<ol>
<li> Go the link provided in Post #15.<br></li>
<li> Scroll down the page in that link until you see the “loan payment calculator” link. Click on it.</li>
<li> Then, plug the $100,000 figure in the financial calculator.</li>
</ol>
<p>SUNY Purchase and SUNY New Paltz also have good art programs.</p>
<p>***
Is it possible to easily pay off 100,000? if he gets hired in a good place.? ***</p>
<p>**
Uhhhhh…NO!!! **</p>
<p>**It is a VERY UNWISE amount of debt…especially for an artist.<a href=“But%20unwise%20for%20ANY%20undergraduate.”>/B</a></p>
<p>Do you realize that you will have to co-sign that debt and it is VERY likely that you will end up having to pay it off (or at least pay some/most of it).</p>
<pre><code>Loan Balance: $100,000.00
Adjusted Loan Balance: $100,000.00
Loan Interest Rate: 8.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00
</code></pre>
<p>**
Monthly Loan Payment: $1,255.96 For TEN LONG YEARS!**
Number of Payments: 120</p>
<pre><code>Cumulative Payments: $150,715.05
Total Interest Paid: $50,715.05
</code></pre>
<p>Note: The monthly loan payment was calculated at 119 payments of $1,255.96 plus a final payment of $1,255.81.</p>
<p>**It is estimated that you will need an annual salary of at least $150,715.20 to be able to afford to repay this loan. **This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. </p>
<p>Do you really think that your son will be earning over $150,000 when he first graduates. I doubt it. I doubt he’ll even be making $50,000 when he graduates.</p>
<p>This is probably the most unwise situation I’ve seen on College Confidential.</p>
<p>I apologize for the harshness, but as a parent, it would be very irresponsible for you to go along with this scenario. Again, I’m sorry that this is so harsh, but the situation calls for blunt truth. I am saying this with a caring heart.</p>
<p>thank you for your concern… wow i didnt think that way.</p>
<p>to avoid this situation, the only solution is to send my son to SCAD. but i heard from some people that SCAD is horrible school compared to Pratt.
…is it easy to transfer art college?</p>
<p>100,000… 100,000 dept…yea its a crazy burden… but dont pratt graduates have higher income and have better chance of success and getting a job?</p>
<p>I am not very informative about loans. if he gets loans, he gets to pay it off after graduation right? when he gets a job?
not during college.</p>
<p>What kind of job would he need to get (or how many jobs) in order to pay of that debt and still have a life? He won’t be able to buy a home, get married or have kids with that debt load. Heck, who’d marry him?</p>
<p>He will be living under my roof…until he pays off all that loan in 5 years,
99% of what he earns when he gets a job will go into paying off loans.
feel bad for him. 5 years after college, he will not get married, or have a life…
wow… this is pathetic but …its for the better future… his job and life as a designer…</p>
<p>What would be the financial situation at SCAD?</p>
<p>Are you sure this is a better future, lovepratt? Did you discuss with your son the sacrifices he will have to make simply to attend that particular school? I know from my D’s experience, that there comes a point at which young people don’t want to live at him and want to plan for their own futures. Isn’t that what we all want for them? I see that you’re a loving parent who’s totally involved in her son’s choices, but I respectfully think you’re making a mistake that could really harm your son’s entire future.</p>
<p>For SCAD, it will be $50,000 dept when he graduates… half of $100,000 of Pratt.</p>
<p>I talked with my son about his and he agreed to living under my roof for five years. He is not a very independent kid. (I raised hin like a baby) He is totally dependent on me in which he refuses to drive a car, refuses to get credit card or bank account.
I think I am going to help him pay off the loan too. We are planning to work together.</p>
<p>He had only one girlfriend so far and … he is not very social… something wrong with that kid but he is smart,… when the time comes, he will learn to get independent and plan his own life…
…after he repay the whole dept…</p>
<p>SCAD is cheaper though</p>
<p>141 federal perkins loan $2,000.00<br>
160 federal stafford loan $3,500.00<br>
167 federal plus loan $17,460.00<br>
172 federal unsubsidized stafford $2,000.00</p>
<p>for the first year</p>
<p>Realize that college costs will be going up each year as well.</p>
<p>I strongly agree with the posters who feel this is far too much debt.</p>
<p>He will be living under my roof…until he pays off all that loan in 5 years,</p>
<p>:)</p>
<p>You don’t really know where his job will be. It could be too far away for him to live at home. Also, he could be involved with a significant other by that point and not want to live at home.</p>
<p>I’m at a loss about how much you think he’ll be earning that first 5 years. I can’t imagine that he’d be earning $50,000 at first. </p>
<p>Can YOU qualify for 80,000 in loans? (Actually they will be higher than that because you are expecting HIM to pay for them after he graduates. The loan will GROW while he’s in school. )</p>
<p>You mention paying the loan back in 5 years…well, here’s the info on that…</p>
<p>Loan Calculator</p>
<pre><code>Loan Balance: $100,000.00
Adjusted Loan Balance: $100,000.00
Loan Interest Rate: 8.80%
Loan Fees: 0.00%
Loan Term: 5 years
Minimum Payment: $50.00
Monthly Loan Payment: $2,066.14
Number of Payments: 60
Cumulative Payments: $123,968.58
Total Interest Paid: $23,968.58
</code></pre>
<p>Note: The monthly loan payment was calculated at 59 payments of $2,066.14 plus a final payment of $2,066.32.</p>
<p>**It is estimated that you will need an annual salary of at least $247,936.80 to be able to afford to repay this loan. **</p>
<p>lovepratt, I don’t have a problem with some student loans but you are talking about an incredible amount of money. I would quickly investigate other options including taking a gap year and having your son apply at colleges that he would be happy to attend and are less expensive. Surely it doesn’t have to be just two schools that he has to choose from.</p>
<p>That is way too much debt for one year, let alone what he will pile onto that for the following 3 years.</p>
<p>At this point, I would consider a year a community college or a gap year (to buy him some time to research less expensive alternative schools for art). Look into SUNY Purchase, SUNY New Paltz, and FIT. </p>
<p>It’s irresponsible to assume a $100,000 debt (or a $50,000 debt) for most undergrad degrees (let alone a degree in art).</p>
<p>Also, as mom2collegekids mentioned: How do you know that his job after college will be within commuting distance to living under your roof? Your logic is wrong in suggesting that he live under your roof once he graduates from college.</p>
<p>Thinking about how easy/hard it will be for him to pay off $100,000 in loans once he graduates… Well…how easy/hard would it be for <em>you</em> right now, with whatever income you have, to pay off $100,000 in 5 years? If his goal is to make a lot of money, it doesn’t seem wise to start with $100,000 in debt. If it would be easy for <em>you</em> to pay it off in 5 years, then why not start repaying the loans while he’s in college, and let him graduate with little or no debt? If you co-sign, it’s likely you’ll be the ones paying it off anyway. I’m not being alarmist, but that’s what is likely to happen.</p>
<p>I understand you wanting your son to be able to follow his passion and dreams. I’m sure your son is sincere in his commitment to pay back the loans, but given that as an adult you don’t know how hard it would be, how can you expect an 18 yr old to have ANY idea what sort of monetary commitment he’s about to make? Please PLEASE think this through very carefully. It’s clear you want the best for your son, but I don’t agree that what you’re considering will work out for the best in the long run.</p>
<p>IMO he does not need to go to Pratt to “learn how to paint” for one year, and then switch majors. I don’t know the curriculum at Pratt, but is there even a guarantee that he would be taking painting studio classes in freshman year?</p>
<p>Is it possible for him to at least start out with the major he actually wants, and just take a few painting classes while he’s at college? Switching majors often means that you wind up spending another year at college, and of course, paying more tuition!</p>
<p>LOOK what I just found: <a href=“http://www.pratt.edu/admissions/[/url]”>http://www.pratt.edu/admissions/</a> “Affiliated Two-Year Schools
Pratt also offers the first two years of a Pratt education at its affiliate schools” Maybe this is a good compromise???</p>
<p>ah…sigh…
i know…i understand but there is no way he will agree to going to community college for a gap year.</p>
<p>what is the normal salary for starters that graduated from pratt…or those who major in fasion or industrial design. i hope it is at least $30,000 a year.</p>
<p>He will need closer to $100,000/yr to pay off that loan! </p>
<p>Didn’t you plug in the numbers into the link as previously suggested?</p>
<p>Also, I suggested either community college OR a gap year. Another suggestion is to see if SUNY Purchase or another less expensive school is still accepting applications. This late in the game, you should call rather than email various admission’s depts. about whether or not they are still accepting applications for the programs your son may be interested in applying to.</p>
<p>I do believe that Pratt will offer twice the education of SCAD… but this is a very tough one. Good luck.</p>
<p>You can pay off loans when he is still enrolling at college? then I would gladly pay off loans so he end up with less dept.
I should talk to my son again concerning this matter.and plan carefully.
thanks for your advice.</p>
<p>Is it more likely to get a job at New York when he graduates from Pratt?</p>
<p>There are other alternatives then a community college. Here’s a wonderful college in Baltimore [About</a> MICA](<a href=“http://www.mica.edu/About_MICA.html]About”>About MICA | MICA)</p>
<p>[Tuition</a> & Fees](<a href=“http://www.mica.edu/Admission_and_Financial_Aid/Graduate_Admission_and_Financial_Aid/Tuition_and_Fees.html]Tuition”>http://www.mica.edu/Admission_and_Financial_Aid/Graduate_Admission_and_Financial_Aid/Tuition_and_Fees.html)</p>
<p>I just don’t understand why more colleges weren’t explored…</p>