<p>I will probably be taking out 20k in loans per year to go to GWU. Am I in this alone or are other ppl having to take out loans? Give me reassurance, people...please. Thanks.</p>
<p>You are not alone. We will be taking close to that amount as well.</p>
<p>OK–My parents can’t help, they dont have enough money and I’m not considered “poor” so I have to pay some…so I have to pay 80k in loans when I graduate…I hope its worth it??</p>
<p>Same with my son. He is going to end up having about $80K in loans. We had always hoped we could use the equity in our home to help him but with that evaporated and two other children in highschool it is not going to happen. On the positive side GW gave him more than anywhere else. I also think that being in DC where the economy has not been as badly hit provides greater opportunities for him to get a part time job while at school (he does get work study but I think he may try to get something else as well). I worked on campus while at college and I felt it help me be more organized and added structure to my day.<br>
We are also looking at the process in one year increments - you never know - we could win the lottery…</p>
<p>Inuk - my parents are taking out a line of credit to pay the rest of my tuition. It ended up being a lesser interest rate than the Federal Plus Loan. And my parents said that each year they only had to take the amount they needed, where the PLUS loan makes you take out the whole amount in the beginning. I don’t know a lot about this stuff but most of friends that are going to attend other schools are having to scramble for money too.</p>
<p>inuk lol…you sound JUST like my Mom. She said who knows…one day we might win the lottery…i def. agreee w/ ur stance. i hope ur son/ I can pay the debt…I mean it’s for an educaiton. A t this point, Im leaning toward GW (evne tho i will be facing similar debt everywhere) becuase of what u said–the work opportunities and maybe even a job in washington after? you never know…thanks for the insight</p>
<p>I would strongly suggest having someone help you with the math on those $80,000 end of 4 year loans. Is the interest starting to occur immediately on the first $20,000? Are you going to make payments on the first $20,000 immediately. $80,000 in loans is going to be a heck of lot more when you’re done with interest! Additionally, with that kind of loan amount with all the interest added in, what will montly payments be once you graduate? Are looking at $1000. per month and more for a payment?
My s has received the maximum amount of subsidized Stafford Loans each year he has been at GW, his debt will be $25,000 plus and interest starts accruing 6 months after graduation, it is what ever the subsidized Stafford Loan interest rate is.
If your $80,000 loans are regular “consumer” type loans (don’t let the lending organizations fool you, it’s not a student loan) your interest rates are probably pretty high and the interest starts immediately and the payments start immediately. ASK A LOT OF QUESTIONS!!</p>
<p>I read that rules on education loans through the government are changing. There will be a cap on required payments based on a percent of student’s income at their new job. To me, this seems like a very good program. Take this into consideration when choosing your loan source.</p>
<p>This week on the radio: $80K in loans=$600 per month over twenty years when you graduate. Someone last night on this site said more like $900 if over 10 years. This is more than many people’s house payments and should be advertised like crazy to young people going into debt.</p>
<p>researchmaven: I haven’t read anything about a universal cap on loan payments (for any career, that is), but as of 2008, if you go into a career in certain kinds of public service, your loan repayments can be forgiven in part or in total. See [FinAid</a> | Loans | Loan Forgiveness](<a href=“Your Guide for College Financial Aid - Finaid”>http://www.finaid.org/loans/forgiveness.phtml) for details.</p>
<p>I’d really, really recommend everyone facing lots of undergrad debt to consider this program. You can do something good for your country and your community, get great benefits, and be debt-free and able to pursue whatever other career you wish when your term of service is up.</p>
<p>If you are accepted to other fine instate universities, I would go there…</p>
<p>I mean… Does GWU offer you such a great program that you wanna take out 20k loan?</p>
<p>I do admit they have a great poly sci program and IR program… But let’s be realistic here… How are you going to pay back those loans after you graduate the school with a major in political science?? As a political scince grad, you probalby will make about $35.000 per year…</p>
<p>It’s your decision. But I hope you make a good decision. It comes from my heart… If you don’t have the money, don’t go to GWU… Living in DC will cost alot more than you think.</p>