<p>...and she's guessing I'll have gone about $40,000 in debt by the time I finish my first 4 years at Cornell. She called their FA office yesterday, and they said her estimate was "not unreasonable."</p>
<p>I could go to SUNY Geneseo for half the cost and SUNY Albany would cost me almost nothing, so I gotta ask: is Cornell worth it? I love the school - I've read up on its history and am excited to carry on its traditions (throwing fish at the Crimson, anybody?) - but if I graduate with some liberal arts degree and pursue something less-than-lucrative I'm afraid of shouldering debt for the rest of my life. My mom's student loan payments are higher than her mortgage; she's struggled with poverty since graduating from high school, and I don't want to get stuck in her position. I'm afraid of choosing some unsatisfying career path just so I can pay off my massive debts. I've been reading some news articles on student loans, and most of them use about $20,000 as their "shock figure" - "Helen Lowery graduated from Boston University last Sunday with a bachelor's degree...and $22,000 in loans" - but in my case, their figure would be a blessing.</p>
<p>So you'll get LOTS of opinions from that thread.</p>
<p>Personally, I think that if you're smart enough to get into Cornell, you're smart enough to pay off any loans you'll have fairly quickly, because you'll be smart enough to get a good job with good pay.</p>
<p>I think you'll NEVER regret having a Cornell education and that name on your resume, but you MIGHT regret having a SUNY name when you could have had the Cornell name.</p>
<p>It's a gamble, but it works in your favor. You cannot put a price tag on education, especially one at Cornell. If you work hard your four years at Cornell, do well, and graduate with a degree in something that you love doing, I don't see why you wouldn't be able to land a top-notch job and pay back those loans in a matter of several years. I agree with VH, not to bash SUNY, but the Cornell name alone will get you more than a look from top prospective employers. The fact that you have to do well once at the Ivy goes without saying.</p>
<p>"What career are you planning on? What is your anticipated income?"</p>
<p>I really don't know, dude. I've got this natural talent for writing, but I'm no prodigy; I followed the "I'm from Rolling Stone" competition pretty closely and ultimately figured I could outwrite every participant, but I'll certainly never write a Gatsby. I feel like I've really Got Something, like I owe it to myself to pursue an English major, but I'm afraid that I wouldn't make any money with it. I'm okay with living modestly, just not with living in poverty. </p>
<p>The student loan debts wouldn't be a problem if I pursued a career in medicine or something, but I have a feeling that I'll relapse sometime during my four years no matter which school I attend. I'm the only high schooler I know reading White's Elements of Style in their spare time. </p>
<p>Let's assume the worst and say I graduated with a degree in English -- would I regret having signed a $40,000 contract with Cornell? I mean, let's face it: I won't be making bank writing stories or teaching somewhere.</p>
<p>I think you have to be very realistic. I applied to colleges as an ecology/classics major. When choosing a college, I knew that finances would be a major issue. That's mostly why I chose my 3rd choice. </p>
<p>I suggest sitting down with your parents and figuring out exactly how hard it would be to pay for Cornell. A full time summer job can bring in around $5000, which could cut your loans down to $20,000. Applying for scholarships, although more difficult for college students, could also cut down debt. Applying to be an RA could eliminate housing costs. Study abroad is a great way to get a good experience while cutting costs. I would <em>highly</em> recommend a thorough analysis before shouldering that much debt as an English major.</p>
<p>There is nothing wrong with following what you want to study but you are smart to think long term. English is fine but you will probably want to go to grad school so why not go to Geneseo now and head back to Cornell for grad school?</p>
<p>Just to clarify, I didn't apply as an English major; I'm in the Science of Natural and Environmental Systems program, so that $40,000 pricetag is for CALS (a cheaper school than CAS.)</p>
<p>Maybe Cornell has a good Freshmen program that will help you narrow down a practical major to pay that loan back ??</p>
<p>Be careful . Three graduates in our family ( Hamilton , Bard , Brown ) are all art or journalism majors , graduated with the minimal $40,000 debts and they do not have the salaries ( yet ) to pay them or move to NYC or Chicago and make better money . In fact , the one is living at home , driving parents' car until he gets on top of the loans so he can move back to NYC area . </p>
<p>In comparison , our State college kids are ( some are married !) , no students loans and settled on their own already .......................</p>
<p>REALLY think about a ) If you plan to go to grad school 2 ) If you can major in something at Cornell that is a sure winner economically for you when you graduate 3 ) work a lot at summer jobs to help keep the loans down by the time you graduate .</p>
<p>I talked to my dad and he told me not to worry about it. He said I wouldn't have a problem paying off $40,000 even if I graduated with a liberal arts major.</p>
<p>I think your dad is right -- assuming HE'S planning on paying off the loans for you. </p>
<p>$40K in loans is an insane amount of money for a 22-year old with no job prospects (which is where you'll be with just a liberal arts degree - believe me) and how will you ever be able to contemplate grad school?</p>
<p>SUNY Geneseo is a good school. Many kids like it better than Cornell. (In fact not everyone loves Cornell - hard to believe I know, btu truly.) It's a bargain. If you could graduate without debt you end up with so many more options.</p>
<p>I'm with weenie and I would never allow my kids to take on $40K of debt -- I also think that Cornell's financial aid sucks as compared to other Ivies. (Not trying to bash Cornell -- but you do need to be aware that the amount of debt Cornell expects you to take is more in line with lower-ranked colleges). My kids ARE taking student loans to finance their education, but much less - my d's 1st year loan amount was $2600 -- I know that will go up in subsequent years, but I'm pretty sure she will have less than $20K at graduation. </p>
<p>My rule of thumb is that total debt should be no more than a conservative estimate of first year salary. (The job you are sure you can get, not the one that you wish you could get). My son got a job as a college dropout that paid $25K/year + benefits, working for a nonprofit agency ... so I figure that $25K is a reasonable expectation for an entry level position. (The college degree wouldn't have gotten him more, as most others in his position had B.A.'s -- it was just what the starting salary was for a full-time position at that particular organization)</p>
<p>Figure out what your monthly payment would be with $40K of debt, and think about the "what if's". (The things that could go wrong or take you off track... or maybe the things you might like to do with your life that would defer or cut into earning capacity). </p>
<p>Talk to your mom about what happened with her loans: what problems did she run into along the way? I am sure she never planned to have a lifelong struggle with debt payments higher than her mortgage... things didn't go as planned.</p>
<p>If you DO decide to take on the debt -- then I strongly advise that you also plan to try to accelerate payments in the first 2 years of working when you get out of school, in order to pay down the loans quickly -- even if that leaves you living a very spartan lifestyle. In other words, pay as much over and beyond the minimum required every month as you possibly can. </p>
<p>I say that because it is going to be easier to go without other stuff in your first years out of college later on -- you don't want to still have those loan payment to worry about a few years down the line when you are married, starting a family, and wanting amenities like a house and car.</p>
<p>I agree with your dad. Cornell education should worth more than $40,000 loan over 4 years. In addition to summer jobs, You may also do editing or tutoring SAT during academic year to earn money. Since you don't mind simple life style, save $40K should not be a difficult problem.</p>