<p>So I can either go to an "Ok" instate school for 30k a year. They will only offer me a parent-plus-loan.
However, I can go to a "slightly better" oos school for 40k a year. The oos will give me more job prospects and the major I'm interested in is ranked in the top 10 in the nation.</p>
<p>will these loans be entirely yours to pay back? It sounds like both options are too much in loans if so. If your parents are going to take on some of them—maybe. But 120,000 vs 160,000–too much!</p>
<p>Can you go to community college for a couple years to minimize debt?
Good luck.</p>
<p>Are you saying that you would pay for your entire in-state education with loans, and that those loans would be for 30k each year or a four-year total of 120k?</p>
<p>My parent’s ecf was 15k and they can pay 15k, but still, that’s 15k vs 25k a year in loans.</p>
<p>THe loans are parent plus loans</p>
<p>You can only take out the maximum permitted Stafford Loans in your own name. Beyond that you will need a co-signer for a private loan and/or your parents would need to take out Parent Plus loans. How do they feel about that?</p>
<p>15k x 4 = 60k</p>
<p>25k x 4 = 100k</p>
<p>Even the “cheaper” of these two is more than twice the permitted maximum with Stafford, and would be a life-damaging burden for you to pay off on your own. UNLESS you are studying for an extremely well-paid high-demand career.</p>
<p>Here is a useful calculator that can help you see how much you would be paying and for how long to get rid of this kind of debt: [FinAid</a> | Calculators | Loan Calculator](<a href=“Your Guide for College Financial Aid - Finaid”>Loan Payment Calculator - Finaid)</p>
<p>It is doubtful that you can afford either of these schools. You need to find more affordable options.</p>
<p>Do sit down with your parents and discuss the ramifications of taking out such huge loan amounts. Can they afford to pay them back without getting themselves in trouble? Do you have some options to stay home and commute to a local in state college? If you can do that for 2 years, you can really reduce the loan burden. That is a lot of money to have to borrow and repay.</p>
<p>I’m confused. Are you saying that the cost of attendance for you as an instate student in OK at a public university is $30K per year? Which school is this?</p>
<p>I don’t think the OP meant Oklahoma, necessarily. They said “ok” as in “okay”–which I took to mean just an average in-state school, not one they felt excited about.</p>
<p>I don’t think the student is in OK the state. I think the student was saying that it’s an “okay university”…but maybe I’m wrong.</p>
<p>If it’s an instate public, it could be a UC.</p>
<p>Anyway…who would be responsible for paying back these loans? Do your parents understand that they will have to sign and be legally responsible for those loans (and they have to qualify each year for them)?</p>
<p>This is too much debt for an undergrad.</p>
<p>What is the major and future career? How much will you be earning upon graduation?</p>
<p>which schools did you apply to and get accepted to? </p>
<p>Did you apply/get accepted to any affordable schools?</p>
<p>I think the “Ok” means “okay” in the OP’s post. It’s scary that an instate school would cost $30K, but that is the case in some states such as CA and IL to name a couple. PA is at the $25K level. This is if the student rooms and boards at the school. That’ why a commuting option would be favorable. In my state, the cost of living on campus is high too, though the tuition is reasonable still.</p>
<p>Penn state is now $29,684 COA in-state according to the nces.ed.gov, U Pitt is close. Sounds like $30k to me, could be one of those.</p>
<p>The UCs are up there too.</p>
<p>Yeah, it’s a mid-tiered UC.</p>
<p>Sounds like you should go to a CCC for a couple of years at a MUCH more affordable cost and transfer into a UC for your last two.</p>
<p>First of all…</p>
<p>The mid-tier UCs are not just “okay” schools. They are very good schools. </p>
<p>Which UC is it and what is your major?</p>
<p>Which OOS school is it?</p>
<p>UCs cost about $30k, but since you say that you won’t get any FA, that suggests that your parents have a highish EFC. What is your EFC and how much will your PARENTS pay/borrow each year? (this is money/loans that THEY are responsible for paying, not you)</p>
<p>How much can you earn/save over the summer (working as much as you can)?</p>
<p>How much can you earn over the school year working part-time?</p>
<p>What is your future career and how much would you likely be earning as a newish grad??</p>
<p>I don’t know that what their projected future career is matters…there’s no way for an 18-year-old to know what they would likely be earning as a 22-year-old grad. There have been many a freshman engineering or pre-med major who changed their mind and majored in something else (that’s traditionally lower paying). Not only that, but I know some history and philosophy majors that have gone on to work as middle managers, management consultants, and securities managers. Add to that the fact that many potential high-earners end up going to graduate school; you don’t want your grad school choices to be limited by high debt.</p>
<p>I think the total indebtedness ($27K) allowed by the Stafford loans is the most that most college-bound seniors should aim for, since you never really know what you’re going to end up doing when you’re 18.</p>