Monthly Loan Payment: $863.10
Number of Payments: 120
Cumulative Payments: $103,572.43
Total Interest Paid: $28,572.43
That’s what you will be paying if you borrow 75k over 10 years. It will really suck to have every spare cent going to this loan. You actually could likely not afford this payment at first so your parents will have to make it. Are they aware of that? Parent Plus loans don’t have the kind of flexibility your student direct loan does.
Have a talk with your parents about commuting and some rule easing to reflect your age and responsible outlook.
Also, fyi, MIS seems to have a lot more unemployment than other areas for reasons unknown to me. I can see why it doesn’t have the job outlook of a CS major but I don’t know why it would be as high as it seems. Doesn’t mean you will have unemployment, make sure you seek summer internships and build your skills and resume.
“People who make technology are still better off than people who use technology. Unemployment rates for recent graduates in information systems, concentrated in clerical functions, is high (14.7%) compared with mathematics (5.9%) and computer science (8.7%).”
MIS doesn’t have the job outlook of a CS major because the jobs are much easier to off-shore. There is terrific technical talent in the Baltics, India, Phillipines- large corporations can stagger shifts from Asia through Europe and then to a low cost area in the Americas - and have 24/7 coverage at a fraction of the cost to maintain an entire MIS team in Chicago or LA or Charlotte. Big banks- credit card companies- retailers- they need intense full time MIS support, but they don’t need those folks close at hand.
CS is more like being a creative at an ad agency. You are producing something, not supporting something. Some companies have successfully outsourced SOME CS functions but a lot of US companies have their main CS teams, Skunkworks, incubator type jobs based in a research center close to headquarters.
That’s why there’s more unemployment. Just to clarify.
My very good friends have two daughters that graduated from PSU. They have been out of college for maybe 10-12 years…maybe more.
Seriously, don’t do it. They are still paying back their loans. They still have a ways to go. Honestly, these are two are fantastic kids. They are verry resposible for their debt and they do maintain all of their payments, but the debt holds them back from living like they would like.
Both kids have moved home at different times thought out those years. They have gotten married, moved out and had to move back in and live in the furnished basement.
First daughter had to do it twice. She just moved out about 2 months ago and bought her own home.
The second daughter is a teacher, husband is in banking and they have a 1 yr daughter. Seriously, they are moving back into her parents home in about two weeks.
Life is not easy when You have debt. Really think about it.
My son attends PSU and believe me I drive it into him that I really am trying to avoid as much debt as we can…especially for him.
Oh I forgot! Both of their husbands are PSU grads as well, so I have no idea if they carry loans as well. I would assume they do since I know their parents and I doubt they paid full COA.
I feel lucky I went to PSU back when it truly was a bargain. I loved it then and I still love it now … But it’s the most expensive “state” school in the country with the worst financial aid.
Sadly right now, I won’t let my D apply to PSU since she will be another full pay. We will be chasing merit aid when the time comes to help reduce our costs.
To live on campus on borrowed money is not a good idea if you have alternatives. This MIS Degree that you are seeking is a business school degree. Try to complement it with specific IT skills and industry certifications. Start learning Windows, Linux, Networking, database administration. Build a network at home, prepare and take Microsoft, Cisco, Oracle tests. Basically be like this guy: http://www.wired.com/2014/11/mcpkid/
Find part-time and summer employment in IT - this will help you with college costs. Offer your services to local small businesses.
Thanks for all the advice guys! I talked to my parents and will most likely go to Temple University for 2 years and commute to save money. Then I will decide if I want to stay at Temple or if I still want to transfer to PSU and can go from there.
Just remember that when your parent’s rules get you down that it sounds like they were very supportive during this process. Some parent offer no support for college let alone offering to co-sign loans. From what you wrote, they are truly looking after your best interests given the overall financial constraints.