How are your siblings paying for college?
There is no “one size fits all” answer. You are probably too young to really consider this, but future self will thank you for not incurring too much debt. Are your parents really suggesting massive loans? How did your siblings pay for college?
There’s nothing wrong with community college. The amount of loans new grads can reasonably expect to be able to repay are the ~$5500/year federal student loans (about $27k total over 4 years). If you’re planning to borrow $26k/year you’re not “paying” for a degree, you’re borrowing for it, and with interest it’s going to cost a lot more than $112,000. Go to your local, affordable option.
It’s not that my parents are suggesting massive loans but they were really proud of the school choice. They thought it would be around half of what the numbers ended up being and now I have to tell them how expensive it’s really going to be. The degree I want isn’t even the type of job that would make that much money ( I want to work as an event coordinator for art museums). They were just really proud of Sewanee and they love the school. I don’t want to disappoint them, which is almost enough to convince me to take out the massive loan
My siblings all took out loans. My oldest has over $100,000 in debt and thinks it worth it because he went to a really pretentious university. My sister chose an affordable option and my other brother went to a community college that was so inexpensive that my dad could pay for it. But a lot of people in my family we’re really condescending that they didn’t go to better schools and I don’t want that to be me
Give yourself the gift of graduating debt free! It’s not something you will regret.
You can always got to a “better” school for graduate work.
Graduate school won’t technically be required, but I’ve always wanted to get my masters at Columbia. I’m worried I won’t get in if I don’t go to a better school for my undergraduate
Grad school admission is dependent primarily on your GPA and GRE scores. You can rock those anywhere!
Most of your siblings debt belongs to your parents…not to your sibling. Your parents are planning to take on that debt for you as well, if they qualify? You will not earn enough to pay off the loans on your own…unless your plan is to live with your parents for many years following graduation.
How is your oldest sibling doing paying off his loans? Did this influence his ability to choose a job, place to live, new car, vacations?
If you have $1300 or so in monthly payments for ten years, what won’t you be able to do? Think about that.
I actually was thinking that if I work during the school year and try to get the loans closer to $20,000 a year I could live at home for a few years after and work as a flight attendant. I live near Heartsfield Jackson airport and I heard flight attendants make $50,000 a year. I could pay it off that way maybe. Any thoughts on whether that’s a decent plan? Otherwise everyone is right and I need to go to the more affordable college
Beginning flight attendants do NOT make $50,000 a year. And getting a job as a flight attendant is not a slam dunk anyway.
He’s not paying them off right now…he’s just letting the interest build. He said some day he’ll have a job that pays well enough he’ll get rid of his debit with one bonus. I know he’s probably not the best person to emulate
First compare the actual degrees you want to pursue at each university. Look at the classes that are offered. Are there possibilities for internships at both? Look at the degree plans at some of the other public Georgia universities as welll.
Have you visited Sewannee?
If you are instate for GA, it might make sense to go to Kennesaw State for 2 years, live at home and save money and then try to transfer to The University of Georgia.
Your brother has $100,000 in loans, and he is NOT making any payments on them? What kind of loans are these where this is allowed without penalty?
Your parents likely co-signed those loans…you know…they are on the hook for repayment too.
Oh I know he sucks. I have no idea what type of loans they are, but he was thinking about signing up for some online courses for another degree to push them off a bit longer
Ok after everything I’ve heard I know Kennesaw State is the better option. There’s an unreasonable part of me that still wants to go to Sewanee anyways but I really don’t want the student loan debt
$80,000-$100,000 in debt is going to be a huge anchor that in all likelihood will be very difficult to pay off in even 10 years.
Coming up with the $1,000/month you’re considering is extremely difficult and will constantly cause you stress. Even coming up with a couple of hundred per month for debt service as a new college graduate is really hard.
If you were my child I would refuse to sign off on the loan.
You’re right it’s too much money. Kennesaw would be around $2000 a semester but I’ve told everyone I’m going to Sewanee and everyone was so excited. I hate having to disappoint everyone
Just out of curiosity what is the most you would sign off for a loan for your kid? Would $60,000 be unreasonable too?