@lookingforward im just worried that even the top at one institution dont have the same education, connections, etc that the median at GU have
@austinmshauri youre essentially right. so many of my friends say that $30k is 100% worth it, but im not convinced because theyre all 20 years old and havent experienced crushing debt yet
Your friends aren’t paying the loans for you, so I don’t think their opinion matters. Since you love where you are and it’s affordable, I’d stay there.
@austinmshauri is $45-55k of total debt that much worse than $26k though?
That depends on what your family can afford. If you can’t pay it, are your parents willing/able to pay it?
@austinmshauri post grad i will be the one making all the payments
i created a new thread for this issue because the main issue now is just money:
http://talk.qa.collegeconfidential.com/transfer-students/2147459-repost-should-i-go-into-more-debt-for-this-school.html#latest
I want you to make the best decisions for you. But some background to consider. Just the sobering stuff, as input.
Max federal student loans are about 27k. If you manage to find outside loans with good terms, 55k would cost you at least $600/month. For ten years. The total paid would be far higher, considering interest over that period. There are online calculators for this. Meanwhile, maybe you want to marry, have kids, buy a car, take vacations.
If your parents take the “Parent Plus” loan, their payments for you, as a junior, start due roughly Feb-Mar of junior year (amounts borrowed for first semester. It cycles up from there, as new loan amounts are disbursed.)
After grad, suppose you get a 48k job, as a rookie. That’s about 3k/mo after taxes. Rent, utilities, cell, food, entertainment, transportation…do you want 600+ due for loans each month?
If you work in DC, you could see what your friends pay for rent now, if you’d like to live where they do. If it’s NYC, other parent posts suggest you’d be lucky to share an apt for 1k, could be seriously higher.
Even if you go with Gtown, this dialogue is good. Maybe you’d get a higher starting pay, maybe you end up in a lower cost of living area. We cant know that now.
I know this is a tough decision. Best to you.
@lookingforward i understand that $600 a month is a “lot,” but how much worse is $600/mo for ten years compared to the average student loan debt of about $30k-- as in, does it significantly impact someone’s lifestyle to have that amount more in debt?
Here is a site where you can do the math yourself, and see what level of salary is recommended to accommodate that debt payment. This calculator does not take geographical differences in cost of living into account. https://mappingyourfuture.org/paying/standardcalculator.cfm
To use your numbers from above, $55K in loans at 5.5% is a $597 monthly payment for 10 years, and a recommended salary of $89K/yr. $27K is $286/mo, salary $44K. (Student loan rates are decreasing for this fall to 4.53%, but you won’t be able to get that rate for the entire principal, so I used a blended estimate).
You can see that is a dramatic difference in monthly expense burden, as well as recommended salary to make that payment. $600 month payment will have a significant impact on one’s lifestyle–it will reduce the amount of money you can pay for an apartment, utilities, health insurance, car, food, etc. There will be little, if any, leftover for personal spending, especially considering most recent humanities grads do not make anything close to $89K/year.
Add to this, with your degree you are likely to live in a relatively expensive urban area–average rent in DC is $2,400/month. Estimated take home pay on a $50K salary is $3,200. https://smartasset.com/taxes/paycheck-calculator#mStg7VIs8b
Make a spreadsheet with income and expenses and see the difference $55K in loans makes vs. $27K. Time to start adulting.
OP - I would honestly stay where you are. You sound like you are doing super and have great relationship with profs and opportunities. Don’t underestimate the impact for that kind of debt.
@gtowntransferperhaps - My daughter graduated from JMU with a degree in international affairs two years ago and works outside of DC for a prominent consulting company. The “affordable” OOS tuition at James Madison made it possible for us to swing her education through accrued savings and allow her to graduate relatively debt free. She makes a very good salary, but is living in high cost of living area. That being said, she enjoys a quality of life (travel, entertainment, etc.) that wouldn’t be possible if she was saddled with significant loans. She is currently pursuing graduate courses, reimbursed by her employer. You sound like a superstar at your current school and are on a trajectory to success and happiness. It’s laudable that you gained acceptance to Georgetown, but you have to weigh the net benefits of attendance. If they are negligible, then staying put makes sense. As other posters have mentioned, talk to your professors. You might also reach out to career services at your school to see job placement outcomes.
Don’t underestimate the value of those prof relationships, either. Use the DC location to the max.
@ChillDad and @lookingforward thank you both SO much for all your advice!!