<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 would advice not to take out such a large private loan, especially if you are unsure about your ability to pay it off in the future. Did you apply for financial aid?</p>
<p>my parents have a high income, but we are struggling financially, so regardless of that, i don’t think they’ll be able to help. They told me to take loans, but from what i’ve been reading this is the last resort to take</p>
<p>Where are you going that you’ll need $50,000 for two years?? Even for Cal, which as far as I could tell has the highest cost of living, if I absolutely did not have a penny to my name and lived off-campus, I would still “only” need about $46,000. </p>
<p>Um . . . do what you have to do. Work during summers, fill out as many scholarships as humanly possible, and I know a few friends going to UCLA and Davis who got on-campus jobs that allow you to do homework during work hours, and they say while you don’t make as much money, you’re able to work more hours and it all evens out. </p>
<p>And are you sure that the tax forms your parents will fill out for next April won’t reflect financial need for the 2010-2011 school year? I can’t advise you to go into unfathomable debt, but I really believe that a good education pays for itself in the end. There was a teacher at my CC who got her doctorate and, upon graduating, says she had close to $500,000 in loans to pay off.</p>
<p>if parents income is 100k+, then he probably can’t get any finaid… </p>
<p>Imma in the similar situation with you… i was planning to get the federal stafford loan first… $5500 subsidized and $2000 unsubsidized, ==> $7500… planing to get about 20k private loans each year…</p>
<p>but the thing is, you might need a cosigner, and due to the fact of the current economic crisis, it’s gonna be real tough to get a private loan…</p>
<p>Dude, you’ll if your parents have what is considered a “high income” than you’re going to have to pull out loans after the Stafford loans. That’s what I had to do. But if you’re like me who’s still claimed by their parents on their taxes than you’ll more and likely qualify or have to get a PLUS loan, which is basically cosigned by the parent, because they have to pull it out and start making payments immediately. But that loan is still through the government, and they’ll give you a lower interest too. Hope this helps.</p>
<p>After I graduate I plan on taking a year off to work full time and study for the GRE and LSAT. While I take that time off, I am going to live as cheep as I possibly can, and try repay as much humanly possible from 2 years (40,000-50,000) worth of loan debt that I have acquired. </p>
<p>It works out to be poor and it works out to be rich but it sucks when you’re in the middle.</p>
<p>This sucks, when parents having such a high income and they don’t wanna support us for some reasons… we get less finaid than those with low income… and we have to borrow money than they does…</p>
<p>24 to be independant- I asked because not everyone knows about that.</p>
<p>It is not about your income as much as it is about the liabilities your parents have, even if your parents make 200k they could still struggle financially depending on their debt, mortgage , car payments, etc. </p>
<p>SoCal1017- people of low incomes borrow money too. Most people who go to a UC borrow money, that is how it is, the UCs want you to be responsible for your education.</p>
<p>My suggestion is to consider a UC close to home and minimize your debt and maximize your GPA and possibly enroll into a PhD program afterwards. PhD programs will provide a stipend to live off of and usually free tuition. And then, maybe your parents will be able to help. Although, this method adds a few years, it not only minimizes your debt but will maximize your education. The decision is up to you.</p>
<p>10k in debt per year while living at home or 25k outside of the home.</p>
<p>Either way. For students with higher incomes and little to no federal aid. My suggestion is to try to either net a full ride scholarship or go to a cheap state school. Why? Because your parents can afford to provide you with room and board. There you’ll be able to lead the pack and earn top grades opening the doors to many many graduate programs, many of which will either provide merit aid or a stipend(PhD). And it would be highly reasonable to take on debt at that level of education since starting pay dramatically jumps. And the only debt you’ll most likely take on is to cover living expenses that exceed room and board. </p>
<p>The more money your family has, the better opportunities you can have. Sometimes, there’s just a little fandangling to do. Such as in this case.</p>
<p>The UCs recognize that poor students, most of the time, will not make it to college. So the federal aid system is skewed tons to try to get the poor through the door of education and into a crimefree world. Cause more times than not, when you have a career and a steady paycheck, there’s a lot to risk. So don’t blame the poor folks, your parents tax dollars are paying for a more secure life for everyone.</p>
<p>Depends on really what type of loans are being offered, if they subsidized, take 'em! interest doesn’t start until your out of school, and this can be great if you guys don’t have a ton of cash to pay for school. some of them don’t start the repayment process until your out of grad school, so you’ll be making enough dough to pay those payments, heck you could pay them all at once depending on what you do. Also, don’t go private, as they are usually hire (because we’re dealing with unsecured loans :] ).</p>