<p>We've seen posts from students who expect to owe $100K plus when they graduate, and others who, between merit aid and family resources (or by attending one of the few no-loan schools) won't have any debt at all. Most probably fall in between. At this point, what is your best guess as to how much debt will be incurred? (Since there's often a balancing act between student loans and parent loans, let's use your estimate of total new college debt.) If you are too early in the process to have any clue at all, feel free to skip the poll and navigate to the results.</p>
<p>I will owe around $60,000 in Swedish student loans (to repay in 25 years with ~2.1% interest).</p>
<p>Nil; very fortunately, through a scholarship (Regents') from Berkeley my financial need is covered.</p>
<p>Amherst didn't give me any loans for this year, at least, so if that keeps up - nothing!</p>
<p>Yeah, Tufts is giving me everything in grants thus far, so I have no debt/loans after my freshman year, and I can't see that changing hopefully.</p>
<p>Dartmouth only expected me to borrow $2,000/year, but my parents have agreed to pay less than one-third of our family contribution, which means that I have to make up the rest in loans and work-study. I'm relieved that I qualify for low-interest student loans from the Swedish government, otherwise this would never work.</p>
<br>
<blockquote> <p>I'm relieved that I qualify for low-interest student loans from the Swedish government</p> </blockquote>
<br>
<p>That's a good investment in the nation's future, I'm sure. :) 2.1% is quite reasonable, to say the least.</p>
<p>Cameliasinensis: You should borrow the remaining cost of attendance at 2.1% interest. Then have your parents invest the money in an index fund for ~7% rate of return (or better yet, have them give it to you and you invest it in an index fund). It's more loans, but in 25 years, you'll have much greater assets.</p>
<p>"Borrowing" 10k: 10,000 * 1.021^25 = 16812
Investing: 10,000 * 1.07^25 = 54000</p>
<p>You're up about 37462 after 25 years every 10,000 borrowed.</p>
<p>I received a scholarship such that my family is only paying 1/3 of FAFSA EFC, not counting possible future work/internship income. So no debt.</p>
<p>I actually considered doing that, but I'm only allowed to borrow about $15,000/year (there is a maximum amount) and I need that to cover tuition. If I have any money left over I certainly will! :p</p>
<p>I think I'll actually wind up taking out ~46 - 50k. It seems like a lot of money at face value, but since I want to go to grad school, I'm not expecting to rack up any more (considerable) debt after undergrad. Besides, having student loans to pay for college is an investment, it's not the same as credit card debt.</p>
<p>At least, these are the things I tell myself to keep from getting ulcers worrying about my financial future. There seriously has to be a better way.</p>
<p>I'm expecting to accumulate a debt of around 40k after undergrad. But after med school, I'm definitely going to be over 100k.</p>
<p>Based on this years financial aid my Daughter is looking at @ $20,000 in loans. Her major will qualify her for the SMART grant her junior/senior years so we are hoping to see that figure drop but have not factored that in as it is not a certainty.</p>
<p>Someone mentioned this on another thread, and I feel I must respond here. Don't forget to mention "owing" the military. That's what happened to me, and let me just say it is impossible in my opinion for a high school student to understand the gravity and finality of this commitment.</p>
<p>ill probably have to wind up borrowing $60,000 because my parents refuse to pay almost $50,000 a year for school. my moms logic is she spent $120,000 on my oldest brother and nothing on my middle brother cause he got a full scholarship so it really is fair that she doesnt spend $200,000 on me. plus, fafsa gave us a rediculously high EFC (in my familys opinion) so my parents wouldnt be able to pay it all if they wanted to without pulling some crazy stuff.</p>
<p>oh well.. my choice i couldve gone to school for 4 years for only $40,000 but i chose the expensive school and the debt. im banking on making enough money when i get out</p>
<p>just an explainer as my debt is two-part: about $25k from undergrad and $15-20k from grad school.</p>
<p>The military is a very important decision to make and not one to be taken lightly. The person making a commitment to the military should do as much research as they can and talk to people already in the military (not just recruiters) to understand what the life will be like. It is not a "final" commitment though. The contract will end - it's not like a neverending pact. The military is not for everyone but it is a great opportunity for many people. Over a four year course of time going to school I will have gotten at least 47,000 dollars from the military just for my reserve commitment. I was overseas once for a nine month period and that was because I volunteered.</p>
<p>Don't let anyone scare you out of a military commitment because they underestimate your ability to think for yourself. At the same time if you consider the military you need to research it to the best of your ability because it is more than a club. Your life will be changed for at least the amount of time you commit for and probably forever. For some people who researched the decision properly it is usually a positive change. For others it may be a negative experience. </p>
<p>Research, research, research.</p>
<p>i will be taking out 30k and should have nearly all of it paid by the time i finish school in 2 years. All will be private loans and the unused portions will be in either online savings accounts or municipal bond money market funds. In the next year, i should be able to bring in:</p>
<p>10k (estimate, but it reflects the low end) from a part time job
7k (estimate) from internship
A couple thousand from my mother
I could continue revenues from online ads, but it takes more time than i am willing, i will only have one site that will be created this summer to help students with internships, but if this will bring any ad revenue is questionable. </p>
<p>And that accounts for the near 20k i need for my first year</p>
<p>2nd year:
10k at least from part time job
Working full time in the summer before i start a full time job, around 5k
Few grand from my mother, and all together that should cover my entire year since i will not have to deal with the costs of summer school tuition/housing, so around a 3400 reduction in overall costs. </p>
<p>total price of school for 2 years at UCSB: 35k
total estimated income: 32k minimum
Help from mother: 2-6k
current already contributed for rent and deposit: 1.85k</p>
<p>(part time job includes loss of taxes, internship does not, but is rather an estimate after tax from friends, and not included is the 5%apr - taxes from savings account and earnings from muni bond money market)</p>
<p>No loans! Thank goodness for parents willing to pay the family contribution. Unfortunately, I'll be up to my eyeballs in debt for grad school.</p>
<p>gonna be a med student, so its expected to have some debt...
however, i'm goin' into an instate college (tcnj) which is like 8000 a year for me for 3 yrs (i'm doin' an accel. med) and an instate med school (UMDNJ) which is like 35k a year for 4 years...so that's $164,000 for undergrad and grad school....not too bad....dunno how much of it my parents are willing to pay for tho.</p>
<p>i got a bunch of scholarships and grants so ill prolly owe about $30,000 when i get out according to the approximate $7,000 year i'll owe in loans. if things change each year and i get better finaid, ill probably owe like $20,000, which is not alot compared to some students i know.</p>