Is £80,000 debt just too much? the pain of loans...

Student Lounge International Students
1

<p>Hey all,</p>

<p>Im in 6th form at the moment, gonna take a gap year and am pretty certain i wanna apply to the US as well as the UK for a 2009 entry. I've done a hell of a lot of research, went to the american college day etc. and it really feels like the thing i need in life right now- an incredible experience.</p>

<p>Now the problem-Finances. I am not poor enough to qualify for a substantial financial aid, but not rich enough for my parents to pay for my costs there. (more like, my parents DONT wanna pay for costs there, as they think i should just study here)</p>

<p>I came across <a href="http://www.salliemae.co.uk%5B/url%5D"&gt;www.salliemae.co.uk&lt;/a> which offers loans for UK students specifically going to study in the US. Can borrow up to £20,000 a year. My parents are willing to pay around £4000 a year (possibly negotiable lol). Now according to my calculations, that should JUST cover my expenses in the USA including fees and living costs for most colleges per year. (Combined=£24,000).</p>

<p>I will also have money from my gap year and some other small savings. Either way, i would have to take out around £20,000 loan every year for a four year course-giving me a graduation debt of at least £80,000 (not including interest) Now i know it sounds ridiculous, but i REALLY wanna study in the US, particularly because of the liberal arts system, but mostly just for the experience. I personally would be willing to pay the £80,000 after graduation if i could look back and say "hell yeah, i studied in the usa and had an amazing experience, even if i have to suffer a bit now". </p>

<p>Any opinions? Am i just being ridiculous?! Is it even physically possible? sallimae mention that we are given a LONG time to pay back these loans, and only have to start 9 months after graduation. Please check out the website and some opinions would be much valued.</p>

<p>thanks a LOT!</p>

2

<p>What is your family income?</p>

<p>I'm in lower sixth and am gonna apply for fall '09 also. </p>

<p>But from the charts I've seen if i get in anywhere I get full aid and my academia is up to scratc so its ok.</p>

<p>why dont ypou apply first and see how much the colleges are qilling to give you then bargain and banter with your parents and then make up the difference with a loan?</p>

3

<p>AND now I look at Sallimae it says you need to be accepted before getting the loan, so you can further see what the college feels like giving you!</p>