Hi,
I am currently in high school but I already have a somewhat idea as to what college I want to go to but the only bottleneck is the cost. It is around 50k a year which is on the higher end of the spectrum for even out of state tuition. I was calculation my monthly payments and interest etc. the other day if I took out a 200k loan and it will take me at least 10 years to pay for it. To be quite honest that is a very long time that I don’t want to spend paying for my loan, although I have other options for colleges. What are some options besides loans and scholarships to pay for college?
Don’t spend the money. Then you don’t have to repay it.
@Eeyore123 are you saying don’t go to college
No, going to college doesn’t have to cost $200+k. That is like wanting a car and only going to the Ferrari dealership. There are other options.
What can/will your family pay for college per year?
@Mwfan1921 Probably nothing
@Eeyore123 what other options are there? (besides community college)
You can’t borrow 200K anyway so it’s moot.
Tell us where you live and what your stats are. Most kids live at home and commute-- what options do you have if you live with their family, and are they affordable?
is that private loan
Lucky- there are no 200K loans for an 18 year old kid with no collateral, no income stream to make payments, etc. Nobody is lending a teenager 200K, private, government, nobody. If the family cannot afford ANYTHING for college, then they won’t be able to afford a 200K loan either.
Apply to a Meets Need school or consider joining ROTC in college (they can cover a chunk of college costs in exchange for a few years of military service after college)
Apply to schools that cost less, or where you’ll get a lot of merit aid, and if you’re high need, then also schools that offer need based aid. You could also get a summer job (although you might not be able to this summer if the coronavirus continues on) or look for scholarships to help pay for the cost.
@Luckyjade2024 no thats the federal direct loan
@tara00 My family can afford it they just don’t want to. Also, I have already started building a credit score
@blossom What do you mean by I can’t borrow 200k as for ex pre-med/med people have more than that borrowed. Also I’m talking about the federal direct loan. I live in Minnesota and University of Minnesota is my highest priority as that’s only 45 mins away from my house. even if I go there I’ll have to take around a 120k loan. Also my parent can afford it they just don’t want to pay for it. I’ve already started making a credit score
@tara00 sorry, wrong person
so if you are borrowing that much $$ don’t you need a parent to co-sign?
@Luckyjade2024 they are willing to co-sign but they won’t be spending any of their money towards it
Undergrads can only borrow $27K in total over the 4 years ($5.5K yr1, then $6.5/$7.5/$7.5)
Even if your parents co-sign for nearly another $100K why would you want to do that? You will likely struggle to pay that off. A $120K loan at 6%, paid back over 10 years, is a $1,332 payment per month…every month for 10 years. Maybe your parents could get a loan at a lower rate than 6%, but you won’t be able to.
What type of job will you get out of school that will let you afford to pay $1300/month, in addition to other living expenses? And if you don’t pay…your parents will have to.
Find schools where you can get merit aid, or go to a CC or less expensive school.
Loan calculators and salary/debt calculators here:
https://mappingyourfuture.org/paying/standardcalculator.cfm
In another post you said you have a 2.3 GPA and want to study computer science which is a very competitive major. http://talk.qa.collegeconfidential.com/college-search-selection/2174263-good-school-for-majoring-in-computer-science-for-someone-with-a-not-so-good-gpa.html#latest
Seems to me like the combination of your low GPA, competitive desired major, and extremely tight finances all point to the fact that attending a CC would likely be the best route to take.