Recently, I realized that the amount I have to pay for a prospective college I got into (American University), exceeds my financial situation. As a result, I know that I will have to pay around $120,000 in college loans, even with a $30,000 yearly grant. I also plan on going to law school, which I estimate to be around the same cost, including aid, and as a result, will put me at a loan amount of around $240,000. My other choice, if I put finances into perspective, is an in-state university. My state of residence is Florida, so colleges like the University of Central Florida and the University of South Florida would most likely be one of the colleges I will attend.
As a result, I’m confused on whether I should still go to American, or settle for a state school. I realized that I don’t mind potentially paying off the loans for an extended period of time, but then again, I genuinely can’t predict the future and what place I will be in. Because of this, advice from someone with a lot more experience in the realm of loans and college debt would be fantastic, or even another student who had to deal with the similar situation.
Thanks for reading!
You can only borrow ~$5500/year on your own. Can your parents afford one of your state schools?
Don’t settle for a state school - CHOOSE the state school! The Florida schools are some of the most affordable and the best in the nation. UF is tops, but I like USF too.
You’ll also get BF if you’ve done everything to qualify (if not, do it!), and there may be other scholarships you qualify for that can only be used instate (there are a lot of local ones like Pepsi, Elks, American Legion, local businesses and if you are lucky enough to be the child of a military person, there are those.
You can’t borrow that much anyway without a parent co-signer. American is not going to work for you. CHOOSE another school that you’ll love and offers what you are looking for. There are good government affairs programs, there are study abroad programs, there are even internships in DC you can participate in at instate tuition prices.
$120,000 in loans for undergrad is way too much.
You have very good in-state options.
$120K would be nearly 4X the aggregate loan limit for federal subsidized/unsubsidized student loans.
Way too much.
Are you expecting significantly lower net prices from any other private or OOS public schools?
You possibly could do better (cost-wise) than AU, but application deadlines are fast approaching (or already have passed) for schools with the best need-based aid and merit scholarships.
You can take out $27,000 over 4 years…not $120,000. Your parents would be cosigning these loans.
Attending school in Florida is not settling. Choose one and don’t look back.
Sometimes the sticker price makes the choice for you. You’re not doing yourself any favors paying 120k for a bachelors degree. No degree is worth that much.