So, I’m currently in undergrad and spent the last 2 1/2 years of my degree living at home and going to a state university in FL, no debt, and making money. Recently I applied to transfer for spring 2021 to University of Miami to study economics with a minor in marketing. I was ecstatic when I got in considering I hated the college I am and was at and wanted to move. Going in, more of the realities set in. My parents make a good sum of money and didnt end up getting any financial aid. They said they’d pay for some, but not all, and in short, I’d be about $70k in debt and in total after graduating from Miami. I’m enrolled in classes, but have not made payments yet and am not 100% sure I want this debt. I have great internship experience, this recent summer I was working in corporate VC in SF and plan on having a corporate job in the startup, investing or general business environment in NYC. Is this wise to do for a better “brand name” degree, especially considering where I want to live and the industries I’m pursuing to work in? Or would it be better to stay at the state, public university I’m currently kind of miserable at and just plan on graduate school? I’m currently planning on getting a graduate degree at a university in Europe and possibly in the U.S., not sure which ones yet though. Please let me know your thoughts and opinions on both the degree value of UM and thoughts on graduating solely in undergrad with 70k debt. Thanks!
That’s too much debt.
It’s too much debt. Some use the $27,000 the government will give students in loans as a safe maximum, others will say no more debt than your expected first year salary out of college. Either way, $70K seems awful high.
How do you expect to pay for graduate school with that kind of debt already accrued?
It looks like you are a junior. Assuming that you are eligible to file the FAFSA, you can borrow $7,500 in federal student loans for your junior year, and $7,500 for your senior year, for a grand total of $15,000. To borrow more than that, your parents will need to co-sign the loan. That means, that they will have to be responsible to pay if off if you can’t.
You already have had great internship experience. You don’t need to transfer to U of Miami in order to build on that. Stay put. Save your money for grad school.
If part of the reason why you are unhappy is that you are still living at home, figure out a way to live somewhere else. If the dorms at your university are only for first year students, find out where the other students live, and share an apartment with a friend or two there.
That $70k figure seems a little optimistic for a private university. I agree with the above advice. That debt is way to much for a bachelors degree. I wouldn’t even pay that if it included a masters degree. You’re obviously doing well at your current school, otherwise you wouldn’t have gotten in to Miami. Just stick it out and graduate,