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<p>SAT:
Math:580
Verbal:580
Writing:540
Total:1700, or 1160/1600</p>
<p>I can’t afford it, haha. I was just considering taking out immense loans and having a ton of debt
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<p>Ok, not a good plan… </p>
<p>First off, you’d need co-signers for big loans, and many parents refuse because they are afraid that they’ll get stuck with repayment.</p>
<p>Secondly, have you “done the math” to see what the repayments would be for various student loan amounts…</p>
<p>Lastly, while you may be a good student, your stats aren’t the type to get into a top school where you “might” be earning a top salary upon graduation.</p>
<p>Remember, loan repayment begins after graduation…around age 22 and continues until you’re about 32. Those are the years that you should be “moving on” with your life, not stuck living with your parents because your loan payment preventing you from affording “rent” money.</p>
<p>For instance…and remember, these payments would be for 10 LONG YEARS…And, please, note the amount of salary that you would immediately need to start earning in order to comfortably pay back such loans (a person can only live cheaply for so long, then it gets “old”)</p>
<p>** If you were to borrow… </p>
<p>$12,500 per year ($50k total after 4 years), your monthly payment would be: $575.40
You’d need to be immediately be earning a salary of $70k to comfortably pay that off.</p>
<p>$18,000 per year ($72k total after 4 years), your monthly payment would be: $828.58
You’d need to be immediately be earning a salary of $100k to comfortably pay that off.</p>
<p>$25,000 per year ($100K total after 4 years), your monthly payment would be: $1,150.28
You’d need to be immediately be earning a salary of $138k to comfortably pay that off.</p>
<p>$50,000 COA for a private ($200k total after 4 yrs), your payment would be: $2,301.61
You’d need to be immediately be earning a salary of $276k to comfortably pay that off. **</p>
<p>Info from…[FinAid</a> | Calculators | Loan Calculator](<a href=“http://www.finaid.org/calculators/scripts/loanpayments.cgi]FinAid”>http://www.finaid.org/calculators/scripts/loanpayments.cgi)</p>
<p>AND… the higher loan amounts would likely even result in higher monthly payments since big loans usually require higher interest rates.</p>