<p>Greetings All,</p>
<p>I am in a tough spot and it is bearing on me like no other. Well, first off I am not the traditional college student. I am 25 years old, a new father to a beautiful 2 month old baby boy, and currently enrolled in LU New Orleans who works full time. Although, I love the education I am receiving, the class sizes (being that it is a private uni), and the social environment, I am highly fearful of the unbelievable debt I've accrued upon graduation. I would hate to transfer because I worked my butt off to get there, however, I just cant see it being possible to have 60k in debt, pay it off, and stay financially stable to support my family. Is transferring to a cheaper uni really the answer for financial reasons and run the risk of losing credit hours or should I stay because no matter the circumstances I will college debt to pay anyway? Any advice would be awesome and greatly appreciated.</p>
<p>And please no responses like, "why choose a uni where you would accumulate 60k in debt!" We are way past that point of my college career! Thanks and many Blessings!</p>
<p>First, congrats on your son! Kids truly are a bundle of joy.</p>
<p>But, back to your question. Generally speaking, depending on financial aid, you will incur less debt at a state-school vice private-school; you’ll save more the earlier you transfer-out. </p>
<p>So, what year are you?</p>
<p>If you just finished your Sophomore year, credit-wise, you shouldn’t lose many (if any) credits transferring to a state school.</p>
<p>If you completed your Junior year, depending on the school you transfer to, you may or may not lose 1-years worth of credits. This is because some schools require 4-semesters of physical presence of attendance while others require only 2-semesters to receive a degree. Look into the school’s policy.</p>
<p>As for paying off student loans, the feasibility of paying them off depends on your job prospects… which lies in the future and is unknown.</p>
<p>You will have to decide if transferring to a state-school or a less expensive school will free up your cash flow to support your growing family now, or will your current cash flow of attending a private-school suffice?</p>
<p>I’d transfer. I think $60,000 is way too much debt especially when you have a newborn son to look after. I’d imagine there’s a carpooling network that gets people to the local commuter institution and back, which would lessen the burden of transportation. Generally speaking, state schools are more accepting of transfer credit because it allows them to graduate students quicker.</p>
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That’s like me saying, well I’d have to go into debt to get a car. Oh well debt is debt, might as well go for a Ferrari rather than a Civic.</p>
<p>Also congrats on doing so well in college despite a number of huge obstacles.</p>
<p>Congrats! As a proud father of an eleven-month old, I know just how challenging the college ordeal can be. I would encourage you to look into other universities. And, if you’re not married, I would be sure when applying to other schools to only report your income. Also, be sure that you claim your son. Good colleges understand just how expensive children can be, so look for colleges known for their generosity. 60K is far too much of a gamble on an undergraduate degree.</p>
<p>Thanks Guys for your responses. They are greatly appreciated. To answer your question SF Rules, I have junior standings. However, if I were to transfer now, I would most ultimately loose credits due to LU being a Catholic/Jesuit uni. To explain, LU’s common curriculum is different from our states school’s; in that I would loose credits in the theology classes I have taken as well as I would have to take a few more classes thats not included in LU’s curriculum. After the research I’ve done, I will have to tack on 2 more semesters to receive my undergrad. So the dynamic is, save the money or the time? God; I am so confused lol!</p>
<p>With the added year, if you transfer, how much will you save in loans?</p>
<p>To estimate, about 20k! Yea its obvious; get out while I can LOL!</p>
<p>Saving 20k is a lot… 40k in loans is a good amount.</p>
<p>I’d recommend transferring to save on the loan payments. You’ll need that extra money for the boy.</p>