<p>I stumbled upon a research report today about the ill-effects of an undergraduate debt. It said along the lines that 45-60% of undergraduates with around 20-25k debts are not considering graduate school because of their debt. </p>
<p>So... how big of a role do you think a 20k debt plays in graduate school prospects? How about 30k? 40k? </p>
<p>Personally, I am choosing between Notre Dame and UC San Diego. I can pay in-state for the UC and graduate Debt-free... and I'd have to take out 20k total in loans to graduate from Notre Dame. The thing is that Notre Dame is a private school (4-year almost guaranteed) and has school spirit and community which UCSD kind of lacks. Any comments would be appreciated. Thanks!</p>
<p>There’s really no “one size fits all” answer when it comes to debt. I think it’s a balancing act and a matter of personal circumstances and choice. If Notre Dame’s degree would help propel you to better prospects for grad school, and possibilities for TA/RA/fellowship/scholarship funding it may actually be a better deal financially. If you have family resources to fall back on in a pinch, that would be another consideration. Finally, your eventual field of employment, earnings and placement averages, and ability to manage debt are huge factors. </p>
<p>If, for example, you’re considering majoring in elementary ed and getting a master’s, it’s probably not a good idea to load up on debt unless you’ll qualify for a forgiveness program and can make those payments until you can find a position. But a medical profession with good prospects and high starting salaries would justify (in my mind) a higher debt load. A quick rule of thumb I’ve often heard related to student loans is to borrow no more than one year of your expected salary.</p>
<p>Obviously, this is a highly personal decision. Having said that, I think ND offers a truly unique undergrad experience and an amazing alum network - I’d lean toward the manageable 20K in debt to attend ND.</p>
<p>I’m assuming that ND wouldn’t also create huge family financial hardship beyond your debt, and that climate isn’t a big deal. I live 15 min from ND, and can assure you that San Diego has better weather. :)</p>
<p>It is a highly personal situation. It depends on the choices you have, your family situation and your own situation. The amount of debt also is important. Owing $20K at 6.5% is one thing, owing $40K , with the additional $20K at double digit interest rates is a whole other story. If your family is in monetary crisis, that is also an important element.</p>
<p>Personally, I don’t think 20K of debt is a “crippling” amount. $30 - 40K starts getting scary to me. It is a very personal choice, as Cpt says. </p>
<p>Notre Dame does offer an amazing college opportunity. If you’re coming from CA, however, you’d have to consider travel costs, winter wardrobe etc. What’s considered “cold” in San Diego would make kids at ND laugh. Do an honest, comprehensive breakdown and determine what your real debt would be. Financing 20K over a few years is doable. Many college grads go work for a few years rather than going directly into graduate school.</p>
<p>What you’re leaning towards majoring in is also a factor.</p>
<p>“Among other possible spending cuts Schwarzenegger is expected to formally endorse in a presentation next Tuesday: dismantling the state’s CalWorks welfare-to-work program, eliminating grants to lower-income college students, cutting state park funding and borrowing $2 billion from local municipalities.”</p>
<p>Of course. Who will flip your burgers in Orange County? Why, I will have to, since not only will I not be able to get loans (see other thread), I won’t even be able to get grants.</p>