<p>The school that I am considering right now roughly costs $20,000 a year. My parents can pay for some of it, but the loans will add up to about $70,000. </p>
<p>In your opinion, is this worth it for a bachelors degree from a 4-year liberal arts school? A psychology degree, specifically.</p>
<p>I could go to a school that's not as strong academically but only $28,000 in loans. Is this a better choice?</p>
<p>Also, if you're familiar with loans, how long do you think it will take to pay back? I know it depends on salary, but maybe just an estimation. </p>
<p>Thanks in advance!</p>
<p>Too much.</p>
<p>Someone else here will post a link to the loan payback calculator.</p>
<p>I think that $28K is bordering on too much for students to take. That is about the limit, and do keep in mind that college costs are officially increased each year as a rule, and financial aid is decreased many times, systematically to make a student increasingly responsible for college costs. So unless that $70K is what your parents are willingly borrow through PLUS or their own sources, I would say that it is way too much for a student to undertake, and the only way a student can even take this amount is if a credit worthy adult co signs and goes on the hook for it.</p>
<p>No, it is not worth $70k of debt to get a psychology degree, especially when you will have to go on to grad school</p>
<p>There are good loan repayment calculators at [FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“http://www.finaid.org%5DFinAid”>http://www.finaid.org). I’d post the specific links but Happyday is hogging the computer and I’m writing this with my I-touch and I haven’t learned how to copy and paste with it yet.</p>
<p>That should be “Happydad” and I wish he’d let me have the computer right now instead of “in a minute”…</p>
<p>I agree that $28k is pushing it…what are your choices? What is the price of your instate public? How much would you have to borrow to attend UCSC?</p>
<p>It comes down to you parents. Are they willing and able to borrow? You, as a student, are way over at that $70K amount.</p>
<p>*In your opinion, is this worth it for a bachelors degree from a 4-year liberal arts school? A psychology degree, specifically.</p>
<p>I could go to a school that’s not as strong academically but only $28,000 in loans. Is this a better choice?
*</p>
<p>$70k is too much for any degree…but it’s especially toooooooo much for a psych degree which is rather worthless without a grad degree which will also cost you money. </p>
<p>The less expensive school is the way to go. Keep your eyes on going to a better grad school. Do your best at the less expensive school AND work over the summer and part-time during the school year to minimize that $27k in debt (since you have grad school ahead of you).</p>
<p>My close friend did pay way over $70K for her daughter’s ug Psych degree, gladly. She borrowed close to, or maybe even more than that for it. Her daughter now has a great PHD fellowship at a top program. Worth every penny to that family. But they could afford it and wanted to do it. A whole other story when families who can or don’t want to do so, feel pressured to do so to please the kid.</p>
<p>From the OP’s post, it sounds like she will be paying back the $70k in loans…not parents who can easily and happily pay.</p>
<p>To pay back that much in loans is too much for a new grad…even someone with a new grad degree. </p>
<p>to answer the OPs question about how long it will take her to pay back that much debt. if the loans are 10 year loans, then the payments will be about $800 per month. That’s like 2 extra large car payments for 10 long years. I don’t know of any young professionals that can afford 2 additional large car payments in addition to all of their regular expenses and real car payment… and any professional expenses.</p>
<p>Doubt OP will be getting that much in loans without parents or other credit worthy adult signing for them and paying for them until OP makes enough to pay.</p>
<p>Thank you for the advice, everybody! I have decided not to go with the $70,000 loan school. Its the logical thing to do. Also, its a huge burden on my parents and myself. Debt and bankruptcy is probably best to avoid. </p>
<p>I also realized that grad school will probably happen, so this is not the end of my student loaning career. I’m just going to work my ass off, wherever I go, and apply to a good grad school and hope for the best. </p>
<p>@bluebayou UCSC would ask me to loan about $5000 by myself, but my parents would only be asked to pay $2000 a year, which they can easily afford. A really good deal, but I am not too sure about the size of the college (harder to get classes). Still leaning towards the $28K school, which is an overestimation considering that work study is not accounted for. </p>
<p>Anyways, thank you again for chiming in. Its time to make a decision! Ahhhh</p>
<p>Glad to hear that you’ll be going to the less expensive school. Do well there, get excellent grades and get great recs for grad school.</p>
<p>What school is this?</p>
<p>Another good thing about minimizing cost/debt is that it makes doing a study abroad more do-able. When you’re already up to your ears in debt, there’s no money for a study abroad experience.</p>
<p>The UCs are very good schools. You have a strong back up that can really take the financial stress off of your parents. Let us know what you decide.</p>
<p>@mom2collegekids That’s great to hear because I am definitely looking to study abroad! And the other school is Lewis and Clark College ($28K).</p>
<p>@cptofthehouse Yeah, UCs are really good and I should be thankful that I got into any of them this year. It gives me a great, in-state option. </p>
<p>If you guys have any insight on UCSC vs. L&C College, let me know! And I will update you guys when I have made a decision.</p>
<p>While L&C is a fine LAC and offers a more intimate experience, think long and hard about the ability to graduate debt free in four years by attending UC.</p>
<p>Talk to your parents on what they are willing and able to pay. This is not something you can undertake at your age and place in life. You are only allowed to borrow about $30K over 4 years on your own for a reason. The rest is on your parent’s heads and bank accounts.</p>
<p>An old friend of the family has a son who is a UCSC grad, and the school was a perfect match for him. His D went to Wellesley and he is well satisfied with both schools, and says had he lived in CA, a UC would have probably been just as good for his D who,yes, enjoyed W, and got her graduate degree a UC, and proclaimed she liked that just fine too.</p>
<p>In reference to cptofthehouse’s post, I borrowed less than $10K for my undergrad degree and I now have a great PhD fellowship at an Ivy League university. You don’t have to go to an expensive private school to get a top PhD fellowship - if you get research experience, good grades, and excellent recommendations you can get in. Especially if your other chose is UCSC, you won’t have any trouble getting into a grad program from there. (But as someone with a psychology degree, it’s not <em>worthless</em> without a graduate degree. It’s worthless in-field without one - as in you can’t do any counseling or research without a grad degree - but if you wanted to go work in one of the millions of jobs that simply require a BA, you won’t be any better or worse than anyone else with a social science degree.)</p>
<p>Were I you I’d choose UCSC, especially with the chances that your parents might be able to cover more than their $2,000 a year and leave you with little to no debt. I’m in a top PhD program right now and it’s comforting to know that even with the lowest-paying post-doc, I’d be able to pay my loans off.</p>
<p>Okay. So I took another look at my fin aid and there’s about an extra $6,500 loans for me! I forgot about the sub/unsub loans that are thrown in. So basically, I am looking at $27K in loans for UCSC and $54K at L&C. Is it normal for them to be asking me to loan $6000+ by myself and leave my parents with a bill that is too high for them to meet? It seems like so much! Guess I am not able to go anywhere debt-free. </p>
<p>This comes at a terrible time as well. I had just decided to go with L&C today. I just don’t want to go to UCSC. But expenses are a big factor so I don’t know anymore. </p>
<p>Lastly, I have been hearing mixed messages about grad school. Some say I’ll be buried in debt, others say it is virtually free. For those who have been there (like julliet), could I get your insight on this?</p>
<p>Thank you for all your help and responses so far! They’ve been really helpful, especially since my counselor has been too busy to meet this week.</p>