Heard of $100 K debt and survival?

<p>'Perhaps it’s time for everyone to get over the “dream school” mentality…"</p>

<p>Yep. Every time I see a student start a thread that mentions “dream school,” I know he’s headed for trouble. Again-- parents need to let their kids know early that there’s no one “dream school” and that there are many schools that can provide a good education to the student. And let them know early what the general financial situation is, so they understand that some schools may just not be affordable, even if the student is fortunate enough to get accepted.</p>

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<p>Absolutely. It is a goofy concept anyway. </p>

<p>Not only is it a set-up for unnecessary disappointment, most students and many parents are basing their ideas about Dream School on rumor, stereotype, movies, and some nebulous “reputation” among their own small group, not on a careful study of the pros and cons, strengths and weaknesses of the school.</p>

<p>I’m shooting for under 20K debt (all four years) and am pretty sure I will go to grad or law school. Is this reasonable?</p>

<p>Do you mean is that a reasonable amount of debt for undergrad? Yes, I think it is. If you mean is it reasonable to think you can attain that goal? Depends on your college, FA package and family help!</p>

<p>My H had more than $100K in debt when he finally graduated, but that was for undergrad and grad school. Paying it back was not a problem at all as he had a very well paying job, but the portion of that total that was undergrad debt was fairly small. If he’d had $100K from undergrad on top of his graduate school loans, that might have been a different story.</p>

<p>However, I can see where a student might feel the need to take on that kind of debt. Our state flagship is over $25,000 a year for many majors. If one didn’t get aid and the parents couldn’t help out, that’s $100,000 right there. Sad, but college costs are ridiculous.</p>