<p>Is Cornell, or for that matter, ANY undergraduate college really worth taking a 60k loan for? Will the experience, connections, and potential employment opportunities outweigh the loan in the long run, or is it simply not a good idea?</p>
<p>My ideal plan:major in either CS or OR engineering, hopefully get a job in the technology sector right after college, eventually get an MBA from a top notch b-school</p>
<p>The quick rule of thumb is that you do not want to be more in debt in student loans than you will be making upon graduation. Secondary to this is that you do not necessarily want to pay more for an education of a comparable value if you can’t afford to pay cash.</p>
<p>So if you are also instate at Illinois or Georgia Tech, I’m not certain it would be worth it. But $60k in loans is not unbearable if you are committed to an engineering discipline</p>
<p>I don’t think that it is worth it personally. Especially if you are going onto graduate/speciality schools, don’t do it.</p>
<p>but if i could get the loan down to about 20k, would it pretty much be fine?</p>
<p>Welll… do you plan on going to grad school? </p>
<p>If so, then it is doable.
If not, then don’t worry about 20K/.</p>
<p>Are we talking 60K per year or 60K for all 4 years?</p>
<p>I have about 60K of debt after my 3 years…and I’m able to pay the loan on my salary with no issue.</p>
<p>If we’re talking 60K per year…don’t do it. 240K plus the interest that would accumulate would make for a very sad time while you repay that loan.</p>
<p>OH MAN, NO! Definitely 60k total. hahah
what kind of payment period are you on, and what is your monthly payment?
sorry if i’m getting too personal, i’m just seriously considering it and want a solid knowledge of what i’m getting into.</p>
<p>It’s your choice, but to me, 60k is more than I would want to take out. I would be much more comfortable with 20-30k.</p>
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<p>I have 5 loans…2 federal and 3 private. I am on a 10-year payoff plan on my federal loan and the payment is $230/month. I had a $1,200 Perkins loan, but I paid that loan off with my first paycheck. I am on 15-year payment plans with my private loans, my monthly payments on those are $156/month, $156/month and $109/month. In all, I’m paying $652/month. </p>
<p>My jobs pays $40,000/year and I have no trouble making those payments, paying for my health/dental/vision insurance, paying rent and having money for my incidental expenses.</p>
<p>If you are just considering CS, you could go to any good tech school. If you are going to Cornell, I would consider combining CS with some courses in finance. A good programmer in finance could make 150-300/year, without MBA. 60,000 debt would be paid off pretty quickly. </p>
<p>In general, I am not a supporter of large student loans, but in your case it is equivalent to a nice car. If you were thinking of having a 60,000 loan to get a degree in English or Psychology, I would say no.</p>
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<p>I would agree with you on this.</p>
<p>60k for 4 years isn’t that much.</p>
<p>if you’re not planning on graduate school i’d say take it…</p>
<p>but if you’re planning on going to your state school for graduate then it would be ok</p>