<p>I need some help on whether The University of Alabama is worth the cost. For a few weeks now I have been getting anxious because of the outrageously expensive OOS cost it will take for me to go there. If I go to UA, and get out in 4 years with a business degree in either marketing or finance, is it worth it? How helpful is it to get a job, so I can begin to pay of all the student loans? </p>
<p>I need helpful insight, because I have other options like West Virginia University, bowling Green State University, maybe Ohio University, and some others. But UA is my dream school. </p>
<p>What cities would a graduate of UA’s business school likely end up after graduations with a job? because im sure some cities have recruited UA grads more heavily.</p>
<p>Also assume you had maybe 40-50k of student loan debt. how much do people normally pay monthly to pay that off? im hoping to escape college with 30k of debt 40k at the most.</p>
<p>ANY input is valuable. but don’t rip me for the debt amounts, just help more with the potential earnings after graduations of UA, and where I’d end up living?</p>
<p>Check out this link: <a href=“http://www.uacc.ua.edu/downloads/firstDestination/First%20Destination%20Report%20CBA%20May%202010.pdf[/url]”>http://www.uacc.ua.edu/downloads/firstDestination/First%20Destination%20Report%20CBA%20May%202010.pdf</a></p>
<p>Then check to see if you can find something comparable with respect to the other schools you are considering. Frankly, as much as I like Alabama and hope that my D will choose to attend, I would not want her to go into $40,000 of debt to do so - I don’t think it would be worth it.</p>
<p>I would not want you to have $40-50k in debt. The most an undergrad should have is about $30k in debt from Stafford loans You may think that an extra $10-20k in debt isn’t much, but it is.</p>
<p>If you borrow 50k, then your monthly payments would be:</p>
<p>Loan Calculator</p>
<p>Loan Balance: $50,000.00<br>
Adjusted Loan Balance: $50,000.00<br>
Loan Interest Rate: 6.80%
Loan Term: 10 years
Degree Program: Bachelor’s Degree
Total Years in College: 4 years
Average Debt per Year: $12,500.00 </p>
<p>**Monthly Loan Payment: $575.40 **
Number of Payments: 120 </p>
<p>Cumulative Payments: $69,048.28<br>
Total Interest Paid: $19,048.28 </p>
<p>Note: The monthly loan payment was calculated at 119 payments of $575.40 plus a final payment of $575.68.</p>
<p>It is estimated that you will need an annual salary of at least $69,048.00 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. </p>
<p>That loan payment is quite large. It’s larger than a substantial car payment. </p>
<p>Plus, since you’d be over the Stafford limits, you’d need a cosigner.</p>
<p>I know that you have a college fund that will provide some money. How much is your mom willing to contribute each year?</p>
<p>I think I have a college fund of around 60k, I think I could try and lobby for 10k more, so that I can I have 17500 paid each yearh which is basically tuition covered for every year.</p>
<p>If you have $60k in your fund, then that’s $15k per year. </p>
<p>If your mom will kick in another $10k per year, then you have $25k.</p>
<p>If you take out a 5500 Stafford loan, then you’d have 30,500.</p>
<p>If you work a summer job and save $2k, then you’d have 32,500.</p>
<p>If you work part-time during the school year and earn $2k, then you’d have 34,500.</p>
<p>If this were to work out, you’d have enough money.</p>
<p>No im saying maybe 10k total so it be 2500 more.</p>
<p>No im saying maybe 10k total so it be 2500 more.</p>
<p>Oh…</p>
<p>so you’re saying that your mom might contribute $2500 per year? Have you asked her?</p>
<p>honestly if this was for me personally as a student and i was going to have to cover that much of it on my own, i would definitely be looking for a cheaper (in-state) option.</p>
<p>If Alabama is really your “dream school” it may be worth considering living at home for a year or two and going to a community college or other local school and then finishing up at Bama. That way you get to go to Bama and graduate from Bama but without the financial headache. You can get many of the early (freshman and sophmore) classes done at home and be all set to take your major classes once you get to UA. Many students also pick up a class or two at home during the summer between freshman and sophmore years to help out. If you can forego some of the living expenses while getting the required classes taken it would enable you to really enjoy yourself at Bama once to do arrive without the money concern. Just my 2 cents worth…Good Luck where ever you end up!</p>
<p>I agree with m2ck and MW that $40k-50k in debt is too high. Keep in mind that tuition and housing costs will increase each year. If you were to attend to, I would highly suggest taking courses over the summer at a community college and graduating a semester or year early.</p>
<p>I cannot stress enough the peace of mind that comes with being financially stable. It allows you to save for unexpected expenses and possibly have a little bit left over for entertainment.</p>