<p>I am a first year student at a public out-of-state university. My parents could not afford to pay out of state tuition so I should have just forgone my ideal "college experience" and stayed home and gone somewhere financially feasible. But of course, I don't realize this until it's too late... I feel like such an idiot. </p>
<p>My parents and I are paying for school via the government Parent PLUS loan, which covers full expenses of school yet it's an outrageous amount of money that will eventually have to be paid back. My parents and I agreed we'd pay it off together after I graduate college, but it's so much money and I feel SO guilty for having them help me pay it off. </p>
<p>Because of this I feel really depressed and upset sometimes, like I really shouldn't be at this school. Even though I've had a good time and done well academically my first semester, I think that I should just pack up and head home at the end of the year to somewhere in my home state where I don't have to incur such outrageous out-of-state fees. </p>
<p>It'll be hard leaving behind the friends and memories I've made here so far, but I feel like in the long run, the price just won't be worth it... I'd rather not have to worry about my parents and I paying off loans for the rest of my life.</p>
<p>I've never told this to anyone before, not even my mother and father (they think it's no big deal, but I don't think they realize just how much the costs will truly add up), but I just don't know what to do. I guess I came posting this so that I could get some advice or suggestions, and now that I've vented here, maybe I can start to think of what to do.</p>
<p>I think you should come home to go to school.</p>
<p>It sounds like you’re borrowing the entire amount (or close to it). That could mean $135k+ in debt by the time of graduation! WAAAAAAY toooooo much debt…and so not worth it!!!</p>
<p>Your parents may not realize how much each year’s debt will negatively impact everyone’s life in the future.</p>
<p>I also don’t like this idea of “sharing” the payback. What the heck does that mean? Your parents may have a different expectation than you do. They may think you’ll split the Plus loans 50/50 which will likely be unaffordable - especially if you also have federal student loans as well (which will be about $27,000) right there.</p>
<p>Don’t return to your OOS school. What would be the state school that you could transfer to? If necessary, you could go to a CC this semester and start at your state school next year.</p>
<p>Look at it this way…it sounds like your parents can’t afford to contribute much (if anything) towards your current school’s cost (hence the loans)…so then why would they think they could afford to spend hundreds of dollars each month for 10 years paying back a student loan? If you don’t have extra money now, it’s not likely going to be there later.</p>
<p>Every year lots of students do just exactly what you are contemplating for the very reasons that you cite. I know one who transfered to our local community college after one semester at an OOS public. </p>
<p>To get a better sense of the steps you will need to follow to make a successful transfer, you should read through the thread titled “Transfer Admissions 101” at the top of the Transfer Forum. You can find that forum by clicking on “Discussion Home” in the upper-left of this screen and then scrolling down.</p>
<p>You have to balance your happiness with your college costs. I will say that at least you are thinking about this ahead of time; a lot of people don’t realize how much it’s adding up to until 6 months before they are about to graduate and they realize those loans are going to come due, and they panic.</p>
<p>Personally, in your situation I’d go home. Leaving the memories and friends will be very difficult. However, I’m 3 years out of college come May and I only talk to a few people from college. I’ve made new friends in my new city and my graduate program. You will always make new friends throughout your life in whatever new situation you press on into. You know what WILL stick with you though? Those loans. They will follow you until you pay them off and there is no chance of getting rid of them and starting over because they cannot be discharged in bankruptcy.</p>
<p>If you are depressed and upset thinking about the money, you may be happier at a lower-cost school in-state. Every place has it’s own character, but large public flagship universities are pretty similar in terms of size and opportunities available. Trust me, you will be happier in the long run! Although I am in graduate school my total loan debt is about $25K, very manageable, and I’m looking forward to paying it off. But I have friends in their mid-twenties who are in graduate school with me and panicking because they borrowed so much for undergrad, and are forced to borrow to finance graduate school because there aren’t many scholarships for master’s programs, and they have no idea how they are going to pay it all back. I also have friends who are working right now and making a lot less than they thought they’d make when they were in undergrad, and their loans are killing them.</p>
<p>I wish you the best and I hope you enjoy your new university.</p>
<p>Under a regular repayment plan, the first payment is due 6 months after the last disbursement for a school year. In my daughter’s case, her final disbursement is in January so the first payment is due in July.</p>
<p>You can request a deferment of the start date of repayment until 6 months after the student graduates/leaves school, but interest will continue to accrue and capitalize to the loan balance.</p>
<p>In our case we are using PLUS only because of our cash flow situation. My husband receives lump sum salary payments in the spring, so we took out the loan in September and its paid off before May. While its true it costs us in origination fees and some interest, it works for us and doesn’t strip our savings. </p>
<p>Its not a method of college financing I would want to carry for many years.</p>
<p>I will provide a little bit more background on me. My home state is CA, so there are a lot of strong universities I can transfer to. The only things standing in my way are… </p>
<p>1) If I am to leave my current university, I’d like to do so as soon as possible as to not amass anymore loans. However, UCs require 60 transferrable credits, and by the end of this year I’ll only have 40 or so (with all my AP credits factored in).
2) My major is not offered on most UC campuses, and the school I’m currently at has a great program for it.
3) The cost of a UC education still isn’t that cheap. It’s cheaper than the school I am at now, but it’s not too big of a difference.</p>
<p>Any advice/help would be greatly appreciated! I am kind of lost right now on what to do :(</p>
<p>If you can find a program that is just as good, at a lower cost in your state, I would definitely say transfer back to an instate school and get involved there as quickly as possible to make as many friends as possible and enjoy yourself.</p>
<p>Can you take summer courses at your current school to gain the extra credits needed? If you started over as a freshman at a CA school, would it cost a lot less than it would for those four years than to take one more year at your current school and two at a CA school?</p>
<p>What is the cost difference between a UC and your current school? What is your EFC? What were your HS grades and scores? College grades? What’s your major?</p>
<p>You need 60 semester/90 quarter units only if you plan to transfer as a junior. Many of the UCs will accept applications for sophomore transfers (it varies year to year due to capacity restraints). You’re well past the deadline, though, for applying for fall transfer to the UCs as a sophomore. Some of them might be open for winter quarter/spring semester transfer, but these are typically only open to junior level transfers and the application period is not until summer. Do not forget that you would need to confirm that all your units are transferable, though.</p>
<p>One option is you could transfer to a CCC. You will have to be careful not to accrue excess units depending on the UC you would be interested in. Each one varies on how 4-year university units combined with CCC units count towards the unit cap.</p>
<p>There are also all of the CSUs which are great schools with wonderful educations. We are very lucky here in California despite the economic issues. The CCC to CSU, UC, or private (in California) is a great opportunity. Many of the professors at the CCCs often graduated from highly respected universities and some even teach at them while still teaching at the CCC level.</p>
<p>Do you know if you qualify for Cal Grant (this would be based on income and asset ceilings along with a few other factors and not EFC)? If so, that is a significant source of money for California colleges (especially the UCs) and something you need to factor in. Also, taking time to complete GEs at a CCC would help reduce costs as well.</p>
<p>MKsophomore: One cannot “start over” as a frosh. At 40 semester units (assuming all were transferable), the OP would be considered a sophomore and 20 semester units away from junior level standing.</p>
<p>I think at this point transferring to a CC, gaining junior status, and going to a UC is my best bet, especially if I am past sophomore transfer deadlines. </p>
<p>My current school: $35,906 per year
UC school: $27,494 per year </p>
<p>EFC is about $10,000 on a single-parent income; however, my mother is finishing up school soon and hopes to acquire a job so that should raise our EFC at least a little bit. I also feel as though my dad made somewhat of a mistake when filling out the FAFSA, as I believe our EFC should be higher… but that’s a different story altogether. </p>
<p>HS scores: GPA around a 3.0 UW, 3.3 W
SAT: (640 CR, 540 M, 770 W, 1950 cumulative)</p>
<p>College GPA (after 1 semester): 3.66, 15 units completed. I also have 9 credits from AP tests and 4 additional ones from a Spanish placement test that placed me at a higher level. So right now, I have about 28 credits. I’m taking 16 this semester, for a total of 44 upon the end of the semester. </p>
<p>I am a journalism major, but I am open to any majors in the communications/media field, as that is where my interests are. From my understanding, none of the UCs offer a journalism major. Is my current GPA strong enough to consider transferring to another school? Hopefully I can raise it more this semester.</p>
<p>A quick google search shows that UCI has a literary journalism major. I have not checked all of the UCs extensively, though, which would be ideal to get a better idea of the majors offered. Also, I did see that UCD offers the same type of individual program of study as UCSC does (read: you can create your own major from courses that are offered if it is approved).</p>
<p>There is also a great journalism program at SF State. This is not known from a google search, but rather from having had friends go through the program.</p>
<p>Which UC are you looking at, by the way? $27k seems low to me (unless you’re looking at the off-campus or living with parents amount, of course).</p>
<p>I was looking at UCLA, as it was the first one to pop into my mind. The $27k was the off-campus amount. I do not forsee myself living in dorms after my freshman year. I’d probably live off-campus or commute.</p>
<p>Wow! That is a hefty amount to spend on college.</p>
<p>I plan on going to a state school for college. It is the nicest public college in the state and is one of the better colleges in the state (in my opinion). The estimated cost for state residents is 17K (tuition, room & board, and books) and for out-of-state students it is 27K (tuition, room & board, and books). I’ll also have to factor in the cost of living, but the Midwest is by far cheaper than California!</p>
<p>I am going to spend one more semester at my current school and begin figuring out how to go about this transfer process. Unless I can find ways to cut down on the costs here, I will most likely be leaving. I am new to the whole idea of transferring, however, so I have a lot of research to do (i.e., credits transferring, etc.)</p>
<p>^Just to quickly check your logic – do you mind naming the program you’re in presently for j-school? Eg. what kind of reputation and placement rate does the program have?</p>
<p>If it were absolutely top ranked with strong internships and placement rates, I don’t know that I would transfer out over 1/2 of $30k…(that would be the $10 k differential at the 3 yrs you have left, minus the 50% share your parents are willing to pay) UCs tuition has gone up considerably. SFSU on the other hand, might represent sufficiently adequate savings, yet cost of living is particularly high. Just make sure you look closely at all the variables.</p>
<p>Journalism is a fantastically competitive vocation and not especially well-paying in the lower tier. You will want to be exceptionally competitive – but you may also want a masters as well, hence the need to balance your debt. At my old paper there were seriously only a few schools we hired from (in Canada, but a few US too, such as Syracuse or Columbia).</p>
<p>PS I’m a little hard pressed to recommend CC for journalism. You’d be better off doing soph year where you are and eating the differential.</p>