<p>*</p>
<h1>Ive paid off a mortgage that’s much bigger</h1>
<p>Mortgage is very different from the student loan.
*</p>
<p>Absolutely, no comparison. A mortgage provides some tax advantages, gives you a place to live and you build equity…and it often increases in value (eventually 
)</p>
<p>A $100k in student loan debt would be life-strangling. A $100k in a mortgage is nothing. lol. Not the same at all.</p>
<p>Considering that amount of debt is truly foolish, and all you will have is a BS, not even a MS. You can get both for that price and have an even better salary and even better job opportunities. Top employers will recruit at UMD-CP just as much as at UCB. They also like any number of strong programs for ex. UWisc, UIUC, Cornell, as you mention and Brown (hello). I do think that you get an edge in recruiting for coming from one of the known stronger programs but there are so very many that you should be looking for better price tags/aid. What makes a lot more sense and is volumes more prestigious is to get the UMD-CP BS and the Berkeley (or other strong program) MS.</p>
<p>Also that level of debt is impact your life in many ways. Employers pulling your credit report and considering you someone that may be under pressure and at risk for financially sensitive positions like in financial sector is just one. It will affect your ability to get a car loan and a house loan, (maybe even a credit card) should you want a house. It will affect your choices, like to work for a startup at a lower salary in trade for shares should a good opportunity come up.</p>
<p>And you would put your cosigner parents in a untenable position should some maybe unlikely but unfortunate event occur, like you can’t find a job, or you get hurt and can’t work for awhile. That would be truly selfish to ask for a cosign on that are you sure they would even qualify for that line of credit?</p>
<p>You are truly fortunate to have UMD-CP instate and you should be applying here for safety and financial safety and sanity. My daughter nearly went there for PhD program in CS.</p>
<p>*Also that level of debt is impact your life in many ways. Employers pulling your credit report and considering you someone that may be under pressure and at risk for financially sensitive positions like in financial sector is just one. *</p>
<p>Having debt like that might also affect being able to get security clearances.</p>
<p>“Get your degree cheap then spend your money on your Car/House/Girlfriend/Life.”</p>
<p>Excellent advice from mitchklong! Maybe we should post it in big letters at the top of this forum!</p>
<p>“Get your degree cheap then spend your money on your Car/House/Girlfriend/Life.”</p>
<p>This is so true. I don’t think these kids realize how that huge debt cripples them from going forward with a full adult life.</p>
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<p>Generally, those of us who are paying off mortgages don’t have to pay any rent. That is a rather huge monthly savings and is part of the equation of making the choice between renting and home ownership.</p>
<p>Also, I recently refinanced my home mortgage for about $100K, so I know what the monthly cost is. Interest rate is less than 3% - less than half of what a student loan rate would probably be. With a 10-year pay off (similar to the way that student loans are written), monthly payments are about $1100. (And oh, did I mention that I don’t have to pay any rent? ) Of course, the monthly payments would be less with extended payments.</p>
<p>To the OP: you, too, will save on rent if you live with your parents – but unless you want to be living with them when you are 40, I think you will be happier to pay less for student loans and live on your own. Stick to only the federal loans, like Stafford – they’ll cut you a break if you have a hard time finding a job or if you decide later on to go to grad school. Save your money on the app fees and do NOT apply to Berkeley – it is NEVER worth the money for an undergrad to pay out-of-state tuition, especially not if you have to borrow for it.</p>