<p>
Not as fast as you spent it. </p>
<p>Paying back $300,000 in 8 years on a CS salary is not probable. There are many expenses you may be looking over: rent/mortgage, car expenses (payment, insurance, maintenance, gas, etc.), taxes, groceries, spending money, savings, etc. </p>
<p>These expenses dwindle away that paycheck every time you get it.</p>
<p>Ditto 247rtc -</p>
<p>The only people that pay for grad school should be those that are changing fields. If you want a PhD go somewhere that will give you a stipend or allow you to work as a TA, if you want a MS do it part time and let a company pay for it. I don’t know of a major company in the US that does not offer tutition reimbursement because it’s a tax break for them. Unless you work for a VERY small company, there is a good chance that tuition reimbursement will be a benefit. The only issue is the limits or requirements the company’s have - some require certain grades, others have lower limits on what they will reimburse each year, so if it’s a benefit you’re interested in ask for specific details.</p>
<p>If borrowing $300,000 from your parents, it is interest free, but that’s still a pretty LARGE sum. You probably don’t really want to borrow over $100,000 even if it is interest free. (since this seems to be for undergrad, that’s $25,000/year, since it is interest free that should be somewhat ‘manageable debt’)</p>
<p>nevermind 10char</p>
<p>As a software developer in a decently-sized metropolitan area for a top software company, you probably are looking at $5,000 monthly payments or less.</p>
<p>Assume 0% APR interest.
$100/month => 3,000 months = 250 years
$500/month => 600 months = 50 years
$1,000/month => 300 months = 25 years
$2,000/month => 150 months = 12 years 6 months
$4,000/month => 75 months = 6 years 3 months</p>
<p>Assume 1% APR interest assessed monthly before your payment is applied.
$100/mo => you never pay off the principle. Pay $100/mo for life and your balance gets bigger forever.
$250/mo => You pay interest for the rest of your life, and die with the same $300,000 balance you started with.
$500/mo => 831 months = 69 years 3 months
$1,000/mo => 346 months = 28 years 10 months
$2,000/mo => 161 months = 13 years 5 months
$4,000/mo => 78 months = 6 years 6 months</p>
<p>Assume 2% APR interest assessed monthly before your payment is applies.
$100/mo => You die with more debt than you started with, not keeping up with interest.
$500/mo => You die having paid interest but never paying down the balance.
$1,000/mo => 415 months = 34 years 7 months
$2,000/mo => 173 months = 14 years 5 months
$4,000/mo => 81 months = 6 years 9 months</p>
<p>Hopefully these numbers help to put things into perspective a bit. Note that a good salary in a decently-sized metropolitan area is upwards of $100k, of which you’ll probably only see $75k after tax and from which you’ll need to buy food, insurance, housing, and transportation, among other things. $4k/mo is a dangerously high amount to spend but doable if you get lucky and are prepared to live exceptionally frugally.</p>
<p>@aegrisomnia Great job in putting things into perspective!</p>
<p>so right now i have 3 options:</p>
<p>i could transfer to york university and pay 51k for 3 years, and another 100k for grad school </p>
<p>or i could stay at umich and be in 300k in debt(interest free) to my parents.</p>
<p>or i could do the employers tuition reimbursement, and stay at umich, and cross my fingers because i don’t know how willing us companies are of hiring international students without masters.</p>
<p>if i do my undergrad at york (in canada) and do my masters here, will my employers be looking at me any differently than if i did both my UG + masters in usa?</p>
<p>Jesus Christ dude. You’ll never pay that back. If you manage to do it, it’ll take so much from you that you’ll never be able to enjoy your life or enjoy your money. </p>
<p>If your parents truly expect to be paid back in full, get out of school, now. Disenroll for fall semester. Seriously, you’d be insane to go into 300k debt. </p>
<p>And no, if you get a masters people won’t care where you did undergrad.</p>
<p>Why not go to a lower cost Canadian university, then either find a job with a bachelor’s degree, or go to a funded graduate program?</p>
<p>If your parents loan you $300k interest-free, they’re effectively throwing away 50% of that money due to inflation. That is quite unnecessary and you’re still going to spend the rest of your life in debt.
Seriously, the numbers show that a $300k loan will never be worth it, even if things go perfectly as intended. Don’t go into more debt than you expect to earn in 1 year of salary. It’s mathematically quite certain that you’ll regret it.</p>
<p>@aegrisomnia
Very nice, acting like a true software engineer with lots of analytical data.</p>
<p>
</p>
<p>Keep in mind that decently-sized metropolitan areas usually have high cost of living, expensive rent/mortgage.</p>
<p>New college grads usually don’t start with upwards of $100k although it won’t take too long to get there. Most new grads can expect to start between $70-100k.</p>
<p>so do you think umich is worth the extra 110k over york university (canadian) if I plan on doing grad here anyway, or should i get transfer out of here, spend 51k over three years, and do grad here after that?</p>
<p>you have to remember that i’m an international and don’t have an easy path. i’m still worried that i might get my pay cut because of my status.</p>
<p>No, it most certainly is not. Do you realize how much money $110k actually is? Student loans tend to make you forget, but that is an obscene amount of money. You could buy a house with that, or finance your retirement right off the bat.</p>
<p>Are you Canadian? If so, you really shouldn’t have too much trouble getting a US job. The US accepts Canadian university accreditation, which helps. The most important thing is US citizenship, not a US degree. If you can get that, then you’ll find a job. </p>
<p>Any pay cut you’ll receive is quite miniscule compared to the extra $250k you seem insistent on paying out to avoid a pay cut.</p>
<p>300k is just crazy. Why don’t you look at other options such at some SUNY schools and CUNY-city college. They are all accredited in CS which means the departments are decent. Then you can transfer and do your master degree even at MIT</p>
<p>i’m worried that after grad school, my employers will look unfavorably on my canadian undergrad degree even though I got my masters from a us university.</p>
<p>what do you think? i really want to masters here.</p>
<p>Nope. Undergrad doesn’t matter at all if you have a master’s degree.
Seriously, don’t worry about that.</p>
<p>Your undergrad is cs right?</p>
<p>From experiences of other people I know (undergrads from Us or Canada) they still can get the job (US grad in Canada and canada grad in US).</p>
<p>Have you try to look for work first? In most cases, masters should not be expensive (may even be free) if you get research scholarships or employers pay for it.</p>
<p>Also, where are you getting that Canadian degrees are looked down upon? There are so many jobs for software developers that they’ll hire anybody who can spell Javascript. Seriously, get a degree from any accredited university and you’re already ahead of the game. Most of the US views Canada and its graduates no differently than they view the US and its graduates. CS grads from Podunk Technical Technical College get jobs.</p>
<p>The level of debt you are considering is likely to cripple your financial future or damage your relationship with your parents (or both). You should transfer to a more affordable university. York is a good choice - are you looking to commute and save money that way? - but you might have better options in Canada as well (Waterloo, Toronto, Alberta, etc.)</p>
<p>After getting your degree, you might find a job in the States. Or a job in Canada. Or a funded graduate program on either side of the border. To the extent that your international status is an obstacle in the job market, paying top dollar for a degree here is not likely to solve anything.</p>
<p>so i talked to my parents and they are p***ed about me thinking of switching to another school. but at the end of the day, i will have to pay them back all of the money they spend on me for college.</p>
<p>so looking into the future, i will be 200k in debt, with a cs degree from umich, or i would be in 116k debt from wayne state university, or at 103k from york (in canada) </p>
<p>after some thought, i’m holding the master’s thought, and don’t really want to do it right after graduation.
given this situation, should I switch?</p>
<p>why you even have to pay your parents back?
if they are rich ,then take the money and don’t pay back 
THEY ARE YOUR PARENTS AND THEY HAVE TO PAY YOUR TUITION IF THEY CAN.</p>