<p>I am in my second semester at Loyola University Chicago and considering transferring based solely on financial reasons. I am enrolled in the school of business, on track for the 5 year MBA program and I have a 3.5 GPA.</p>
<p>My parents never attended college and are unwilling to pay any of my expenses, yet insist that attending Loyola is the correct choice. They keep reiterating the point that the debt will be worth it in the long run. I am very happy at Loyola ( it was my first choice) but am worried about what the next twenty years will bring.</p>
<p>I am in debt about $16,000 for this year alone. $11,500 of which is an alternative loan. I want to stay here, and I feel that if I get a 5 year MBA, I will be able to pay off my debt. But I sometimes wonder if I should just cut my losses and transfer to a school that is cheaper. My alternative loan cap is $50,000, so I'm forced to work my tail off just stay stay below the cap. I'm not even sure if my lender will continue loaning me money, considering I have no credit. Is a second-rate Loyola education worth this stress and debt?</p>
<p>What would you do?</p>
<p>I dunno. If you're headed for 90K in debt-- that's an awful lot, especially considering you have no credit currently. Loyola Chicago claims that their MBA's average 57K starting salaries, pretty low in the MBA field, and not much higher than some of the average Bachelor Degree salaries.</p>
<p>Grads with a Bachelors in Engineering or Computer Science are averaging about 50 - 52K. Econ/Finance grads are averaging above 40K to start.</p>
<p>Your choice to make, but I'd take a close and realistic look at the numbers to see whether it's worth that kind of debt, and what your other options might be.</p>
<p>What would I do?
Transfer to a school that I wouldn't have to carry any debt to atten or would have to carry as little debt as possible. This might mean transferring to a college that I could commute to from home.</p>
<p>I would plan to go to a better university to get my MBA. I might work between my undergraduate and graduate school experiences so as to pay off some of the debt.</p>
<p>What you're describing sounds like a terrible college experience. You're carrying a horrendous amount of debt -- as much for one year of college as most students have for 4 years of college. Since you're having to work so hard to earn money, you also aren't getting the full college experience.</p>
<p>I also suggest that you post in Parents' Forum to get other parents' opinions.</p>
<p>Personally, I would think that you would want to go the route of picking up your Bach, and go get a job to start paying bills.</p>
<p>You can always pick up an MBA later, and many, MANY employers have tuition assitstance programs so that they (the employer) will pay for some cont. ed. </p>
<p>You are getting in too much debt for your cash flow prospects after school (IMHO).</p>
<p>Lots of options....If you were my kid, I'd tell ya to consider transfering to a cheaper place. By the same token, Pulling a 3.5, would you qualify for some institutional money from Loyola? Department specific Schollie?? Doesn't hurt to ask, or try to get a summer job with the help of some Loyola Alum (your Dean should be able to provide you with some leads)...that pays you significantly higher than flipping burgers or cutting lawns.</p>
<p>In order for a scholarship upgrade, I need to attain a 3.7 GPA. But I believe that the school will just take away the grant money they are giving me, if I did increase my scholarship.</p>
<p>I earn about $6,000/summer, and am forced to save nearly all of it for books, spending money, travel, etc.</p>
<p>I know it's hard to leave a place you enjoy, but I really think you should consider transferring. Your loan debt scares me, and it's not even MY debt. I am willing to bet you will learn to like a less expensive school ... especially when you take the massive (to me) debt out of the equation. My advice is to explore transferring. Look into schools that would cost you much less. You already have so much loan debt. Consider doing a year at a community college that has matriculation agreements with some good four-year schools. This will allow you to keep costs low for a year & then to qualify for transfer scholarships (if they have matriculation agreements, they may well have transfer scholarships available to cc students). Then, when it is time for grad school, you could: a)work & earn money or receive employer tuition reimbursement or b)try to get your way paid by being a t.a. or something like that. </p>
<p>I know you will miss Loyola. However, you can also be happy at other schools. It's all in your attitude!</p>