What do you think, parents: is 30K in student loans worth it?

Parents Forum
41

<p>

</p>

<p>I already had a 3.8 gpa in the honors program last year and I didn’t work one third as hard as I plan to at UNC. Grad school admission shouldn’t be an issue.</p>

42

<p>

Huh? Are you at UNC already?</p>

43

<p>While I personally feel that teenagers posting “this this too much money to borrow” questions belong in the bowels of CC along with the “chance” questions, it boggles my mind why a teenage poster would ask a question giving dribs and drabs about his situation. We are not dentists who should have to pull teeth in order to help you make an informed decision, especially at the end of the day you will not be making the decision on your own. </p>

<p>Regarding the answers you received; you received answers based on the information that you gave. You wanted to know if you ** borrowing 30k over the next 3 years was too much money. If you were a US citizen or a permanent resident the answer is that ** you can’t borrow 30k because it is more than the direct federal loan limits for dependent undergrad students. </p>

<p>It is later that we found out that **you are not a US Citizen/permanent resident ** and you can borrow money from the Canadian Government.</p>

<p>You then want to come out of pocket and say that you don’t want to answer questions. Hello, you are the one who is seeking information.</p>

<p>You could have just clearly stated the following:</p>

<p>I am an international transfer student at the University of Alberta who has been admitted the UNC- CH. The school does not provide any financial aid to international students therefore, my family and I will have to pay the full cost of attendance. </p>

<p>The cost of attendance for one academic year is ~ 46,348. The estimated costs of attendance for this student’s program at UNC Chapel Hill are expected to increase by approximately 10% each year.</p>

<p><a href=“http://admissions.unc.edu/pdf/Financial_Certificate.pdf[/url]”>http://admissions.unc.edu/pdf/Financial_Certificate.pdf&lt;/a&gt;&lt;/p&gt;

<p>Our financial responsibility will be as follows:</p>

<p>Year 2 $46,348
Year 3 $$50,982 (46,348 + 10%)
Year 4 $56.081 (50,982 * 10%)</p>

<p>My family can afford to pay $123,411 leaving me to borrow $30k. The Canadian bank has approved me for a 45k loan</p>

<p>Based on this information, we as parents would probably have asked the following questions:</p>

<p>What is the current cost to attend the University of Alberta? Do your parents feel the increased cost to attend UNC is justified, considering the fact that they may be paying 4x more than they are paying at your current college?</p>

<p>Have you had the conversation with your parents about attending UNC-CH? What are their feelings about this?</p>

<p>Can and are your parents willing to pay $123,411 over the next 4 years without compromising/risking their financial stability, future retirement, or college for younger sibling (if applicable)?</p>

<p>Do your parents only expect you to contribute 10k a year for the next 3 years?</p>

<p>Will you borrow the 30k all at one time or will you be borrowing 10k/year over the next 3 years</p>

<p>Will all of your credits cleanly transfer or will you end up taking more than 4 years to graduate?</p>

44

<p>

Apollo’s efforts were of 1/3 of their abilities at the previous institution. They were giving 33%.</p>

45

<p>sybbie719,
Great post!</p>

46

<p>Sybbie, after all these years you’re expecting a coherent OP? What about:</p>

<p>“We don’t qualify for financial aid. Is Harvard worth it over University of New Hampshire?”
(gee, I don’t know. Do you even live in New Hampshire?)</p>

<p>“My kid won’t take the time to apply for the 23 merit scholarships I have identified for her. So you think this is a sign that she is not mature enough for college?”
(well, if you’ve asked your D to write an essay on “What being an Eagle Scout will mean to me” for the local Boy Scout’s council, maybe it’s a sign of tremendous maturity)</p>

<p>“My boss makes $300K per year and doesn’t have a college degree. Doesn’t that mean that college is a scam?”
(YMMV).</p>

<p>But your logical and comprehensive post cracked me up. As if ANYONE asking for advice would bother laying out the facts!!!</p>

47

<p>

Yes but only if you drop out Harvard later. A few college dropouts became very successful.</p>

<p>

Yes, the college thing is a scam. That’s why Steve Jobs dropped out of Reed College in Portland and Bill Gates dropped out of Harvard. See [Bill</a> Gates - Top 10 College Dropouts - TIME](<a href=“http://www.time.com/time/specials/packages/article/0,28804,1988080_1988093_1988082,00.html]Bill”>http://www.time.com/time/specials/packages/article/0,28804,1988080_1988093_1988082,00.html)</p>