<p>would you get into about $80,000 in student loan debt for a B.A. in economics or should i start off at a community college and transfer..is it worth getting into debt anyway?.. --i really want a phd in economics but im nervous about racking up all that debt. like, people go to college and cant even find a job, and end up getting a job they could have got straight out of highschool.. =[</p>
<p>No school or degree is worth $80k in debt for undergrad. That is FAR too much. You shouldn’t have more than about $25k in debt as an undergrad. Sometimes paying that much back is also difficult. </p>
<p>You should either start at a CC or a local state school that you can commute to.</p>
<p>Did you apply/get accepted to any financial safety schools?</p>
<p>Using the loan calculator at finaid.org:
[FinAid</a> | Calculators | Loan Calculator](<a href=“Your Guide for College Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid)</p>
<p>" Loan Balance: $80,000.00
Adjusted Loan Balance: $80,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00</p>
<pre><code>Monthly Loan Payment: $920.64
Number of Payments: 120
Cumulative Payments: $110,477.25
Total Interest Paid: $30,477.25
</code></pre>
<p>Note: The monthly loan payment was calculated at 119 payments of $920.64 plus a final payment of $921.09.</p>
<p>It is estimated that you will need an annual salary of at least $110,476.80 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans."</p>
<p>With a $920 a month student loan payment for ten years after graduation, you would have trouble paying rent or buying a home. If you want to live in your parents house until you’re 32, this would be fine – but most young adults want to be on their own.</p>
<p>By the way, the average starting salary for economics majors according to CNN in 2008 (i.e. before the economy really tanked) was $52,926.
[Best</a> entry-level salaries for new grads - CNN.com](<a href=“http://www.cnn.com/2008/LIVING/worklife/04/28/cb.salaries.grads/index.html]Best”>Best entry-level salaries for new grads - CNN.com)</p>
<p>^^^</p>
<p>And the above would really be higher because no one is going to lend you that much money at 6.8%. You could only get the fed loans at that rate for the first $30k. The remaining $50k would be at about 10% rate or so…maybe higher if parents don’t co-sign.</p>
<p>And, keep in mind, that the debt would grow WHILE in school, because most would not be subsidized.</p>
<p>i got accepted to the three colleges i really wanted to go to, but after i filed my fafsa and received my “award package”, they said i needed to take out all these loans, and wanted my mom to take out loans too. im thinking about starting off at a community college. =[ im not getting into all that debt…lol</p>
<p>Your first economics lesson should be about the cost of college and loans. No one can tell you exactly what the best course of action is. I do know of some situations where such a situation might be the best alternative. But my gut reaction is that if you have a cc situation that you can do and look at other low cost transfer situation when you get your foundation courses done, that would be the most cost effective move you can make.</p>
<p>Is there a state public that you could commute to.</p>
<p>It’s unlikely you would be able to afford a standard repayment term on your loans. For someone earning a $55K salary, payments under IBR are around $485 a month…still a lot of money. If you can find a lower cost alternative, that would certainly be the best course financially.</p>