<p>I'll need $30,000 a year.</p>
<p>My parents can only pay for about $5,000 a year.</p>
<p>I not going to get any scholarships.</p>
<p>Is borrowing mass amounts of money the way to go? What are some pros and cons?</p>
<p>There are no pros in my eyes. Having to pay 100K back after graduation takes its toll. Think of it this way - you will be paying a house payment at an accelerated rate for school.</p>
<p>Agree. There are no pros to borrowing $100,000 for your undergrad. Unless you are paying the interest while you are in college, interest will be adding to the debt before you graduate. The $100,000 will have grown to $115,000 or more before you start repaying it. Your repayments will be $1300+ a month every month for 10 years.</p>
<p>Find a school you can afford without so much debt.</p>
<p>I personally wouldn’t borrow much more than 8-10k/yr.</p>
<p>100k total isn’t manageable. Say you finance at 6.8% over 10 years (your interest rate will likely be higher due to the fact that private lenders charge more). That will be $1,150.80/mo. If you’re able to extend it to 20 years, that’s still $763.34/mo. These are conservative estimates. Taking out this much in student loan debt will have a very negative impact on your standard of living for years.</p>
<p>You’re not going to be able to borrow $25,000 a year yourself anyway. And keep in mind college costs go up about 5% per year. </p>
<p>The other posts are correct. Find a school you can afford.</p>
<p>Borrowing that much for undergrad would be unwise.</p>
<p>First of all, you’d need co-signers. </p>
<p>Secondly, you’d end up needing $120k for 4 years (at least - maybe more as tuition and other costs rise each year.)</p>
<p>The monthly payment on that amount would be about $1,400 per month. </p>
<p>Do you plan on living at home for FREE, for several years after graduation (since you won’t be able to afford any rent)?</p>
<p>If so, are you certain that you’d be able to get a job in your chosen profession in your parents’ community? </p>
<p>You would have to have **a salary of about $150,000 per year **to comfortably pay that back.</p>
<p>What school is this?</p>
<p>What is your major?</p>
<p>**What is your likely profession? ** </p>
<p>How much do you expect to be earning upon graduation? </p>
<p>What are your financial safety schools?</p>
<p>If someone declares bankruptcy, do college loans go into the mix for discharge, like installment loans? I really have no idea!</p>
<p>No. Student loans are not dischargeable by bankruptcy.</p>
<p>^^That might be something for the OP (and the rest of CC) to keep in mind.</p>
<p>Are we talking about $30K/yr to attend Wharton or $30K for a school that gives scholarships that you don’t qualify for? While that’s probably too much period, it could be plausible if you’re a top student at a top school in line for high paying jobs.</p>
<p>^^^</p>
<p>I looked at the OP’s previous threads …</p>
<p>*I have a mediocre HS record.</p>
<p>I applied to Arizona State, Montclair State, and University of Mississippi.
- </p>
<p>And, in another thread he mentions that he hopes to transfer at some point to Rutgers or a lower ranked school.</p>
<p>I hope he’s not thinking of borrowing the money for AzSt or Ole Miss. That’s too much money. </p>
<p>He’s a NJ resident. He should probably go to Montclair.
His family is lowish income (less than $40k) so unlikely a source for co-signing loans.</p>