<p>I'm thinking about transferring to a UC, but it looks like i need to take out loans at about $50000 for two years. Is this logical? is it too much? If i do this i assume i'll be taking out 20-25,000 each year. My parents really can't help me out with the financial situation considering that even though they are in a moderate to high income bracket, their investments won't allow them to help me taking the current economic situation in account. Can anyone advise me on how to take loans? </p>
<p>Someone gave me a website simpletuition.com that says if I take a 50,000 loan i'll be paying for a Stafford loan for about $100 a month for 20 years and a 42,500 private loan at 350-450 a month for 20 years. I'm not sure my degree will net a salary that will be able to sufficiently pay off those debts, and what if i choose to consider law or graduate school, do i postpone the loans adding more debt?</p>
<p>
I think you’ve answered your own question.</p>
<p>what are my options then? to pay for college?</p>
<p>I don’t think the math is right here. If you paid only $100/month for 20 years, you’d have paid $24K on a $50K loan, assuming 0 interest! A $50K Stafford repaid over 20 years should be around $380/month. Try using the calculators here:</p>
<p>[FinAid</a> | Calculators | Loan Calculator](<a href=“Your Guide for College Financial Aid - Finaid”>Loan Payment Calculator - Finaid)</p>
<p>Have you tried to find schools that might offer you merit aid? You might actually do better at a public school in another state.</p>
<p>
I thought the same thing, but then realized the OP divided up the $50,000 in two parts:</p>
<p>$7,500 Stafford, which gives $100/month (actually closer to $60 if it is over 20 years)
$42,500 private, which gives $350-450/month</p>
<p>Total is $450 to $550/month.</p>
<p>I don’t think it’s possible to have $50K in Stafford loans, is it?</p>
<p>Not in 2 years…I was confused by that too, but thought maybe he had previous Staffords (aka perpetual student!) though now I realize what you’re saying is the case.</p>
<p>“what are my options then? to pay for college?”</p>
<p>Usually, people pay for college with a combination of current income, savings, loans, and sometimes scholarships (merit based) or grants (need based).</p>
<p>You’ve indicated that your parents are pretty well off-- so need-based grants are probably out (I’m assuming you’ve run FAFSA calculators, so you probably know). So:</p>
<ol>
<li>persuade parents to contribute from current income and savings</li>
<li>persuade parents to contribute from parental loans</li>
<li>pick a less expensive in-state public univ</li>
<li>pick a community college</li>
<li>look for merit scholarships (outside)</li>
<li>choose a school that gives good merit aid, whose average GPA and SAT’s are well below yours, so that they may offer merit aid</li>
<li>take a gap year and earn $$.</li>
</ol>
<p>There’s no silver bullet.</p>
<p>Beware of getting too narrowly focused on the school you want to attend. Find 6-10 schools to apply to. Make sure you have a combination of private and public schools. And above all, make sure they have strong financial track records… particularly strong % family need met. The calculation is based on need, but it is a very good indicator of how much money they come up with otherwise. </p>
<p>Also make sure you apply to several schools where you have a good chance of coming in the freshman class in the upper 50 to 25%.</p>
<p>Geographic distance will sometimes net you some money as well. Diversity often includes different parts of the country, not just ethnicity.</p>