<p>So since May 1st is coming up, everyone in my school is finally deciding on which colleges they will be attending in the fall. One of my closest friends (really smart and hardworking) is set on going in 100k in debt for Computer science at U of Southern California.He hasn't paid the deposit yet though. I know it's a good school and all, but he thinks 100k in debt is worth it in the long run especially for computer science. I'm not a discouraging friend or something but my brother is currently 50k in debt from a top UC (Out of state) so my parents (helping him stay afloat) insisted i take the full ride from my local state school. Should I advise him against this? I don't want to see him struggle financially four years later (like my brother who majored in Engineering).Are the connections (or so he says) and Los Angeles really worth 100k + interest? </p>
<p>Also what will you advise to another friend of mine intending to major in Psychology and going to grad school incurring as much debt?</p>
<p>Look, you already know it’s a bad idea, or you wouldn’t be here. So what you should advise your two friends is to create their own CC accounts, and come on here themselves and hear what we have to say about their plans.</p>
<p>And, frankly, if they’re not willing to do that, they’re not likely to listen to anything you say either. :(</p>
<p>I’m not so sure. USC costs $240K. Is the other $140 pure aide? If so $100K for a USC computer science degree just might be worth it. The big if is the economy. A good job after graduation will cure all. No job will be a disaster. I’m a bit of a gambler so I would probably bet on myself. The borrow might be of the same mindset.</p>
<p>$100K really pushes the limit, even for me who thinks that education is often worth borrowing for. </p>
<p>If the alternative is waiting tables, then it’s worth it. If the alternative is University of California at (fill in the blank), then probably not.</p>
<p>This kid can’t borrow that much on his own. Someone will have to co-sign with him, or borrow it for him. If his parents are truly ready, willing, and able to do that, well I may think they are out of their minds, but they might disagree. They will have to re-qualify every year, and if they run out of credit he could be back at state U to finish up with a whole bunch of debt for only two or three years at USC hanging over his head (and theirs).</p>
<p>That is too much debt. What is his alternative? If he from Calif? If so, ask this kid how’s he going to feel when his fellow new-hires who went to UCs, CSUs, and Cal Polys are earning the same salaries, but don’t have over $1000 a month going to big debt. They’ll be “moving on” with their lives, buying homes, getting married, etc. I think that would get very frustrating very soon.</p>
<p>DS is a CS major at USC. The program is good, but no undergraduate degree is worth that much debt. Please encourage your friend to consider the financial implications.</p>
<p>You can tell him what your parents are going through with your brother and that debt. Probably to deaf ears, but really it’s your friends’ and their families’ decision.</p>
<p>In some cases, it isn’t a bad idea to do this. If the family can afford it, then fine. Your friend is going to need family help to take out those kind of loans, and will likely end up back at home if he finds he can’t make payments on his loans and his life expenses when he graduates. Frankly, even families who can afford to pay back the money, find that paying the piper after the fact does leave a bitter taste and 10-25 years is a long time to have a bad taste in your mouth. The folks of Hamlin were more typical than anything else. When you’re hot to trot, you’ll do anything to get what you want . Once you got it, paying for it is painful and there really is no great delight in doing so. </p>
<p>So unless the family is making a deliberate decision for cash flow reasons and can pay all of this back without too much pain (always some pain), then it is not a good idea. But people do this all of the time.</p>
<p>My friend’s daughter graduated as a psychology major and found a decent, not high paying job in her field for a year or two, and is now in graduates school working on a doctorate in the field. More than half of her costs are paid by some stipend or other, but her family is still kicking in some money, and she has a stash that she saved from her job as well, but the cost is really mostly discretional–family wants her to live in a better place than she can afford, have a car in a paid parking spot, etc. But then she took NO loans out for undergrad. Don’t know if she is borrowing for this, but given her track record and where she is loan wise now, I’d say she’d be a good risk if she chose to borrow. So it can depend. </p>
<p>But to borrow a lot of money to pay for an UG degree in psychology with FUTURE plans to go to graduate school…folly, IMO unless the family truly can afford this and supports it.</p>