<p>,<<<
Keep in mind that if you live at home for a year, most, if not all of what you’re paying will go toward interest
<<<,</p>
<p>the plan of living at home and paying off the loans often doesnt work because the job may not be anywhere near the parents home. also, by then, you may have a significant other, so living at home may not be desirable. </p>
<p>Well, luckily for me, my parents live in a county with a population of more than 5 million, so I don’t think the location is a problem. Also, I’m very career orientated, so a commitment to working would be a problem.</p>
<p>And as for julliet’s explanation, I believe (and I think others will be with me on this one) that it is incorrect. You say whether I live with my parents, I will still be $920 regardless of what I want to pay. Well, if I want to pay $2000 for that month, I can do that, given that I have the money of course. If I want to pay $60,000 for that year, I can still do that. </p>
<p>And if I wanted a different scenario, I could instead take a year long co-op, with a nice amount of earnings too. </p>
<p>I can’t say that I’m willing to take these loans, because “I’m excited to get what I want”, but more so because I think it is the right choice in the end. Of course, no one can tell the future, I know.</p>
<p>My guidance counselor thinks it’s the right choice (He knows me more personally)</p>
<p>I think you’re forgetting the 80k is a maximum. I am a hard worker, and if I choose to hold a part-time job, fill out scholarships, and graduate early. It may even be closer to 50k, which is definitely worth it.</p>
<p>Lastly, I hold a high respect for Iowa State University, I just believe I have different opportunities that open different doors.</p>
<p>Go for it. You’ve got it all figured out.</p>
<p>You know, everyone goes to college thinking they’ll get a good job, make lots of money, be able to live with parents and brown bag it to work for a few years if they need to (but hope not to). A few people do that, and pay off those loans quickly and it really was the right choice. A big majority get jobs, pay the bills, pay the loans little by little for 10 years. That loan money comes at the expense of the 401k (don’t contribute the max or at all), travel, entertainment, other savings, etc. It works for them, but they aren’t living the high life. The rest, and that percentage is growing every year, can’t pay the loans. They defer, default, struggle. They can’t buy houses or cars that they want.</p>
<p>You just can’t know which group you’ll be in. Everyone wants to be in the first, most will be in the second, and some will be in the third.</p>
<p>The big joke at the company I worked for was that all the lawyers drove Honda civics (without air or electric windows) and all the secretaries drove nice cars and had real furniture in their homes because we were paying loans with our ‘extra’ earnings. You do get really tired of eating off a card table after you’ve been working for 5 years.</p>
<p>Right, so just as an update, debating in this thread and recently receiving a small scholarship, I feel more confident that I can actually graduate with almost no debt. This is how I’m thinking, and please tell me if what I’m saying is incorrect, that’s the whole reasoning behind this post</p>
<p>3.5 years at uiuc would cost 105k
If I work a part-time job or take part in a paid research position during all (or during most) semesters, I would expect at least 10k
that brings the cost to 95k
I’d hope for 2 summer internship, making 15k total, meaning the cost is 80k
My parents want to give 40k
the total cost is down to 40k
I can bring this cost close to zero with a year-long co-op</p>
<p>I can’t expect everything to go as planned, so there are still many other options I can take to graduate with almost no debt. For example, living as an RA, filling out tons of scholarships, trying to get grants, etc.</p>
<p>If I do graduate with some debt, it wouldn’t be a lot, and I could always live with my parents until I pay it off.</p>
<p>So please tell me what you think of this.</p>
<p>I think you don’t consider all the extra costs of life. There is eating and living. And taxes. Lots and lots of taxes. If you earn $40k at a co-op, you’ll be lucky to clear $10k for tuition. Uncle Sam will take $15k of that, and your landlord will want a big share too.</p>
<p>However, you are thinking in the right way. Look at every way to make money. Working as an RA is a great idea (my daughter is hoping for that too). Working working working.</p>
<p>IMO if you cannot bridge the gap with federal loans alone, then it is likely not worth going to that school. Iowa State is a pretty good school with a great career fair (or so I’ve heard)</p>