<p>So currently my EFC is 486, and I am really worrying about continuing school since I would rather not have huge debt and go into the workforce since it is killing me inside to think I will be paying a lot of loans when I graduate.</p>
<p>So therefore my question is:</p>
<p>Is it wise to spend 60-80K in student loans for a Chemical Engineering Degree?</p>
<p>I a first year student and am a bit nervous about continuing to attend Purdue. What worries me the most is if I made the right decision in the first place to attend Purdue, and also if it is worth it to shell out around 60-80K in student loans for a Chemical Engineering Degree? This past semester I took ENGR 131, MA 161, PHYS 172, CHM 115, and ENGL 106 and got a 3.07 GPA, and for the spring semester I will be taking ENGR 132, MA 162, CHE 205 (starting in my major as a freshman), and CHM 116. The reason I included the course work and GPA is because I am wondering if will I be able to find any scholarships for this coming year? Please help me out here, as I still have time to quit school and not have too much debt.</p>
<p>$80,000 in student loans will saddle you with monthly payments of close to $1,000 for the next decade, whether you get a job or not.</p>
<p>I would suggest you look for a cheaper alternative - either in-state, or, if you’re from the Rocky Mountains, you should be eligible for Western Undergraduate Exchange rates at many out-of-state public universities in the West.</p>
<p>New Mexico Tech has a chemical engineering program, for example.</p>
<p>I’d also vote No. Do understand the differences. Purdue is a large, well known university. NM Tech is a tiny place in Soccoro NM (an hour south of Albuquerque). </p>
<p>That said, NM Tech has a lot to offer. It is THE place in the country to get training in the use of explosives – and a small place can be warm and charming. No more lecture halls with 400 kids striving to hear and understand a grad student with a heavy accent (There may still be imported experts but you can benefit from their expertise when the class is 20 and there’s opportunity to slow down and ask clarifying questions). </p>
<p>I’d shop around. This takes some time – so you may be at Purdue this spring or out washing cars until you can figure your options out. Look at Colorado School of Mines and UTEP also as affordable alternatives. Colorado offers some pretty good merit scholarships. </p>
<p>Also evaluate which program has internships or work partnerships within their departments. A place that seriously works to place its juniors and seniors is going to be a better place that the diploma mill that says “ok, here’s your paperwork, you’re on your own.”</p>
<p>One of our friends wrestled with the choice of U of Washington (more expensive but better known program) and the smaller Western WA University. He ended up at Western and life has been great. He “owns” his turf. He has found employment on campus, got nominated for a departmental scholarship and has strong, personalized recommendations for grad school. </p>
<p>Some folks NEED the big pond. Sounds like you are open to some alternatives and it would be wise to check out the options. Even if you end up staying at Purdue, at least you would be doing so from a place of confidence.</p>
<p>Well, I am a Colorado Resident and I am willing to transfer to Colorado School of Mines. But the reason I ended up at Purdue was because of the reputation of the engineering program, and the fact that I can get a a job right out of school since its #4 for student recruitment in the nation, and the CO-OP program will help me be able to pay off at least half of my loans.</p>
<p>Do you have a cosigner, qualified to cosign on that many loans?</p>
<p>It is one thing to be “willing” to take on that much debt. However, it is unlikely you will be able to get those loans without a cosigner.</p>
<p>My older S will have close to $50 grand in loans at graduation. $20 grand is direct loans and Perkins loans - the rest are NJ Class loans, most of which required a cosigner - ME.</p>
<p>What you posted dramatically alters the question. If you can cut your student loans in half, then you are looking at a very different situation. Still not ideal, but more in the realistic ballpark. </p>
<p>Try not to think in absolutes. Think of a patchwork approach. For instance, if you are home next summer and can pick up some college credit at a community college (make sure it will transfer) then you are reducing the Purdue costs. If Purdue has some paid internships that also get you college credit, you will again reduce costs. </p>
<p>Habits make a difference. I understand that an undergraduate who orders a single $3 coffee at the coffee stand every day of class can rack up $5000 in coffee expenses over a four year college career. Just because the paperwork comes in saying “Sign here for a year’s worth of loans” doesn’t mean you have to take the whole package. What can you do to reduce the amount of money you have to borrow? Cheaper food plan? Cheaper dorm? Used text books? Work as an RA or teaching assistant? </p>
<p>I know of one guy who cut college costs by becoming a night janitor on campus. He earned a business degree and went on to build a very successful commercial building cleaning service based on his college cost savings experiences. </p>
<p>Be aware, too, that you may be suffering from the 3 to 6 month culture shock phase of being in a new place (Phase 1: Day 1 to 30: I love this! This is so cool! I am going to learn the new language! Take lots of photos! Embrace the new culture! followed by Phase 2: God. This place. The food gives me gas. There’s no parking( alternatives: no hot water, no internet connection). The people are making me nuts. I wanna go home. </p>
<p>All this is followed by Phase 3: There are good and bad things about this place and I know them all. and Phase 4: I return home and find that neither home nor I are the same. </p>
<p>If some of that rings true, be easy on yourself. Take some time and sort through the choices.</p>