Hi, I am a current high school senior and I plan on attending Rutgers University New Brunswick and majoring in economics and minoring in computer science. My family’s EFC is 9050 but my cost of attendance would be around 20,000 a year. My parents are not paying for my tuition but are willing to cosign for me. I plan on making the most of my college education and will return to living with my parents for a couple years after college. Would this $80,000 in student loan debt be manageable? Is there some way to appeal for more financial aid?
In some parts of the country, you could buy a HOUSE for $80,000…and it would come with. 30;year mortgage.
Your mileage may vary, but I would not be comfortable with my kids borrowing that much.
Are you a NJ resident?
Yes, but commuting wouldn’t be an option as I live a good 40-60 minutes away from Rutgers.
That depends on many things. It may constrain your choice of careers. It will be hanging over you for a long time. However, if the choice is between that debt and no college education at all, I would choose debt. 80k is high but manageable with a decent job. If, however, you have other less expensive options, I would highly consider them. Is the 80 total or is that on top of the federal loans you are allowed to take out?
It would be 80K plus the 5.5k in federal loans
Per year? So now we’re talking $100,000 in loans.
Does that mean 80k plus 27K = 107k total?
$100,000 in loans for an undergrad degree?
Did you apply anywhere that is more affordable…because that is a LOT of debt. You will be looking at at least $1200 a month in loan payments for ten years.
I applied to many schools such as Temple, Rowan, University of Rhode Island, but Rutgers was the second cheapest. Wouldn’t there also be an option for me to repay my loans in twenty years? I feel like if my parents see how passionate I am about what I am studying and I prove it with my grades, they would help me with my tuition in the future.
Don’t count on getting money in the future.
You want to repay your loans in twenty years? Really? You want to be 42 years old before you pay off undergrad college loans?
Think about that.
How much less was your least expensive option. Was it Rowan?
Are you in state for NJ? Could you commute? Do NJ community colleges have any guaranteed transfer options? 80k was bad enough, but this is looking really difficult.
Rowan would be 17k a year excluding federal loans, which is only a couple thousand cheaper.
Didn’t you get any state aid?
This is a naive plan. What if your first job is hours away from your parent’s home?
Not likely. And really you’ll have over $100k of debt.
What is your major and likely career? How much do you think you’ll be earning as a new graduate?
What are the req’ts for NJ state aid?
Do you have any affordable schools??
Sadly, this is the reality for kids in many states in the US. Public education is hardly affordable. OP may have very little choice but to take the debt or start at community college. You may consider a gap year in which to work and save. Many posters on here are far more knowledgeable then I am. If you post your stats, they may be able to give you some out of state options at much lower prices.
Rutgers and Rowan are really the only “affordable” colleges I have. I am going to major in economics and minor comp sci. I hope to pursue a starting career as a financial analyst with hopes of around a 50-60k salary out of college. The only aid I received was $3,500 from the Rutgers Assistance Grant. My parents have an income of 120k, which I guess is too high for state aid.
? How many siblings do you have in college?? An income that high would normally have an EFC of about $35k
Please clarify…
Rowan would be $17,000 a year…total in loans?
And Rutgers would be $20,000 total in loans?
Or is the $5500 Direct Loan added to that in Loans?
Sorry…but these both sound unaffordable if you are totally finding them with loans.
Ok
And you have no idea where that job may be. Anyway, that $100k of debt will have about $1000.00 a month loan payment for TEN LONG YEARS.
Do you really think that’s affordable when your own parents have an income of $120k and can’t contribute much/anything towards your college costs??? Think about where there money goes…
How much are your parents contributing each year towards college?
NJ seems to have one of the less affordable in state systems. Have you looked at the list of schools with full tuition and full ride scholarships? Would any of them possibly work for you? I believe it would be worth taking a gap year in that case.