<p>I plan on going to Boston College, and after fin. aid and work study, i will owe 16k a year. My parents and I can only afford about 1k-2k a year so that leaves say 15,000 of debt per year. I plan on doing 5 years to get a masters in business so...</p>
<p>5 years *15,000= 75,000 total debt</p>
<p>I think it's too much but also might be worth it since my starting salary will be around 60-70k instead of 30k if i went to a cheaper school.</p>
<p>thoughts?</p>
<p>Don’t forget about interest that will increase it well over $100,000. Do what ever you can to reduce that to below your starting salary, because in the end that kind of debt is too much. If you get very high grades and what not you could get scholarships, but if your performance is ify take another look at your college choices or transfer out freshman year if you don’t get scholarships.</p>
<p>maybe i can get my mba in 4 years instead of 5? is that possible at BC?</p>
<p>Tooooooo much. It will cripple you.</p>
<p>You don’t know what your starting job will be, if you can get one, and what the salary might be. Even if it is 65K (sound pretty high for a recent college grad), it’s too much debt.</p>
<p>If your parents can pick up 10K per year in a PLUS loan, leaving you 24 - 30K plus interest, that might be doable. Otherwise look for a cheaper school.</p>
<p>wow now i basically have to go to a crappy school…this sucks!</p>
<p>Did you apply to a financial safety school-- one you’d be happy to go to, that you could afford? That’s the general advice you’ll hear from folks here, to avoid this sort of disappointment. Time to learn to be responsible for your future, and plan ahead.</p>
<p>And not all schools that aren’t BC are crappy.</p>
<p>That kind of debt is not worth it. </p>
<p>Friend’s daughter- top student in her high school was devastated to have to turn down BC due to a ridiculously poor financial aid package. Now, four years later she is graduating from State U nearly debt free - and was just awarded a Fulbright!</p>
<p>Daughter choosing free tuition at in state flagship honors program and will leave with no debt and yes, she was 1/500, 1580/2330 SAT, Presidential Scholar candidate, NMF,
president of clubs and numerous community hours - but she will pursue grad school and really it is the last school you attend, not the first.
Is it a tough pill to swallow when she got in @ Duke, Vandy, Wake, and other top schools with some merit money, yes, it is. The ‘world’ tells you that you must go to the most prestigious school/have the biggest house/prettiest spouse/most successful children, but a balanced, happy, spiritual life will bring you much more pleasure. Good luck to you -</p>
<p>I dont want to make crap comming out of college, it has taken my had 25 years to finally get a decent salary coming out of st.johns. And besides, you only with once. I Would rather have a good next 5 years and a better starting salary, ill deal with the debt later. </p>
<p>BC HERE I COME!!</p>
<p>“ill deal with the debt later.”</p>
<p>Yes, you will. Sigh.</p>
<p>Good luck.</p>
<p>rather make 50k entry salary and eventually near 100k with debt, than make 30k entry and eventually 50-60k with no debt. And have a better college experience. But hey, maybe thats just me</p>
<p>What college you go to does NOT determine your starting salary.</p>
<p>One of my best friends went to Columbia, worked hard, got great grades. I went to a public university (and not a “public Ivy,” either!), and did NOT graduate with a 4.0 though my grades were okay.</p>
<p>My starting salary was higher than his, nearly 20% higher. </p>
<p>College does NOT make YOU; college is what YOU make of it. </p>
<p>$75,000 in debt is far, far too much, and only a fool would take that on. Run the numbers yourself – figure out a realistic budget. Just going to BC (which around here, would have people going “Oh? There’s a college named after the city of Boston?”) is NOT going to net you an extra $30K in salary.</p>
<p>Debt Wizard</p>
<p>Question:
How much salary do I need to support my student loan debt?</p>
<p>Answer:
Based on student loan debt of $100,000.00 to be repaid over 10 years at 6.8 percent interest, my estimated monthly payment is $1,150.80.</p>
<pre><code>To support repayment of the debt, I should earn at least:
</code></pre>
<p># $82.99 Hourly
<p>[Debt</a> / salary wizard](<a href=“http://www.mappingyourfuture.org/paying/debtwizard/index.cfm#debtWizard]Debt”>http://www.mappingyourfuture.org/paying/debtwizard/index.cfm#debtWizard)</p>
<p>if you have not heard of BC you must live in a closet. And sure, numbers don’t lie, i will be in alot of debt and it will be a tough budget. But stats also show entry level salaries from BC around 60k and st. johns arouns 30k. so yeah going there WOULD me more expensive but will pay off in the long run for sure.</p>
<p>Debt Wizard</p>
<p>Question:
How much can I afford to borrow in student loans based on a certain salary?</p>
<p>Answer:
Based on a salary of:</p>
<p># $28.85 Hourly
<p>I should borrow no more than $34,758.33.</p>
<p>Based on student loan debt of $75,000.00 to be repaid over 20 years at 4 percent interest, my estimated monthly payment is $454.49.</p>
<p>To support repayment of the debt, I should earn at least:</p>
<p>$32.78 Hourly
$5,681.07 Monthly
$68,172.79 Annually</p>
<p>the debt will be more like 75,000 max and MUCH lower interest rate than 6, because its a student loan.</p>
<p>You can’t get more than about $5500 in Stafford student loans per year (a bit more the last couple years). And unless you have a very low EFC, they will be non-subsidized and the interest will be running from day one while you’re in college, and the rate will be 6.8%. Non-Stafford loans will be higher. Parent PLUS loans are currently 8.5% as I recall.</p>
<p>4% would be a good interest rate, but it’s not available, except for perhaps a home equity line of credit.</p>
<p>I have some subsidized stafford loans and idk what your parent PLUS loan percentage rate came from but 4.6 is what we are getting</p>
<p>Where did you find a 4% interest rate? I have not seen any student loans that low.</p>