Average student loans vs. job placement

We don’t qualify for financial aid (grants, etc.) for RHIT. My child was given a nice amount for merit, but will still have to take on quite a bit in student loans to be able to attend (80-100K). What is the average student loan amount for kids attending RHIT? MORE IMPORTANTLY: how easily are students able to pay back student loans? I hate the idea of my child getting into major debt, but the school is top choice, hands-down.

For the students themselves, they may take a maximum annually of federal students loans in the following amounts: Freshman year: $5,500, Sophomore Year: $6,500, Junior year and senior year each: $7,500. So your student would be able to take out $27,000. You would have to take out parent loans for the remaining amounts - looks like about $53,000-$73,000 in parent loans according to your numbers - and the parent loans would be your debt and legal responsibility to repay. Are you comfortable taking on that amount of debt yourself?

I am talking about private loans–not federal loans.

Those loans are yours, not your kid’s, she cannot get into “major debt”. If you hate that idea, as you quite rightly do, then walk away. You can do the math on a 100K mortgage.

Yes…I can and have done that math. I guess I wasn’t clear…it would be a private loan and would belong to him, per our agreement with him. My real question is this: for RHIT students who have loan debt of that amount to pay back (and students do take on this type of debt), have they been able to pay it back reasonably easily?

Average starting pay at Rose is $68k so with $100k debt load it will be $1000 a month to pay it off in 10 years (roughly). So around 25% of net on a monthly basis which is high. The good thing is that engineer’s Pay can go up quite a bit but it is a high debt level, especially if they start work in a high cost area (although maybe starting pay would be higher).
I have my undergrad from Rose from ‘89 and it has been an outstanding investment. However, I was fortunate to go ROTC and get additional scholarships where I only had a $7500 student loan balance upon graduation. I couldn’t imagine having 25% of my initial net going to service student loan payments. Tough decision as Rose is a great school.

Although you have an agreement with your son, students generally need a credit-worthy co-signer for private student loans. Will you be co-signing for him?

@vineyardview Yes.

@whaaa2022 Yours was the type of response I was hoping to see. Yes, I have done all of that research regarding starting salaries, job placement, etc. Yes, the debt would be around 25% of net…and that math is what I had figured. I know it is a fantastic school and a good fit for him, which is why it is honestly disheartening that he doesn’t qualify for financial aid. I have only heard positive things about the school, its outcomes, etc. This is why I would be remotely considering the debt angle.

I have heard about the ROTC option–and it could make the cost low-to-none. Did you serve? If so, was it as an officer? Were you at risk of having to serve in dangerous situations? Just curious.

I served 10 years as an engineering officer in the Air Force and loved it. The AF sent me to grad school full time so I was paid to get my MS Engineering degree. I served overseas in a number of countries and in hostile fire zones, and it made me a better person for it. I better understood the uniqueness of the USA and our flaws.

The biggest thing is that I used my engineering degree and built my people leadership skills…when I got out after 10 years, I was pursued by companies that liked my technical leadership and my general leadership skills…I used my general leadership skills to go in general management and have done well the past 18 years in corporate America.

Rose gave me the ability to take apart and solve problems and the military gave me the ability to lead others and myself in all kinds of situations.

@ConsideringRHIT - Rose has a strong ROTC program, especially Army. Unsure if it is too late to apply this year…I think the Air Force option has passed. I think Army is very close.

However, competing for an ROTC scholarship in School is doable, just have to have decent yr1 grades. I think everyone still takes 1-2 ROTC classes in yr 1.
Good luck.