<p>Hi, I am a student looking for a parent's point of view of my proposed "plan".I am currently at a 4 year private school and on pace to graduate with 50,000 in student loans. I was thinking of going to a community college then maybe a state school after in order to save a lot of money. If I go through with this plan, I will graduate with about 18,000 in student loans. Plus doing this would save my parents about 35,000(which is more important than saving my own money). Is the college experience worth this extra money or should I go to CC for 1.5 years, then go to a state school? </p>
<p>Thanks for helping out a college student who is trying to make better decisions.</p>
<p>In our family, $50,000 in student loans would be considered burdensome, even crippling for our children. Depending on your future career path, it could take decades to pay back and will limit every single choice you make for the next 30 years.</p>
<p>Do you plan to try for grad school, and how would you pay for that? What would your estimated yearly salary be in your future career? There are online loan calculators that will help you figure out what your monthly payments would be for $50,000 in loans. It is eye opening to find out the reality of how much of your monthly salary will be taken just in loan repayments.</p>
<p>We capped our Daughter’s student loan limit at $20,000 over 4 years, and even that seems daunting. We are looking at ways to reduce that loan amount.</p>
<p>What if you meet and marry someone who is also carrying a huge student loan debt? I know that’s not focusing on your specific decision to change colleges, but it does make you think.</p>
<p>There is not one path that will get you to your destination. I encourage you to explore several options. Be sure to research what credits will transfer to your final college choice.</p>
<p>Thanks for the response, it gives me confidence to go through with this plan. Although this plan is economically sound, foregoing the college experience for 1.5 years is tough, but I think I will make it.</p>
<p>I want you to hear that I said to RESEARCH your plan. Make sure the schools you want to attend will offer the courses you need to take. Make sure the final school will give you credit for the courses you take along the way. Sit with a counselor at the final school and get their input on mapping out your plan. Will you get accepted at that final school?</p>
<p>How will you pay for classes along the way? Will you have to get an apartment, or will you live back at home? Talk with your parents and come to an agreement on what house rules will be for a college student living back at home. Make sure to add up all the costs you will incur, commuting costs, parking fees, buying food on campus, etc. Make sure your plan makes sense economically, and that you will still graduate on time.</p>
<p>What is your major? Will you be able to get an internship in your intended field? Think about connections you can make with employees already working in your field to ask questions, tour facilities, shadow them on a workday, etc. Get as knowledgeable as possible to make sure your intended major fits with your goals and personality.</p>
<p>Have you talked your plan through with your parents? If not, be sure to be calm and lay out your plan details. Ask for their input. “Is there something I’m missing here? This seems to make sense to me, but I’d love to hear what you have to say.” Parents appreciate a discussion, a dialog, it is hard to appreciate your plan if you just show up with no warning and say “this is what I am doing.”</p>
<p>Yeah, I understand that this is a long process that requires quite a bit of prior research before acting. Also, I do plan on explaining my plan to my parents, since they are the ones paying for a majority of my schooling so they deserve at the very least, to know what is going on. </p>
<p>Thanks for sharing. I was not aware that ppl took out loans for private school. I thought everyone who went to private school was rich enough to pay cash. It seems counter intuitive to me, to go for a top-of-the-line education only to skimp at the college level. </p>
<p>Certainly not enough info to make an informed opinion.
What are you planning to studying - is it lucrative?
How well are you doing - part of risk assessment?
How much money do you expect to make when you graduate - you should have some idea?
How much longer will it take you to go the CC route followed by the state school. How much future salary will you forgo by delaying your graduation.
How are you even borrowing $50K - are your parent’s cosigning?
How much can your parents afford?
Have you sought out your parents opinion?
Why is saving your parents money more important than saving your own money (For example, I think savings my kids money is more important than saving me money. I can afford it.) </p>
<p>Answer these questions and I’ll give you a reasoned opinion. </p>