<p>I've lately seen nightmare stories about student loans. So essentially, I am seriously considering dropping (I just graduated high school) the school of my choice and attend our local community college for two years.</p>
<p>I choose RIT, who gave me 16,300 in aid. The cost PER YEAR is roughly 22k. My choice of major is Software Engineering (I right now program a bit).</p>
<p>I am not native to this country. Me and my family moved from Sweden in 2001. My parents are encouraging me to go, but they also did not pay for their education. My dad got his Master in Computer Science from Chalmer's University with only 30,000 in student debt.</p>
<p>They just bought a massive house and such, and they can not guarantee that they can support me in any way. (Our EFC is quite high, if that matters).</p>
<p>I have a hard time imagining the sum of 80,000 with interest.</p>
<p>I graduated high school with a 3.5 gpa, and 1800 SAT's. 700 and 650 on the SAT II's in English and Math II. (Yes, quite average for this board). RIT gave me the most financial aid from all the schools I applied (including the state school. One meet my full need..but according to fafsa, that's about 28k a year).</p>
<p>I understand education is not free. But I am worried if $86,000 will be worth it for a bachelor of science degree. Or rather, if I will be able to live.</p>
<p>Should I instead go this route? Any input will be greatly appreciated!</p>
<p>Your parents are encouraging you to go but aren’t paying for any of it? I’m sorry to hear that. $86,000 in debt sounds like a lot to me. I’ll be interested in seeing what other people think.</p>
<p>$86,000 sounds like too much debt to me, also. I’m not sure why you need that much, though, if your total out of pocket is going to be $22,000 a year (unless I’m not understanding that correctly). Presumably you can work during the summers and part time during the year - that should reduce the amount that needs to be borrowed by several thousand or more. Also, are your parents not willling to contribute anything at all? Are they willing to take out parent loans if they don’t have ready cash? If not, and if you really would have to go $86,000 into debt, my inclination would be to find a less expensive option, such as community college and then transfer.</p>
<p>RIT requires a year of co-op, which should allow you to bank a lot of money. There are also summer jobs and campus jobs. And if you get out of the dorms as soon as possible you can save a lot of money on living expenses.</p>
<p>You should be able to chop that $86K in half at least, if you are frugal.</p>
<p>And hopefully your parents can contribute <em>something</em>…</p>
<p>Yes, you are correct. 86,000 is the out of pocket expense for four years. I will aim to get a part time job, and work during the summer-- so that should reduce the amount I will need to borrow.</p>
<p>My parents want to contribute, and if there is an upturn–they will try and contribute something. But at the moment, they can not help. They are wonderful parents, and I know they would want nothing more than help. :)</p>
<p>Also, my parents are willing to take a parental loan for me–but it will be my responsibility to pay for it. </p>
<p>I will visit the local community college on Monday and discuss with them their opinion as well as to hopefully gain a larger perspective. I really desire to attend RIT, but I want to make a good financial decision.</p>
<p>Thank you greatly for all your input! I greatly appreciate it! You’re advice on getting out of the dorm has been heard. If I do attend, I will definitely do that.</p>
<p>“I have a hard time imagining the sum of 80,000 with interest.” </p>
<p>For a bachelors or actually any other degree that’s way too much. As a discrete method of finding out what this means, beyond the numbers… Go visit various colleges and you’ll see many of the newer generation of profs driving vehicles which would not be out of place on a tribal reservation. A little sign that those selling the education are themselves caught up in the trap. </p>
<p>80,000 with the enhancements common to the educational loan industry would mean that you would be in debt for probably the entirety of your working career. And as such houses, cars (working ones) and many of the other things for which an education is supposed to be useful, simply will be right out. </p>
<p>Starting at the CC a good compromise. And if possible live off campus, colleges sell the dorm experience (along with the other glitz) but it has little to do with what you need to learn. </p>
<p>Although it’s a bit unclear why you are electing to pursue an American college education. The American system is renowned for being hellishly expensive. In part because it has become a sugar and cake festival for the educational lending industry. Although your family has immigrated to the US, would there be a possibility of pulling connections to go to a European institution? Might cost much less, and the education would be as good. At my institution we have faculty who’ve been educated as far afield as India and Europe. And the only real difference is they are not bound to their educational loans at all, or to the same degree.</p>