<p>I got accepted into Boston College and UMASS Amherst. I visited both colleges and I really want to go to Boston College. However, they only offered me a financial aid package that includes $5,000 (BC costs roughly $46,000). Right now, I'm thinking of going to UMASS because they almost gave me a full ride. Parents: do you think this is a good decision? Does anyone suggest borrowing loans and paying them later in the future? Thanks!</p>
<p>If college is NOW about $41,000/year, assume costs rise every year & there will be unexpected expenses as well. Plus, depending on whether your loan is subsidized or not, the amount you owe may grow before you have a chance to start making repayments after you get a job after graduating. Also, some folks take longer than 4 years to graduate. If you assume you DO graduate in 4 years, I'd suspect you would end up owing 165,000-170,000 easily. This is HUGE debt! </p>
<p>If you're lucky & the loan is ONLY $165,000, this is what you could expect upon graduation if you wanted to pay off everything in ONLY ten years. </p>
<p>Loan Balance: $165,000.00<br>
Loan Interest Rate: 6.80% (could be higher)
Loan Term: 10 years
Minimum Payment: $0.00 </p>
<p>Monthly Loan Payment: $1,898.83<br>
Number of Payments: 120 </p>
<p>Cumulative Payments: $227,858.82<br>
Total Interest Paid: $62,858.82 </p>
<p>WAY too much debt for any student to take on for an undergrad education. Would STRONGLY discourage it. If you want to, go to UMass & try a semester or year away as an exchange student. They participate in the National Student Exchange--my sister & brother loved their time there (they were on exchange from UHawaii). Graduating from college with low or no debt is ta tremendous advantage!</p>
<p>Thank you guys for all your thoughts. I visited the Amherst campus and it's actually not that bad at all! Also, my parents and I have had extensive discussions with regard to the whole financial aid thing, and we are glad that we chose and affordable and reputable college. Thank you all again! :)</p>