<p>Right now I'm looking at $20k in loans when I graduate from college. That is if all goes well, tuition doesn't severly increase, and I keep my scholarships. It also depends on whether I decide to go to grad school or not. I am so incredibly terrifyied to be that far in debt the minute I graduate, to the point where I feel like I need to transfer right away (but it won't solve anything because my parents will still make me take out that much). Should I fear the loan payments this much?</p>
<p>For most people, $20 k is a manageable amount of debt after graduation. This is because having had 4 years of college would increase your earning power to the extent that paying of $20 k in debt would be better than not having gone to college at all.</p>
<p>This means, however, that you would also need to be careful not to run up a lot of credit card debt. Unfortunately, lots of college students get into trouble by acting like credit cards are free cash, and then combined with their loans, they get way over their heads in debt.</p>
<p>I am fairly sure that I have read that the average college student now graduates with about $17 k in debt. That is manageable for most people.</p>
<p>Ok thanks... I don't plan on coming in contact with any credit cards until I get some sort of steady job, and I'm very cheap with my money anyway, so I don't see myself going "wild" when I do have a credit card.</p>
<p>By the time I get out, I'll have a little over $40 k in loans... Is this still manageable?</p>
<p>I would not want to be $40k in debt after undergrad. Why are you going to be so much in debt if you're going to Harvard? That's more than twice the amount of loans that most Harvard undergrads graduate with.</p>
<p>haha hey dont worry about it - when I'm done with undergrad and grad, I'll have about $200k in loans, if not more. $20k is nothing :)</p>
<p>How do you know if you will have this much debt from Harvard unless your EFC is $10,000 per year and you plan on borrowing it as they have not released their financial aid packages yet.</p>
<p>Many civilized schools cap the amount of loan any student gets burdened with. I wouldn't want anyone to graduate with much more than $20,000 in debt and would prefer it was kept below $12,000.</p>
<p>I am an international student who has been accepted to attend college beginning this fall. By the time I graduate, I will have a loan of somewhere around 18k. Is it too much for an international student? Do colleges reduce or perhaps waive the loan later on? I come from the third world with an exchange rate of $1=70 the amount gets quite substantial. I have also heard something like if a student returns to his homeland, the loan is substantially reduced. Is this true?
Hoping to hear comments soon.</p>
<p>I look at it this way....many, many new cars cost a LOT more than $20,000. Most folks wouldn't think twice about taking out a car loan. But for some reason MANY folks (at least on these forums) think seriously about that impact for college loans. DS will have about $15,000 in loans when he graduates. We told him that means that he might have to buy an older used car until such time as he can afford a new one. Not a bad trade off, in my opinion.</p>
<p>20k in loans after graduation is nothing to worry about</p>
<p>" Is it too much for an international student? "</p>
<p>It matters what your job prospects are like in your home country. In the US, it's likely that a college grad will get an entry level job of $25,000 a year or higher. That's why here, carrying $20,000 in college debt is considered doable.</p>
<p>If your country's starting salaries for college graduates are, for instance, $15,000 or less, it may be that carrying $20,000 in debt would be unwise for you to take on.</p>
<p>Do colleges reduce or perhaps waive the loan later on? I come from the third world with an exchange rate of $1=70; the amount gets quite substantial. I have also heard something like if a student returns to his homeland, the loan is substantially reduced. Is this true?</p>
<p>I think that you'd need to check with each college about whether they waive loans for internationals. Frankly, I'd be surprised if they do, but anything is possible.</p>
<p>my efc was rediculous (56k) and parents don't have that kinda money saved up for college as i have siblings....i want to go to med school...i've been accepted already to duke, georgetown....no aid whatsoever...should i just take the full ride to a state school...or is it worth graduating in debt to go to your dream school</p>
<p>yeah my EFC is ridiculous too... it looks like i'm gonna be paying off my loans until i'm like 30 or older...</p>
<p>standard repayment of loans ends in 10 years.
You can extend it- but then you will be paying more interest.</p>
<p>just a question here.....but what would the rationale be to forgive loans for internationals, whether they return home or not?</p>
<p>I am aware of a federal loan forgiveness program for medical students who commit to so many years of service (is it 2 or4 yrs?) in medically underserved places in the US - usually low income, rural areas immediately upon graduation...have a friend who served in this program, then started her ob/gyn practice.</p>
<p>I may just be dense here....but what would be the benefit to the lender, if it's not some type of program like the above? If you're going to forgive it down the road...why not just call it a grant and be done? can someone please clue me in??</p>
<p>beachy,
colleges in the US "claim" that they are taking students from the third world to help better the manpower for those countries. They want the students to return to their own countries and work there. So waiving the loan can often act as an incentive to get the students to return.
another reason: a person returning to his home counry means his earning is different from his loan. As i said earlier, for instance, $ 1 = 70 in my country. So if, and when, I return to my country, I am not going to earn in league with what I have to pay. This is incentive for me to stay in the US and do some lowly job rather than return to my country, get the job of my choice and earn something that is not even enough to get me through my college debts. An example: a first class officer here earns $2400 a year. Can you imagine that?</p>
<p>Lucky! 20k is light! With what my parents make I have no hope! I'm facing around 70-100k, hoping the $10,000 I have in the bank can cover living expenses for the most part and hope I get a good job!</p>