<p>LToya263</p>
<p>There was a discussion on another forum in College Confidential
<a href=“http://talk.collegeconfidential.com/parents-forum/935923-mired-debt-education-worth.html[/url]”>http://talk.collegeconfidential.com/parents-forum/935923-mired-debt-education-worth.html</a></p>
<p>This is a story of a young lady who borrowed over $100,000 for a degree in women’s studies and is not able to pay back her loans.</p>
<p>I know it is late but it is never too late to ask yourself some tough questions right now. The questions are</p>
<p>1) How much loans will I have when I graduate. Remember if you have to pay your parents back that also needs to be factored. Also, what will the loans do to your parents credit and retirement?</p>
<p>2) What will I earn when I graduate (remember job market may or may not be good in 4 years time). Based on average salaries for that job, how long will it take to pay it back? Can I afford to live on Ramen noodles and black beans for next 10 years as I have such a big loan burden to pay off.</p>
<p>3) Why has the school given me only loans and no grants? Can you go back ask them for more grants (which do not have to be paid back)?</p>
<p>4) If that school say “No, this is the best we can do”, are there other choices that you can make? e.g. your local state university or a community college?</p>
<p>5) If you cannot join any other college, can you plan on a transfer next year?</p>
<p>6) How much can you earn in summer/academic year jobs? </p>
<p>Hard questions but I would suggest you answer them now. In college confidential, most parents will tell you that less loans you have the better off you are. You may be very interested in art history (for example) but most art history majors do not have money to pay off large loans. Not sure what your major is or which school you are talking about. Remember colleges will try to tell you that a degree from their college is worth even a hundred thousand dollars in loans. In many cases it is not.</p>