<p>By the way, I want to say thankyou so much guys. I really appreciate the help. It opened my eyes financially, and I’m currently doing math and seeing what I can do. You guys really helped me a lot.</p>
<p>When we say taxes, we mean income taxes, not property taxes. Both NY state and NYC would tax your income if you should choose to live in Queens someday, and that would be on top of Fed tax.</p>
<p>
</p>
<p>I’m sure EVERYONE here would love to know where you will get a private college loan for 3% interest fixed rate. Really.</p>
<p>$1200 a month for an apartment…do you plan to share this or do you plan to have your own place. Yes, some apartments include SOME utilities. BUT most do not include electricity, or cable (for TV or internet). Some don’t even include heat. Some have a surcharge for heat. </p>
<p>AVERAGE is just that…average. That means there are apartments with lower rents and those with higher ones. You need to go and look at some of the apartments that are $1000 a month. See what they include and where they are located. </p>
<p>No, as a renter you would not pay taxes on your dwelling.</p>
<p>And yes, I know. My mom told me once I begin working, they stop giving me disability. It’s fine though because I’ll make a decent salary. Oh I thought you meant taxes that have to do with apartment. Regardless, I probably will still be fine though… hopefully.</p>
<p>One more point, as a paralegal your salary wouldn’t be going up very much year after year. Unlike the poster who started that thread of living in NYC and making 62K a year, he has a potential of earning a lot more than 62K in few years, so he would have a better chance of payinging back 50K student loan faster.</p>
<p>Right. I do have a few friends in New York that said 1200 is generally what they’ve been paying, but like you said, generalizing things isn’t exactly extremely accurate. And well I’m generalizing it from: [FinAid</a> | Loans | Private Student Loans](<a href=“Your Guide for College Financial Aid - Finaid”>Private Student Loans - Finaid)</p>
<p>I ASSUME Libor is interest rate, not 100% sure. Either way, I think I should still be fine… I hope.</p>
<p>I grew up in NYC, went to school in Queens and also lived in Queens.</p>
<p>It is not worth the money you are discussing to go to this or any community college. Many kids in Queens want out as much as you want in. There are some very nice areas of Queens but they are very expensive.</p>
<p>Listen to those who have told you that this is just TOO much debt for community college.</p>
<p>Honestly, my uncle feels the same way and he’s doing the same exact thing that I’m doing(Not the school thing though), and we travel there together sometimes… </p>
<p>I’m just trying to live a dream… Honestly, when I live there, I’ll be so happy it’s rediculous. I’ve been all over NYC, and I love every bit of it. When I move there, my life will be perfect and I’ll always be extremely happy. I consider this to be worth it just to be able to do that.</p>
<p>It may seem foolish, but it’s all for my dream. And I know I’ll be fine financially, and will have extra money rolling in as well, and I really greatly appreciate you guys helping me. It’s helping me get those monetary values in my head and I’m punching numbers as we speak so I can plan ahead.</p>
<p>*I live in Philadelphia, and I simply can’t take it anymore… life here is extremely depressing. I can’t stand living here anymore. And I would’ve taken out 50k, not 40. I checked and the loan calculator gave me 345 a month. *</p>
<p>So…don’t live in Philadelphia! Penn is a big state! Live somewhere else in the state where you won’t have to pay OOS fees. </p>
<p>Where do you get the idea that your interest rate will only be 3%?</p>
<p>*And well I’m generalizing it from: FinAid | Loans | Private Student Loans</p>
<p>I ASSUME Libor is interest rate, not 100% sure. Either way, I think I should still be fine… I hope. *</p>
<p>I still don’t see why you think your interest rate is going to be 3%. It’s going to be a lot higher.</p>
<p>If you borrow $50k and your interest rate is 8.8% (or more…which is likely for a private loan), then …</p>
<p>Loan Calculator</p>
<pre><code>Loan Balance: $50,000.00
Adjusted Loan Balance: $50,000.00
Loan Interest Rate: 8.80%
Loan Fees: 0.00%
Loan Term: 10 years
</code></pre>
<p>** Monthly Loan Payment: $627.98**
Number of Payments: 120</p>
<pre><code>Cumulative Payments: $75,357.52
Total Interest Paid: $25,357.52
</code></pre>
<p>Note: The monthly loan payment was calculated at 119 payments of $627.98 plus a final payment of $627.90.</p>
<p>**It is estimated that you will need an annual salary of at least $75,357.60 to be able to afford to repay this loan. **</p>
<p>What are YOU going to do if your co-signer can qualify for the first year, but not the second year???</p>
<p>I know we’ll qualify for the full amount; that’s definitely happening. I’m evaluating everything realistically right now.</p>
<p>I’m putting 15 years in, 8% interest rate, and I even tested it by trying a mortgage calculator to verify, and it’s telling be from 450-477 a month I’ll be paying. Which is still manageable.</p>
<p>Historical Libor rate:
[LIBOR</a> Rates History (Historical)](<a href=“http://www.wsjprimerate.us/libor/libor_rates_history.htm]LIBOR”>http://www.wsjprimerate.us/libor/libor_rates_history.htm)</p>
<p>Student loan rate is Libor + 2.0%, if Libor is 10.0 then your rate would be 12%. It depends on whether there is cap or a floor to your loan.<br>
Right now 1 mon Libor is below .3%, but it could go up in the next 10 years. Every time Libor goes up then your interest rate will go up accordingly.</p>
<p>Oh! Right.</p>
<p>I should make $3,500 a month, and at the very most, with utilities and everything, I should be looking at 2000 to 2200 a month. That’s why right now I’m really thinking I can do this.</p>
<p>What no one seems to have mentioned is that paralegals can’t find work in NY now. Big law firms are going bust or shrinking. They are firing, not hiring, lawyers and paralegals. Corporations are refusing to pay what they have in the past for legal services. Will there be paralegal jobs in 4 years, who knows? Will paralegal salaries head down as lawyer salaries are? It’s very possible.</p>
<p>Bikaben, I think we all understand you have a dream and root for you to pursue and accomplish it. It’s just that we understand the reality of debt and high cost of living. Dreams can become nightmares. We want you to be careful. Delaying a dream may not be fun, but delaying this one a couple of years to live better for the next decade probably makes sense.</p>
<p>That’s true, and you’re definitely right. Hopefully I don’t screw myself over, and hopefully I’m able to do everything intelligently. Thankyou so much for providing me with all of the information you guys have given me; I really appreciate it!</p>
<p>You will not make $3500/month if your gross salary is $40,000.</p>
<p>$3500/month assumes an annual NET salary of $42,000. You already stated that a paralegal salary is lower than that, and that’s GROSS. If your base salary is $40,000 a year, then after taxes you’ll probably have about $32,000 a year, or maybe $2700 a month. (And that’s being generous - assuming a tax rate of 20%. Your New York State taxes will probably be higher.)</p>
<p>Living in New York City on $2700 a month will already be unpleasant. It will be a struggle. I know because I live here - I live here on a little less than that (but I also pay less than your projected rent), and it is <em>unpleasant</em>. I can survive and the reason I’m here is for graduate school, so I’m trucking through, but I would not CHOOSE to live in NYC on less than $40,000 a year after taxes.</p>
<p>But living here on $2700 a month when you have $500+ in student loans to pay back every month will be more than unpleasant. It will be bad.</p>
<p>And your interest rate will not be 3%. If you are lucky, it will be around 8%. If you are unlucky, it will be 12%. And it will likely be variable. Even assuming a 6.8% interest rate (the rate for Stafford loans, which are public federal loans) for $50,000, that’s a monthly payment of $575 a month. Borrow that much at 8% and we’re talking $606 a month. And at 10%, that’s $660 a month. I can tell you right now that trying to pay that amount on such a small salary living in NYC is going to be unenjoyable.</p>
<p>Also, having lived nearby Philadelphia for part of my life, I’m wondering what you think you’re going to find in NYC that you don’t have in Philly. I know that they’re very different cities, but I’m curious to know why NYC is so exciting while Philly is so “depressing.” I know a lot of people (including my younger sister) who are overly anxious to move out to NYC without understanding the realities of living here. It’s not easy, it’s very expensive, and the shine wears off rather quickly and then you’re stuck at least until your lease runs out. I grew up in Queens and it’s funny that you’re dying to get in because I knew so many people who were dying to get OUT.</p>
<p>I’m not trying to discourage anyone from living in NYC. It’s fun when you have enough money to enjoy it. It can be really exciting. But I think it’s an endeavor best saved for AFTER college, when you aren’t living on borrowed money. It seems like a good idea now but I can almost guarantee you that 5 years down the line you’ll be wondering why you decided to go to CC in NYC when you could’ve chosen a cheaper option by going to CC in PA. Even going to Penn State might be cheaper than going to NYC.</p>
<p>Trust me. Live in Philthadelphia and tell me you enjoy it. Yeah, I tested the tax thing and on a 42,000 annual salary would be $2,448 a month. I estimate everything together would cost me between 1800 and 2100 a month. And also the money I save while in college will go straight to the loan. Honestly, I just can’t live here anymore; I have to get out.</p>
<p>And more food for thought is that people making mess than me like teachers, Govt. Workers, current paralegals make it out just fine on the salary I’ll have.</p>
<p>And how do you know that people like teachers, government workers and current paralegals are making it out just fine on that salary in New York? Do you know any? Have you done informational interviews with people in those fields? Teachers in NYC actually start out making more ($45,000 with a bachelor’s and no experience, and over $50K per year with a master’s and no experience).</p>
<p>Are they making it “just fine” with $500-600 a month in student loans to repay? I’m going to guess that the majority of people with associate’s degrees didn’t borrow $50,000 to get their AA/AS.</p>