Is it worth it?

Paying for College
1

<p>I just got my first financial aid package, and I was wondering if it is reasonable to go into $50,000 of debt for school (that's total, not per year). My mother says that this is actually low for a private college and that I should be rejoicing. I'm not so sure. </p>

<p>Important information:
- I don't plan to start a family, buy a home, or go to graduate school after I graduate.
- The rest of my financial aid package is really good.
- I am not sure of my major.
- I adore the school, though I wouldn't mind going somewhere else if worse came to worse. </p>

<p>Thank you.</p>

2

<p>That is difficult to answer without knowing your major. If you’re planning a humanities major (like Classics, English, Anthropology, etc) and don’t plan on going to grad school, the 50k will almost certianly not “be worth it” and the debt could take you decades to pay off.</p>

3

<p>Your mother is wrong. The average total undergrad debt for private colleges is $25k. </p>

<p>How much do you think you’ll be earning upon graduation? You shouldn’t borrow more than HALF of that amount. </p>

<p>What is your likely career and how much do you think you’ll be earning?</p>

4

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<p>Considering that it is ~four years away ALL of this could change. You many not have plans to start a family or buy a home when you are 18 and thinking ahead, but you might when you’re 22, 23 and graduating college.</p>

5

<p>Is the 50K what is left to pay after grant/scholarship money? Is the 50K what you would have left to pay after your parents’ contribution? </p>

<p>If the 50K represent the total cost left after grants/scholarships, I would say you have a great offering (12.5 K a year-cheap as a state school). If the 50k is what is left in loans after parental contribution, then it is not a good deal. The only way one could come out cheaper (assuming that the 12.5 K is Miss P’s total cost per year) is to live at home and go to a Public U.</p>

<p>I am assuming Ms P’s family EFC is much higher than 12K a year since she attends a private high school. Miss P correct me if I am wrong and please give us a little more info on the 12K.</p>

6

<p>Read this thread…</p>

<p><a href=“http://talk.collegeconfidential.com/parents-forum/871140-education-all-costs-myth.html[/url]”>http://talk.collegeconfidential.com/parents-forum/871140-education-all-costs-myth.html&lt;/a&gt;&lt;/p&gt;

7

<p>OP, you posted in another thread that you were considering becoming a nun! If you were serious, I would truly hope that you’re not considering taking on $50,000 in debt. How on earth would you ever pay it back?</p>

8

<p>I don’t want her to borrow that much as a nun or not.</p>

9

<p>Even if you do not want to buy house, you still will have expenses like buying a car, renting a place. As romanigypsyeyes, a lot of things can change in 4 years. Hence, lower the loan the better.</p>

10

<p>It sounds like this kid is going to be attending an expensive private university for $12,500 a year. I have to say…that IS a bargain…if she feels she can repay the loans. If not…then it’s not a bargain.</p>

<p>Her loan payments will be between $500 and $600 a month for ten years. If the OP finds that manageable or the parents plan to help repay…then fine.</p>