<p>Next year I will be a freshman at University of Minnesota-Twin Cities. I live about 1.5 hours away from the campus, but it is possible to get there using various combinations of cars and buses (although that never truly gets you there at the time you want) So my question is, is it worth it to take out a 7K loan out so I can live on campus next fall. I've already looked at some possibilities and I think the Wells Fargo Education Connection Loan is my best option (assuming my parents agree to cosign it) and using a loan calculator I found out it would cost me around $300 a month, if I want to repay it back in two years. I believe that's a plausible amount to pay, but I'd like some feedback.</p>
<p>Is convenience and comfort a good enough reason to take out this loan?</p>
<p>I think it’s worth it as long as you think you can pay it off relatively quickly. Between the price of gas and other bills you have to pay at home, it’s not going to end up being vastly cheaper to commute. Plus, there are a lot of social benefits to living on campus and you don’t have to deal with the stress of constantly commuting.</p>
<p>If you do not already have a lot of loans then I would say you are better off taking some loans and living there. If you do not have other loans you should be eligible for Stafford loans of $5500 freshman yer. In future years you may be able to live off campus but near the school for less than on campus prices. A 1 1/2 hour commute each way sounds pretty awful. Perhaps you can also find a job near campus to help out with expenses.</p>
<p>If you do not have any other loans, I would recommend borrowing money to pay for on-campus housing. I think it is especially important to live on campus for the freshman year to get that experience of leaving home and living independently for the first time. There have been several published studies showing that on-campus freshman tend to do better both academically and socially, as they are more involved with the school.</p>
<p>A 3-hour round-trip commute each day is not easy. It’s going to cost you not only in terms of money but also in terms of stress. Just wait until the first time the bus fails to show up at your stop on time; Murphy’s Law says it will have to happen on the day of that critical mid-term exam! A long commute also leaves you less study for studying, participating in school activities, job/internships, etc.</p>
<p>That being said, it’s another matter altogether if you are already taking out a significant amount of loans to pay for college, as you do not want to take on an unreasonable burden and be in debt for years after graduation. If that’s the case, then give careful consideration before borrowing any more. Perhaps borrowing for housing just the first year might be appropriate. Then, after you have had a chance to adjust to college classes, the commute might be less challenging and you could avoid borrowing any more if you need to.</p>
<p>Thanks for the advice everyone! And no, I’m not taking out any other loans, so it would be just this one. However, my family didn’t allow me to fill out the FAFSA so I can’t have any of the subsidized loans (which is why I’m looking at the WF one (and also since I’ve had an account with them for over 5 years)) </p>
<p>Also, I’d most likely just want to get housing for the next year only so I can get acquainted with everything, and have a stable job somewhere (I’m going to get a job on campus the first year as well) It just seems like it would be really hard to deal with the shift from high school to college by itself, let alone try to pile on commuting on top of that.</p>
<p>Take the loan and live on campus your freshman year. The following year you can apply to be a resident advisor so you can get free room and board. Looks good on your resume, too. Good luck.</p>
<p>I find it strange that your parents would not fill out a FAFSA but would co-sign. Perhaps they will change next year. Yes RA would be great if you can get, but I am not expecting economy to get much better and a lot of these jobs will have many applicatns.</p>
<p>My parents didn’t want to fill out a FAFSA because,they didn’t want the government to look at all their forms. No matter what I tried to tell them, they just wouldn’t do it.</p>
<p>How much would transportation run you? Do the numbers. I know my friend had her son commuting about that distance and it was expensive. If you buy a car, it can really run up there. In fact, that is a problem an acquaintance now has, as one of kids is going to be going to a 4 year college after comm college. They shared the car which worked well, but now they will need still another car when the D goes to a 4 year state school that is not in the vicinity of the comm coll. Public transportation is too limited and undependable to either college.</p>