<p>is total debt range from $60-70K for newly graduate computer science major too much? Attending University of Michigan this fall.</p>
<p>I too wonder how much debt is "justifiable"-- Thanks</p>
<p>... anecdotes are welcomed</p>
<p>In my opinion, that's too much of a burden. I had to turn down Stern for business because of the crappy financial aid...if you can't come up with some scholarships, I would suggest you do the same with Michigan</p>
<p>You can look at these nifty loan calculators on Finaid.org.</p>
<p>If you borrowed $70k at 6.8% over 10 years, your payment would be $805.56 per month, you would actually be paying back $96K, including the $26K interest. Check it out. You can adjust the interest rates and loan amounts as needed.</p>
<p>Actually, that is just about the amount we (parents) would have had to borrow for child #1 to attend his first choice college. I don't think that would be an easy payment for a new grad, and it wouldn't be an easy payment for us, either. Also, as parents, we also have to think of younger siblings and our own retirement.</p>
<p>It may also depend on whether you intend to go to graduate or professional school, which would cause you to incur more loans.</p>
<p>That is WAY too much. Especially since you will not make more than $32k a year out of college. I plan on majoring in computer science so i have done research on the out of college earings potential. Without Experiance (A degree isnt experiance) you will not be able to get more than $32k for the first couple of years. However salary jumps up significantly after that. that is way too much money to owe out of college and it would be hard to make ends meet for the first few years.</p>
<p>That is too much. I decided not to attend the University of Chicago, Boston College, and Yale University. Theres a University in-state which was offering me a lump sum of $25,000 a year, with a little left over so I could visit my family every weekend by plane. I chose a public university over those private ones, because what I want to pursue after college probably will not earn more than around $45,000 - $60,000 a year, I'd be in debt at around $168,000 after four years. So, attending a public university offering just as strong a department in my career choice was the smart thing for me to do. A lot of a factors play into deciding if taking the risk of going into debt is worth it or not. Don't select a university just because of its "prestige."</p>
<p>on what you will doing after you graduate. do you plan on attending grad school and spending more money. </p>
<p>or will you goto work right away?</p>
<p>If you work, lets assume you will have a technical job based on your CS degree.</p>
<p>reference cnn article:</p>
<p>Quote:</p>
<p>Meanwhile, computer science graduates make $49,036 a year, a gain of 4.1 percent.</p>
<p>So using these numbers. Servicing 70k in loans will be tough but not impossible.</p>
<p>The issue I see is getting that $50k job after graduation. How confident do you feel that you can secure that job in the competitve global economy?</p>
<p>depends on where you are and how attractive a job candidate you would be...For example, IT at some investment banks in New York City can start at 70-80 K a year</p>
<p>My nephew, an 06 GA Tech Computer Science grad, got his "dream job" with Electronic Arts working on video game development. Not sure, but I think he started at over 50k. Supposedly EA hired three persons for this type of job, one each from GA Tech (my nephew), Cornell, and U. of Michigan. Or maybe they were all there for interviews at the same time? My nephew also had a nice offer from Cisco, but chose EA.</p>
<p>Then if you're really good at it, and go to a place like Google, you'll start at around $70k plus major benefits.</p>
<p>If you get a masters in computer science, then you could make a lot of money.</p>
<p>If I were you, I'd ask for a better financial aid package.</p>