would run about $25k/year for 6 years, totaling about $150,000. The problem is my parents only have about $15,000 saved up for college and together make just $65k/year.</p>

<p>My questions are:</p>

<p>Are there loan companies generous enough to lend over a hundred thousand dollars?
Do you think I'll be able to pay off those debts quickly if I start out with an $80k salary at the age of 25?</p>

<p>I'm not too savvy about loans, so I could use all the advice I can get on how to handle this predicament.</p>

2

<p>Clove, Check out the FAFSA calculators to see how much aid you might qualify for. Realize that not all schools will fill the aid needed. Check out some loan calculators to see how much your monthly payments would be on the loans. Take that away from your income (after taxes) and see if that would be comfortable (taking into account the cost of living where you will live).</p>

3

<p>maybe also try to find some more match /safety it will give you more options. safety may give you some $$. also check scholorship sites.</p>

<p>Consider carefully, that is alot of debt.</p>

4

<p>It's a huge amount of debt. Factor in the interest, too.</p>

<p>I think it's a great career choice, by the way.</p>

5

<p>anyone who plans on taking on 100k+ debt should reevaluate their situtation.</p>

<p>IMO, 100k is too much for anything.
if i was you, rutgers it is..</p>

<p>80k when you come out .. after taxes 68k... eating + roof over your head = 40k if you lucky!!</p>

<p>this is without life necessary things (clothing, spending money..)</p>

<p>30k saving after 1 year. IF LUCKY</p>

<p>at that rate your pocketing 15k after 1 year of work+ 10 years of paying off debt. you can forget about that house you want.. or that car.</p>

<p>screw that.</p>

6

<p>Entirely too much debt - look, it won't be the only debt you will accumulate - think new car, home, credit card bills. It is freaking expensive to live. Plus, you might need to do some checking about salaries (average salaries posted for various jobs are not a real reflection of what is being offered out there. Take for instance nurses in the state of GA - I think some websites say that they make $50,000 or so ...well, a friend of mine interviewed recently for an RN position (she has experience) for a hosptial in Atlanta...$30,000 tops. Of course, shifts - different departments, etc... can make a difference, but the point is be careful about something you have read about starting salaries. You could really end up shocked.</p>

7

<p>Well, one of my friends got hired by CVS right out of college with $90k salary, but I guess $150,000 is a lot...</p>

<p>Thanks for all your input. I guess I'll just have to work hard to get high SAT scores so I can just get into Rutgers and stop worrying.</p>