<p>So I got accepted into USC and UCLA and hope to go to one of the schools in the near future. However, neither has provided me with any financial aid except loans that will probably accumulate interest.</p>
<p>My parents are okay with me going there but I do know the price will be crazy once im out, I expect over 100,000 in loans to be repaid off! </p>
<p>Now my question is, how much is that really? Are there a great deal of people well off with that debt and not truly suffering because of it? Plus I hope to get an MBA too.. argh the prices.</p>
<p>So if anyone has had experience with over 100k in loans could u please tell me how difficult it is to pay off?</p>
<p>Unless your parents are co-signing for the loan, it is highly unlikely that you will be able to obtain a loan of 100,000.</p>
<p>If your parents were to take out a 100,000 mortgage at a rate of 6.25 over 15 years, the monthly payments would be $857.62 with $54,366 of interest payments.</p>
<p>Thanks for the post but what would u say about peoples' abilities to pay it off? And yes my parents are co-signing i believe, i would probably take almost 30k in loans a year</p>
<p>sybbie, I am sure I could calculate it by hand but is there a site available that allows you to put in those numbers quickly? (e.g. $$$ loan, rate, # of years = monthly payment w/ $$$ interest)</p>
<p>Accounting generally has the highest starting salaries on average, so let's assume you're studying accounting and get a job at $42000 per year (3500/mo).</p>
<p>Take out 20% for taxes and other deductions: $2800</p>
<p>Take out Sybbie's payment on the loans: $1,943</p>
<p>Take out average rent on an apartment: $750 (more in some areas, less in others): $1,193</p>
<p>Are you planning on a car ($350/mo): $843</p>
<p>So now you're down to $843/mo to cover the rest of your living expenses including: food, utilities, insurance, gas, entertainment, household expenses, clothing, savings, etc.</p>
<p>That extra 850 on the education loans would make a world of difference.</p>
<p>i live in Oregon, and I was also accepted full ride to University of Oregon and also University of Southern California which has not given me a financial statement yet.</p>
<p>DON'T DO IT!!! DO NOT DO IT! (Have I said it loud enough???) Take the full-ride to University of Oregon, and spend at least one semester studying abroad at somewhere cool. Save your money, work hard in undergrad and you will get into a great grad program. That's the important part. (My DD could have had a free ride to a good public U, and we chose to send her to a private U with good F. A. - which will end up costing us a big hunk of money, although not near $10000. What's the difference between us doing that, and you???? We are paying it out of pocket and will not end up with loans. We have solid careers and insurance. We are not speculating that we will get some great job when we graduate, and be able to pay off huge loans. If something happens to us (illness, disability), DD could transfer to public U and work her way through. What would happen to you if you decided you didn't like accounting and really wanted to major in Art History, or Dance? PLEASE don't mortgage your future options for UCLA. Save your money for grad school.</p>
<p>If your parents can afford $100,000 in loans for undergrad that's OK (maybe) ... but I would never recomment the student take out $100k in loans for undergrad ... the loan payments will have a HUGE impact on your finances for a long time. But I don't get a vote in you life ... it is your decision.</p>
<p>I have a friend who took out college loans and he now has his doctorate and is teaching at the community college level. He loves his job and makes decent money. He is in his late 40's but is still paying off his college loans (I'm guessing $700 per month). He and his wife have three children, and the oldest will be college age in a few years. Yet, they don't own a home (can't afford the down payment) and up until recently, they only had one car. They are trying to save, but it is difficult.</p>
<p>I am not against student loans, but I would never advise my children to take out $100K in loans for undergrad.</p>
<p>Lets say I were to go to UCLA at 40k pricetag.</p>
<p>Attend for 3 years (because i would get my 4th year credits from summer school , which is instate tuition) and graduate. lets say my parents pay half the loans as well.</p>
<p>If you go to UCLA, I've heard & read that it can be really tough to get the courses you need to graduate in 4 years, much less in 3 due to all the budget cuts.<br>
With USC, I believe the maximum number of credits they let you bring in as a freshman is 32 (which my son has). We're grappling with this a bit, as he has a full-ride offered at AzSU vs. a bit more than 1/2 tuition scholarship at USC. We discouraged son from even applying to the UCs because of the budget cuts & huge sizes of classes & campus (tho my niece recently graduated from UCDavis, where she was very happy).
We have saved some for son's college & will be able to pay most of it, tho of course we would prefer he seriously consider the free AzSU ride. <sigh>
$40,000 x 3 = $120,000 if you're assuming UCLA is only going to take 3 years. There are often unexpected expenses as well, including computer, more expensive travel than expected, semester abroad, etc. USC is probably slightly more expensive, since tuition & fees are $33K+, room & board is about $11,000 or so, plus incidentals.</sigh></p>
<p>Carrying 100K is debt, or even half that, will impact your ability to borrow money to purchase a house, in some cases even a car. There is only so much debt that lenders are comfortable with.</p>
<p>The repayment period is so long that the impact to your lifestyle upon graduation will be huge.</p>
<p>I understand the name recognition bling, but don't buy into it. Take the free money, do well, and go to a big name grad school.</p>
<p>Take the full ride. Maximize your undergraduate experiences, study abroad one semester, work part time and graduate debt free. Imagine the options you will then have. Graduate school? Job you really want (maybe not the one paying the most)? A year off to travel? </p>
<p>No debt = more choices at graduation and even in adulthood (no student loans to worry about). Take the full ride.</p>