<p>I'm starting college my sophmore year at a 4 year college this Fall and I'm terrified. Terrified of the amount of debt I will accumulate to get a degree. I will possibly accumulate 50k in debt to get a degree. In my head this is way too much. Considering my primary way of paying back these loans would be the 'career' I'm hoping to gain from getting the degree should I be worried? Should I not go? Should I go and take out the loans and hope for the best? Am I being rational? And if it depends on my degree choice. I'm thinking about getting my bachelors in logistics and supply chain management.</p>
<p>“Terrified” is an awfully strong emotion to have, yet continue along a path. $50K of loans on your back is one heavy load. i have no idea what the employment scene is in that field, but I can assure you that danged few college grads even in fields like engineering, nursing are handed $50K jobs upon graduation. So if you are going to be footing that bill on your lonesome, it’s not going to be easy. How are you getting all of those loans anyways? Are they Stafford and Perkins loans? How much of them are subsidized? Is your family going to be able to help you get on your feet until you have a job that can support you? All of these are relevant, as the reality is few kids can pay on their loans that first year. The stats for those asking for forbearance and more time is frightening as some of those unsub rates are up there and the subsidized Stafford rates are going to be joining them. Are you going to be able to even take a job where ever and buy a car and what you need to work? My son’s job opportunities were all over the place and he needed a lot of start money to get going, and he did not find work right away, nor could really get into gear right away. He had that privilege of time since he had no loans.</p>
<p>This is a response I posted few days back. Take it with a grant of salt. Only you can weight in what is in it for you. I had no choice in my college years. Debt or else. </p>
<p>[…]. When I graduated, I owed around $28,000. Mind you, that was a lot. But, my first entry level salary, considered extremely high back then, was around $30,000/year. So I managed just fine. If you are, for example, a CS major from a good school with good GPA and internship, then $50K+ debt is reasonable. On another hand, if you’re an architecture or liberal arts or even science major, that amount of debt would be tough, unless you could land one of those lucrative jobs. I am sure others would disagree with me, but I just wanted to share my personal experience. Also, if I didn’t borrow that much, I wouldn’t be where I am today. Of course, I never know. I could make it work.</p>
<p>That is a lot of debt, especially if the interest rate is high and accumulating while you’re in school.</p>
<p>What is your future career?</p>
<p>That’s a lot of debt, but at this point, what are your other alternatives? How much debt did you incur freshman year? What type of school are you attending? Are their cheaper options? What is your prospective career?</p>