How much is "too much"

<p>Ok, just a quick question on other's opinions. How much money for college is too much? Without knowing anything or just implying yourself, how much would you allow your child to take a year for college? Is (30k, 50, 75, 100k) for a total of four years too much. What would your limits be and how much of a struggle would it take on that person in the future?</p>

<p>Are you asking about how much in loans? We allowed on the Direct Loan limit. $5500 freshman year, $6500 sophomore year, $7500 junior year, $7500 senior year.</p>

<p>If you are talking about the total price of college, and you are asking what folks would choose…there is NO right answer as this will vary based on family financial circumstances.</p>

<p>It depends upon the family situation. For those kids whose families are already struggling, even taking out the Stafford minimums could be too much since it will be all on the student to repay the money. Some of my kids are struggling making ends meet after college with NO loans, and with some help from us. If we were hurting so that they got nothing from us, and they had to live 100% on their own plus pay even a bit in loans, it would be a hardship.</p>

<p>It’s a whole other story, when an upper middle class income family or well to do or one who has finances in good shape encourage kids to have “skin in the game” and borrow, and when a kid has no support at all. </p>

<p>However, Stanek99, most kids can only borrow the DIrect Loan limits as THumper lists, in their own name. ANything else needs to be cosigned with a credit worthy adult and both adult AND student are on the hook for repayment regardless of what happens. On both credit reports and till death of both borrowers. Not such a good situation.</p>

<p>Also, if a student completes an engineering, or computer, nursing, accounting, medical tech type degree that leads to good job possibilities, it’s one thing. A general degree (sometimes after an attempt to get one of those directed job degrees) often does not pay off quickly, and those loans become due within six months. So it’ can be a real monkey on the back.</p>

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The only way a student could take out that much is with a co-signer and I would not do that. IMO the limit should be the Stafford/Direct loan amount listed by thumper. That equates to about a car payment.</p>

<p>My personal limit is $28,550 for four years (in terms of loans, not total cost).</p>

<p>Even tho you didnt’ say “loans” in your first post, we’re guessing that’s what you mean.</p>

<p>For many majors, borrowing the max Direct student loans is the max they should borrow so that they can still pay their other bills after they graduate.</p>

<p>Some careers are rather low-paying (early childhood, music, theater, etc) and therefore those folks probably shouldn’t borrow much at all. </p>

<p>I know an Early Childhood major who isn’t paying one dime back on her student loans because she isn’t earning enough to do so. All of her money goes towards rent, utilities, phone, food, car, etc. </p>

<p>what is your situation? What is your career goal? How much are you borrowing?</p>

<p>UWisconsin-Madison
*I got ACCEPTED! So happy, act score of 27, 3.75 unweighted GPA. </p>

<p>Going into chemical engineering! Also from Chicago suburbs!*</p>

<p>At this point, we have NO IDEA of whether you’ll make it thru Chemical Eng’g. It’s one of the most difficult majors out there and an ACT 27 is rather questionable for that major. Your ChemE classmates at UW will be stronger than you are. You may get weeded out.</p>

<p>What was your Math score?</p>

<p>If you’re thinking that it’s ok to borrow lots of money because ChemE grads can make a high salary then that’s a huge risk because we don’t know if you’ll graduate in that major. </p>

<p>Either way, borrowing a lot of money, even for a ChemE degree, isn’t a good idea. </p>

<p>What are your parents saying? ARe they willing and able to co-sign? Will they qualify each year? Will they pay those loans back if YOU CAN’T?</p>

<p>Why can’t you get that degree in your own state?</p>

<p>I have been accepted to numerous colleges, wisconsin is only one of them. Iowa State has given me some scholarships and IIT, which is private, has given my brother $20,000 and i havn’t heard back from yet but since i have better stats im assuming i will get same/more (all guess, might not be the case since they may see other strengths/weaknesses, just stating an option). My parents said that my dads work has a few minimal scholarships (around a grand or two) and other organizations locally so instate is a viable option. My parents told me if i can narrow close to 10k/year that they will help sufficiently. Just wanted to see what others think about this subject</p>

<p>That is an amount that each family has to decide for itself. Everyone has different income and different expenses, so only they know what is comfortable and/or possible.</p>

<p>I wouldn’t allow my child to take out more than the Stafford maximums (about 30K). I don’t believe in co-signing loans; I’d just take them out in my own name at a far better interest rate, if I could really afford to take the responsibility. 100K in student loans for an undergraduate degree is ridiculous.</p>