<p>With the way my parents saved for their retirement (investing in land, not a 401k), I qualify for 0 aid at all colleges I applied to. So now I have two choices:</p>
<p>Go to my first choice school at 50,000 a year, no aid whatsoever. I have 45,000 in savings and my parents can contribute 10,000-15,000 a year. And I plan to work...</p>
<p>Or go to my 6th choice school at 25,000 a year (basically no debt)</p>
<p>Is 50,000 a year just ridiculous? (I think I know the answer to this, but I'm kind of hoping somebody will say "No, it's fine!" and I'll be able to believe them).</p>
<p>Yes, it is ridiculous, if you have to shoulder the debt burden. It is a HUGE burden. There are people (literally) on social security still paying off their student loans.</p>
<p>finaid.org has a loan calculator that lets you enter your proposed loan totals and interest rates and shows you what your monthly payments will be and the income needed to make those payments. Quite an eye opener.</p>
<p>Such a debt is a huge burden as kenf says. It is a tough choice but think of your whole future and how you picture it - not just the next 4 years at your 1st choice school. Good luck with your decision making.</p>
<p>At the age of 18, the debts you take on to go to school seem abstract, and unreal. Four years seems like a really long time at that age.</p>
<p>Those debts seem very concrete once you start writing sizable checks each month. And the four years will go by in a flash.</p>
<p>Right now, the decision about where to go to school seems so important that it blots out all other concerns. </p>
<p>Debt can be like that, too. It can dictate where you live, and how you live. It can make you feel compelled to spend virtually all of your waking hours doing something you hate.</p>
<p>Remember all of those folk tales about people who sell their souls to the devil ?</p>
<p>Going to your number one school more bragging rights than your sixth choice when the topic of conversation with new acquaintances turns to “where did you go to college?”</p>
<p>Are bragging rights worth an extra six figures of debt to you?</p>
<p>If you can get 200K over 20 years for 833 per month, I want to borrow from your bank
6.8% rate of interest makes that ol 200K over 20 years balloon to 366K monthly payments would be 1500 per month for 20 years, and would require an Adjusted gross income of 138K right out of school and begin payment 6 months of graduation.</p>
<p>huge debt is worth it. unless you can’t get it back (aka become a failure and live in a box). if you’re one of those ppl that learn more from experience, and don’t really gain much in college, go for no debt. but then again, which schools specifically are we talking about?</p>
<p>Just to clarify, the debt isn’t $200,000 but $95,000 because we do have some in savings and my parents can contribute some money to my college (and a little less b/c I’d be working, but I’m not sure how much that would be). I know that’s still a ridiculous number, but I just wanted to make sure I was clear on exactly how much the debt will be.</p>
<p>By the way, I’m talking about Georgetown (1st choice) and University of British Columbia (6th choice)</p>
<p>I think it’s funny how easily people want to saddle you with $100K in debt. Like it’s nothing. That’s almost enough to pay for law school. It’s a downpayment on a house. It’s a lot lot lot of money.</p>
<p>I don’t know if this is a long shot, but have you considered talking to the fin aid people at Georgetown about your situation? Maybe they’ll understand and be able to help you out a little. Even if it’s not tons of money, every little bit can help.</p>
<p>Why don’t you also be on the lookout for outside scholarships? Many of the deadlines may have passed already, but you can always apply for a lot next year (since you have enough saved up for one year of school, at least).</p>
<p>Try everything you can before you give up! But, from personal experience, try not to get yourself too deep into debt. My parents are STILL paying off student loans.</p>
<p>Right after I’ve been rejected by NYU this Thursday, my theatre teacher who attended both Gallatin and Steindhart told me that it’s perfectly fine that I was not admitted. She is in debt right now and that she will not be out until she’s 65. $300.00 monthly to pay off loans. That scared the crap out of me and I am happy that I am planning on attending a school other than NYU.</p>
<p>bambee, 100k is a lot of money. Anything over 50k is too much if you ask me, regardless of the university. The University of British Columbia is a fine university. It is perhaps not as prestigious as Georgetown, but it is definitely very respected. I would go to the UBC, graduate with good grades and no debt and then take it from there.</p>
<p>Please read the thread in the Parent’s forum entitled,“Should you incur substantial debt for your dream school.” It will open your eyes considerably if you read through most of the posts, especially the first few posts.</p>