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

Paying for College
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>It's generally not advisable to take out so much in loans. You may want to try a lower ranked LAC first where you can get a merit scholarship, and then transfer later to a more expensive college. There are plenty of cheaper LACs in the US. And a lot of the smaller colleges are really looking for international students to improve their international reputation. In short, £80 000 (you have no idea how many key combinations I tried before that worked) is way too much debt. Even if you graduate and find a high paying job, it would take you many years to pay that off, especially if you'll be continuing your studies after undergrad. Another cheaper option is to spend part of your time studying in the UK and part in the US.</p>

3

<p>I think if you go to a lower tier college, they will give you more in financial aid (do international students get financial aid packets? idk). And yeah, America has a lot of liberal arts colleges, and even the less desierable ones are still pretty good.</p>

4

<p>you have many, many good options with schools in the UK -- at a very reasonable cost to you and your parents. Take advantage of that! Come to the US during your gap year, on an exchange program or for graduate work.</p>

5

<p>Your college costs may become cheaper because of the weakening of the US $ to the Pound.</p>