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I plan on working a job in college and pay off some as I go along
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<p>This just becomes a vicious circle because any monies earned over $2650 (not including work study) increases your EFC by 50%. If you have a work study job on campus, it is not you are not going to make enough money to pay off your loans.</p>
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And that is just an "average" salary...That means others make more, and of course, less.
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<p>The more is going to be very unlikely for a student coming straight out of college unless they are pretty well connected .</p>
<p>What happens if you happen to be one of the people who makes less?</p>
<p>What happens if you don't have a meaningful internship experience?</p>
<p>What happens if you get a job in an area where there is a lower cost of living therefore the salaries are lower?</p>
<p>Do you plan on attending grad school? Do you plan on attending law school? Do you plan on owning a car? the amount of debt you carry is going to affect your credit worthiness as you will have a high debt to income ratio.</p>
<p>I am the parent of a rising junior who wants to attend law school. What I told her to take on the least amount of debt possible for undergrad as we would not be able to help her fund law school.<br>
As I was looking through the FA section of various law schools I came across this statment at Penn's law School site:</p>
<p>Prior and In-School Credit History
Your credit history will be, and will remain, very important as you seek ways to fund your legal education. It is critical that you have a strong and clean credit record.</p>
<p>We encourage all applicants to order a credit report now to see if there are any problems that will need to be addressed before you apply for financial aid. Too often, we see students who have been reported as a credit risk by creditors, sometimes without their knowledge. Any credit problems need to be resolved before enrollment in the Law School. To receive a free copy of your credit report visit <a href="http://www.annualcreditreport.com%5B/url%5D">www.annualcreditreport.com</a>. </p>
<p>Applicants may be denied loan assistance, prior to or during law school, based on a negative credit rating or if they have incurred what lenders consider maximum debt. It is important that you consider this and manage your finances accordingly, now and throughout law school. </p>
<p>As a parent, I would never advise her or anyone else's child to to take on $80,000 worth of undergraduate debt for her education because it would totally limit her choices for the future.</p>