<p>Im an international student from a middle class family majoring in computer science. My expenses land around $130k.. Is it advisable to take a student loan for around $50k for this? Purdue is a great school, i know, but will it bore sufficient results for me to pay off my loan and then proceed for post graduation.
Im an above average student and with incentive I work very hard. Kindly, help me out. Thankyou!</p>
<p>That’s not a question that anyone can answer for you. As a rule, young people should not be taking out loans that are going to be more than a year of expected pay. The problem with “expected pay” in terms of an 18 year old is that the chances the s/he finishes a competitive program that might net such a salary is not all that high, and who knows what the market will be like and what impediments there will be. Generally kids who take out that kind of loan money, or any kind, should have parents that can provide back up and also have a good idea how that money can be made. </p>
<p>Also where are you getting the loan? Terms of the loan, interest rate, what’s the deal there? What’s the security? Are you betting the family house? Borrowing from loansharks? Can your parents take the hit if you can’t pay and they need to help? All of these are relevant issues. </p>
<p>Middle class does’t really explain it. Can this put your family in dire straits if you can’t find a job? Can you find some sort of job to pay off the monthly payments that such a loan will result in you having?</p>
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My expenses land around $130k.
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<p>wont’ they be closer to $180k…especially in the CS major (is that in Col of Eng’g?)</p>
<p>Where will you get the loan?</p>
<p>What kind of income will you likely have after you graduate (you won’t likely be able to work here).</p>
<p>This is old info…the amounts will be higher when you go.</p>
<p>Estimated Expenses for Academic Year 2012-2013 (Fall 2012 & Spring 2013)</p>
<p>$32,412.00 Tuition
$11,500.00 Living Expenses
$ 1,330.00 Books</p>
<p>Total $45,242 (If attending summer session, add $11,084.00)</p>
<p>this doesn’t count int’l travel back and forth and it doesn’t count summer room/board if you stay over the summer.</p>
<p>My parents say that they can back me up with the money but I feel too guilty about it so I can’t ask them to pay. I’ve earned some scholarships, I plan to do internships and any oppurtunity which presents itself. So trust me when I say this, estimated cost lands around $130k.</p>
<p>Im new to all this and have no information regarding the source of the loan and plan to look into it further…</p>
<p>@mom2collegekids Could you elaborate?
“What kind of income will you likely have after you graduate (you won’t likely be able to work here).”
This is exactly what I wanted information about… Why wouldn’t I be able to work there? The starting salaries seem very promising and frankly that’s the only prospect enabling me to even consider taking a loan. Pardon me if I made a blatant mistake as Im not very knowledgable about this matter…</p>
<p>“I plan to do internships”
Planning on an internship and actually getting a paid one are two different things. They can be difficult to land and are competitive at Purdue. I wouldn’t count on it in terms of financial planning…</p>
<p>“and any oppurtunity [sic] which presents itself.”
There are not too many money-producing opportunities at Purdue for top students, let alone “above-average” students. There are part time jobs that pay $7-8/hour, but I’m not sure if your international status would allow you to work. Someone more knowledgeable about this might chime in.</p>
<p>Are your scholarships for your freshman year only? Do you realize that you will not be able to take out a $50k loan yourself?</p>
<p>Just trying to present the reality.</p>
<p>I only have limited knowledge, but I do think you have to look at jobs in your own country and what you can be expected to be paid for at least your back up. To get a job in the U.S. you have to get an H-1B visa. These can be scarce because there is an annual cap on them, for instance in June of 2012 there was a 15 month moratorium on H-1B visas. You have to find a company willing to sponsor a non US worker under H-1B and usually those are students with Master’s degrees, not sure if that is a requirement or a preference. You need to do some investigation on this.</p>
<p>Many paid internships are not open to international students. Don’t count on finding one.</p>
<p>Your employment while in college is governed by the rules about CPT, and after graduation it is governed by the rules about OPT. The amount of OPT depends on your major, and many employers don’t want to hire students with OPT because it is hard to make them into permanent workers through the H1B visa process. Start reading here: <a href=“Practical Training | ICE”>http://www.ice.gov/sevis/practical-training/</a> Then go to <a href=“International Students - College Confidential Forums”>http://talk.collegeconfidential.com/international-students/</a> and ask around about what has become of students with your major after graduation.</p>
<p>I would not recommend that a US applicant take out $50k in loans for any undergraduate degree. Period.</p>
<p>DH and I are both Purdue alums, and it’s certainly an excellent school in a number of majors. However, I would not advocate taking out such a large loan to attend. We would have been happy for our kids to attend there, but they knew early on that Purdue would be unaffordable without huge loans and that we wouldn’t allow that. And please listen to the advice about visas and needing an advanced degree. Most of the internationals DH works with have PHDs, and it is not an easy process for them to get their visas.</p>
<p>"'ve earned some scholarships, I plan to do internships "</p>
<p>great that you have some scholarships.</p>
<p>As for internships…you’re an int’l. Many STEM employers won’t hire int’ls out of fear that proprietary info will get compromised and they won’t have the same recourse that they’d have with domestic employees. Plus, as an int’l your visa will NOT allow you to earn much and the places that you can work will be VERY limited.</p>
<p>"@mom2collegekids Could you elaborate?
“What kind of income will you likely have after you graduate (you won’t likely be able to work here).”
This is exactly what I wanted information about… Why wouldn’t I be able to work there? The starting salaries seem very promising and frankly that’s the only prospect enabling me to even consider taking a loan. Pardon me if I made a blatant mistake as Im not very knowledgable about this matter…"</p>
<p>First, you’d have to get the right visa after you graduate in order to stay here and work. Once you graduate, your education visa will expire and you’ll have to return home. To get a visa to stay here and work is not easy, and probably requires a “wait in line” sort of process with many int’ls in line before you. </p>
<p>Secondly, as mentioned above…many STEM employers will not hire anyone who is not at least a PR, and preferably a citizen. The last thing an employer wants is for an int’l employee to have access to proprietary info, leave the country with that info, and the employer has no recourse.</p>