@marcaroni re read my post #33. Not harsh at all imho
I do think that some of the posts are very direct and that can come off as somewhat harsh.
Hey who knows what can happen in any single example. You could borrow the money meet the new Mark Zuckerberg in class and become a billionaire. What I see in the posts are parents and business people who have the gift of experience they can share with you.
You can become a cpa going through a community college Heck a law partner I know well started at cc for two years then to northeastern to finish then to Georgetown law.
But plenty of people at Georgetown law from schools like the UCs too
Lots of paths. But crushing debt is tough and these folks are trying to help save you some potential pain.
Get on the computer and look at some of these other great schools mentioned and see if you can have your cak and eat it too. A great experience for you and at a great price.
So are you still trying to choose between the two schools you have acceptances from, or are you open to sending in some last minute apps to other schools? University of Arizona is still accepting applications until May 1 and offers a very large amount of aid, close to full ride. Alternatively, you could consider a gap year to give yourself time to come up with another list. Merit aid is not always available to applicants who don’t come directly from college though. Similarly, there is often reduced aid for transfer students.
Good luck whatever you decide.I have known dozens of wonderful CPAs over the years and they used a lot of different paths to get there. You do have options.
If there is any chance of graduate school, I would say to choose the least expensive option.
Seattle U and UCI are both excellent schools where students can excel. Choose the school that feels right to you and keep applying for scholarships of any kind!
Op what @VAMom23 just said u of
Arizona. Off island. Good school. Great weather and some other great benefits.
OP, so many of us think that it is clearly folly for you to take on so much debt. Are you open to alternative options? Taking a gap year and reapplying to less expensive schools or those that will be less expensive with merit aid? Looking for additional schools still taking applications that may be less expensive?
The debt you are considering will truly cripple you. I had much less debt for undergrad + law school, worked in a big law firm and at corporations and still those loans hampered me and now I’m a parent doing everything I can to make sure my kids don’t come out of college with big debt. It’s just not an option here, and honestly I hope it’s not an option there.
We have tales on CC of parent posters just barely paying off their own exorbitant loans right before their kids apply to college.
Imagine you make it to accounting or finance. Would you recommend a client go into debt up to his ears because staying instate isn’t his dream and he wants what he wants now? Lol, or tell him to go into hock for the Lamborghini on a bus pass budget? You have a long life ahead to work toward world experiences. Be wise.
@marcaroni You are at a crossroads. With tuition increases, that 156k option will likely be 170k. That is life crippling debt. You should not take much more than the federal debt limit, 27k. Apply to affordable schools NOW. In the scheme of things it would be better for you to not go to college than take on 200k of debt. Take a gap year and work if you need to have time to plan but there are schools accepting applications. I’m surprised your parents are O’k with this. This level of debt plus interest will take you 30 years to pay off. Like a house without owning a house. And for what? A bachelors that you could receive at a less expensive option. You’ll be signing up for indentured servitude.
Maybe OP’s parents should just give him 10k and he can gap his way around the mainland. Get some pick-up work, volunteer in a few locations, etc. Then come back more mature, experienced, and wiser. And then head for a college within his budget.
@marcaroni : excellent. What’s his salary? Does he know what it means in take home pay? What will his rent be? Other mandatory expenses?
Then, see how much of his salary will go toward his loan and how long it will take him to pay it back. Talk about it with him.
You dont have to give the answers here but they should be asked so you know better what you’re getting into.
Right now you’re like the kid who thinks he knows what it’s like to have a broken arm because his best friend has a cast.
If your brother can’t make a payment do your parents have enough money to make payments for him and for your college at the same time?
Don’t assume your parents know borrowing for your brother impacted their ability to get a loan. Most parents don’t know that and there are countless stories of kids whose older sibling’s choice made it impossible for them to attend their college of choice let alone get a loan.
If your brother borrowed anywhere as much as you want to do, the bank or private lenders may decide they’re not eligible for another, similar loan. (This is the most likely situation actually, unless your parents go through HELOC but in that case they risk losing their house.)
What happens if the bank indicates mid May that they don’t grant the loan?
Send an app to university of Arizona. It’s a flagship and if you don’t like the financial aid package you can always go to Seattle or UCI.
@marcaroni “There is no point in lashing me with comments that imply I will live as destitute for the rest of my life and become a giant failure in my parents eyes. I understand the burden that comes alongside these loans and don’t need negative comments that are not constructive.”
Now see, here is the issue in my eyes, I don’t think you truly do understand the burden of the types of loans your are considering.
You are not hearing what you want to hear, you did not plan for a financial safety and from what I have read, you have not had a solid discussion with your parents to truly know what they can pay, what they are willing to do etc.
As a parent, I was faced with a similar situation, my DD is on a gap year because of it. She was unrealistic, she didn’t understand the burden and her father and I refused to sacrifice our retirement or allow her to cripple herself with debt, we said no. She had to step back, reassess and ended up with a full tuition/housing award. Its not her “dream” school but so what, she is 18 years old, she will have lots of time to go on her adventures and find her dream location since she will not have any debt and will have an education. Win.Win.
It’s not just you who will be destitute. You will encumber your parents too who will cosign, and who have cosigned for your brother. It’s not the principle of borrowing money, it’s the exorbitant amount that you intend to borrow.
The constructive part is that you can get the same degree in-state, in Hawaii, and ensure a financially healthy and productive life.
If you can’t do this simple math, I question how good of an accountant you can really be. Sorry to be so blunt.