Is it worth being in debt?

I’m a high school senior who is looking to major in architecture. My top school right now is Drexel because I believe their architecture program is really good, even better than Carnegie Mellon in my opinion. The ticket price is 70k which includes room and board as well as other expenses. My net cost is $36K, which will have to be paid out by loan, which is a lot. The net cost only applies to the first two years. The next four years will be my co-op years and the tuitions will be $21K,$18K, $17K, and $12K. During co-op, I will be working full time at architecture firms and would be expecting to be earning about $31K a year, with salary increasing slightly as the four years past. The unique thing about Drexel’s architecture program is that it allows me to earn my Architecture License as I’m earning my degree because it already provides the required amount of experience. So I could graduate already with experience as well as my license, which could easily land me a well-paying job. However, I would have to take out lots of loans but I think its worth it considering the experience I get as well as the money I will be earning during co-op which could help pay out my student loans quicker. Drexel is my top choice out of all the schools I’ve been admitted to because I believe that it will be the most beneficial for my future as an architect. The demand for architects have been rising and since it’s a STEM field I think its a good investment going to Drexel. But is it worth it?

@mathmom?

You can’t borrow 36k on your own. Who would co-sign that for you? Would that person qualify to co-sign loans for you for each of the remaining years of your education?

I’m a dinosaur as far as architecture programs are concerned, but I love the idea of a co-op program with architecture. I would say architecture is barely a STEM field and I don’t believe demand is rising. That said I’ve never had trouble finding work doing the sort of thing I do which is small fry stuff - renovations, additions, small commercial jobs. It’s like being the lawyer who does real estate deals or wills - there’s always a demand, but it’s not sexy and it doesn’t pay that well. Looks like starting salaries for architects are around $45,000. Rule of thumb is that is the maximum amount you should take out in loans. It may be that with the co-op program you’ll be more employable and have a higher starting salary from Drexel. Ask lots of questions, but it may be worth the extra cost.

No that’s not worth it in my opinion. People are going to my local community college and getting an Associates Degree in Architecture. The college has a internship program too. I read a story where a guy graduated from the college and got a good job. Two years only cost about $4000 in tuition.

Drexel is not worth that much debt. Do you have high stats?

Run the net price calculator at Kent State. The direct costs are only about $28,000 and you might get merit of about $10,000. See what it predicts for you.

Did you apply to any instate publics where you can study architecture?

Will you need to do go to grad school? That is more debt.

Add that up, and that’s 104k. Unless your degree says M.D. next to it, that kind of debt would cripple you. You need to reevaluate more affordable options.

Drexel has an NAAB-accredited BArch program, so a graduate would not need an MArch degree afterward.

However, agree that the $104,000 debt is a bad idea, if it is even possible (cosigner or parent loan required). Especially since pay levels are not that high. (It is not really a STEM field, and STEM does not necessarily mean high pay anyway – just as a biology major who did not get into medical school.)

There are star architects employing dozens of other professionals earning 7 figures creating museums and concert halls, and sole proprietors earning $60K designing master bedroom additions and bumping out the back of a local restaurant to create room for a pizza stove.

Nobody goes in to architecture hoping to make 60K but life happens. You can settle in an area glutted with other professionals where there is a race to the bottom financially. You might have to leave the fast track because your firm wants you to move to Dubai for three years and then to Berlin for two and your spouse isn’t movable professionally.

This seems like an awful lot of debt.

Arch jobs seem to be decreasing. Don’t know if it’s because computer-aided designing means less humans are needed or what.

Lots of unemployed and under-employed folks with arch degrees.

I am seeing an increase in Arch Engineering students. Don’t know really what the difference is. Perhaps that degree is more marketable? I don’t know.