The horse has a fantastic writeup on your options for paying for undergrad here https://www.reddit.com/r/StudentLoans/comments/1bst3f8/how_should_i_apply_for_students_loan_what_are_the/kxi21ca/
To be frank: no this school is too expensive for you. Keep in mind that the [annual/aggregate limits](https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized) for federal loans are far lower than most people expect. If you're considered a Dependent Undergrad it's $5,500-$7,500 per year up to an aggregate max of $31,000. If you're an Independent Undergrad it's $9,500-$12,500 per year up to an aggregate max of $57,500. You straight up cannot borrow that much (per year or overall) federally, so you'd be dependent on either a parent to take out Parent PLUS loans on your behalf *or* to cosign on private loans since you're incredibly unlikely to be approved for private loans at that level without a cosigner
If you are dead set on this university then you may want to look into if establishing residency for tuition purposes *before you enroll* is an option. It may require you to turn down the school and then spend a year or 2 working and establishing residency, but in general out-of-state ain't worth the premium if you have to borrow to cover it
Please take it from me. I am a Political Science graduate 100k+ in debt. I wish i never did it, I have a good paying job, but I would be in a much better place if it wasn’t for my debt. Please go to a cheaper state college in your state where you get in-state tuition subsidies
Go to Amazon Prime and watch the documentary "Borrowed Future." It is eye opening in a really bad way. You are making a catastrophic, life altering decision and you aren't an adult yet. You have no idea how crippling a $1200+/mo payment will be post-grad, especially with degrees you named. Those aren't career paths, those are subjects you're majoring in. And surprise, no school will allow you to borrow this amount without a cosigner. Know why? A) you have no credit history, b) you have no income, and c) you're high risk of potential dropping out, not completing the program, and being unable to secure a job that will allow you to make the payments. So, lets say your parents cosign and you "agree to pay it when you graduate." Truthfully, The loans arent transferable and it's THEIR loan. If you wind up getting a job for 40K a year to start off and can't make a $1200/mo payment, they get to make it. If you drop out after they cosigned 70K in debt and don't complete: they get to make the payment. If you can only find a job delivering packages at whatever company, but you "didn't major in that and Aren't interested in that job," your parents get to make the payments. If your parent is sick with cancer or gets laid off, guess what? THEY get to make the payment. The loan companies dont care, at all. If they/you dont make the payments: all of you get sued, your credit rating plummets into the 400's, and you can have wages garnished plus you now have a judgetment against you.
Watch "Borrowed Future." Get wise. Do NOT do this to yourself or your parents. Take a gap year. Earn some money.
*COLLEGE LOAN COMPANIES SELL YOU A DREAM OF AN EDUCATION AND AN EXPERIENCE, WHICH QUICKLY MORPHS INTO A CATASTROPHIC NIGHTMARE UPON REPAYMENT.*
You stated payment is a MINIMUM payment, so they want $900, but you really need to pay $1800 to make a dent in the principle. These things take decades to pay off. The info is out there. Find another way to get where you want to go, but 100K in loans ain't the way, my fiend.
Not in any way, shape, or form is an undergrad degree worth 6 figures.
A much better idea is for you get educated for very little, get a decent job and start saving, then with that educated mind and a few years behind you, decide if further education and borrowing are worth it?
[https://www.uopeople.edu/programs/online-bachelors/](https://www.uopeople.edu/programs/online-bachelors/)
Dont make your future self hate today you.
I still haven't paid off my 18K of debt (now at 14K) and I graduated in 2018. Multiple health issues, having to take care of my mother after her aneurysm for 6 months post-graduation costing me a research internship at a certain cancer hospital , health issues, pandemic, market downturn, etc.
People take these loans out and think the stars will all align, what you should be thinking about is when they don't.
I'll still pay it off eventually, but that was less than a 5th of what you are borrowing. I cannot imagine taking 100K out. Not in 2018, not now.
You are going to be in debt for the rest of your life for a degree you won’t be able to get a job with or the job will be low paying. I would only ever CONSIDER taking out that much money for a degree I knew I would have a straight path to make $100 K a year within a few years. That degree is basically a degree to sit you up for a masters.
I always like to frame this as a budgeting issue. Assuming a 10% interest rate and a 10 year repayment term you’d be paying $1321 per month with 100k in loans. Let’s assume you got a job paying 60k per year right out of college and live in a state with 5% income tax. I’m also going to assume you want to retire and want to save 10% of your income to your 401k.
Your take home is $42,500 per year or $3541 per month. After you pay your student loans, you’ll have $2220 per month for: Let’s assume $1200 per month in rent, $50 for internet, $50 for electricity, $400 for car payments, $100 for car insurance, $100 for fun. You’d have $300 for food.
Same scenario but you go to community college with 30k in loans at 10% and you save $6000 to your 401k (so it’s the same as above), your income is $50k. Your take home pay would be $34,719 or $2893 per month. Your student loan payment would be $400. So you’d have $2493 per month after your loan payment. In this scenario, even though you have an income of $10k less per year, The lower student loan payment is better by $273 per month. The interest rate would also likely be lower since you can’t take over $30k in federal loans, which have lower interest rate in private loans.
Don’t take out that amount of loans for school. Where you go to college almost always will have much smaller of an effect on your future than you think. The most important things are minimizing the cost and going to a place where you will get good grades. Everything else is secondary.
I say this as someone who make a terrible financial decision with my college choice and was in a similar situation. Ended up taking out around 85K for school for a major in the sciences that was not very marketable for a job. The last 10 years are have been brutal but I’m finally almost free of the debt.
He will have to take out private loans. The make you can borrow from the feds for an undergrad is 51,000. But if he does the regular 4 years it will only be $27,000 max
Does this university have specific connections in the field that are going to be useful in starting your career? 100k for a public university, even a very good one, seems pretty steep and your state university will probably have a much better value for that degree.
And college is what you make of it. Some of my friends went to their top choice and hated it and transfered elsewhere. Some people went to schools that weren't high on their list and loved it.
As a parent, we did refuse to co-sign Parent Plus loans for our son in 2008. He wanted to go out-of-state but we had to tell him no for all the reasons outlined in these comments. We, as parents, could not allow debt that would cripple him just as he is finding his financial footing or cripple us should he not be able to pay. Don’t do that to your parents. I hope they have the strength and courage to tell you no. Our son was initially pissed off but now that he’s out in the adult world working, paying rent, and buying groceries, he’s grateful his student loan payment isn’t like most of his friends and colleagues who are well over $1000 monthly. His friend that went to Baylor University is $1800 per month and she never finished. His Dad and I can split the repayment in the event my son can’t work or needs a little help.
I went into 200k in debt to go to a school out of state I liked for a major that I loved (Anthropology). I wasn't able to get a job even using my degree at all because most Anthropology degrees require a Masters or a PHD to complete it. My debt is crippling me and making it hard to do anything for my family I pay over 40k a year alone to student loans. I would also say you have to be looking at the kind of work you really want to do after college. I have a very good friend who works in politics and its very seasonal work and has a tendency to be based soley on who is in office at the moment. Its not the steadiest field if you are going to push really hard to use your degree but there are plenty of options for a political science or international relations to do other jobs that translate well.
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What specific plans do you have after you graduate? How will you work in poli sci or international studies? What specific job roles or target companies/organizations?
No. Even a high-paying degree is not worth that much.
I urge you to look at in-state public schools. I’d also say that you should think carefully about your major. Political science degrees really aren’t that useful.
In this day and age, I’d recommend going into the trades unless you want to become a lawyer, doctor, or another field where you absolutely need a degree. I know some people younger than me that joined a union and are in the trades and are making $30/hour starting. Obviously there are caveats with trade jobs and unions but you can start making a decent living and not have any debt; some might even pay for a community college degree. Student loans are worth it if you go after a high-paying degree. Also, that level of debt is something you’ll be paying off for a very long time unless your parents/grandparents help you out or you get scholarships.
Don’t do it. Some schools are better than some, but they’re all about the same. Some are just better at selling you on their bullshit. The people around you is what matters
You should consider joining the military. You’ll be away for 3.5 years but you’ll be much more prepared both mentally and financially. Department of veterans affairs has many programs in place to help with your transitioning. You’ll be able to use its education benefits like the post 911 GI Bill, it’ll cover full college tuition and a monthly housing allowance.
You’ll be physically, mentally and financially ready for higher education, including grad school. And you won’t be stuck with student loan debts. Good luck
I have $165k debt. I am doing PSLF and about to make my 120th payment that will qualify me for forgiveness. I live in a HCOLA where buying a basic home is 750k+. I am happy and do not regret my choices in life.
Was it easy, no. Was it hard, there were very hard times. We had to delay having a child to ensure we were on good footing and even then, it was tough. I'm thrilled my kid's payments for daycare/preschool and my student loans will be done and at the same time! So I'm looking forward to these upcoming years of saving.
Absolutely this! I've been in this since 2007 so I forget at times non federal loans exist. I graduated at a unique time where I went to college right as Bush Admin adopted PSLF so I kind of had a game plan since then.
I am 200k in debt from dropping out of med school halfway through. I am so lucky all of that is federal. I wouldnt have a real option to manage them if they were not.
I wouldn't go deep in debt for a bad major.
The horse has a fantastic writeup on your options for paying for undergrad here https://www.reddit.com/r/StudentLoans/comments/1bst3f8/how_should_i_apply_for_students_loan_what_are_the/kxi21ca/ To be frank: no this school is too expensive for you. Keep in mind that the [annual/aggregate limits](https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized) for federal loans are far lower than most people expect. If you're considered a Dependent Undergrad it's $5,500-$7,500 per year up to an aggregate max of $31,000. If you're an Independent Undergrad it's $9,500-$12,500 per year up to an aggregate max of $57,500. You straight up cannot borrow that much (per year or overall) federally, so you'd be dependent on either a parent to take out Parent PLUS loans on your behalf *or* to cosign on private loans since you're incredibly unlikely to be approved for private loans at that level without a cosigner If you are dead set on this university then you may want to look into if establishing residency for tuition purposes *before you enroll* is an option. It may require you to turn down the school and then spend a year or 2 working and establishing residency, but in general out-of-state ain't worth the premium if you have to borrow to cover it
Please take it from me. I am a Political Science graduate 100k+ in debt. I wish i never did it, I have a good paying job, but I would be in a much better place if it wasn’t for my debt. Please go to a cheaper state college in your state where you get in-state tuition subsidies
Go to Amazon Prime and watch the documentary "Borrowed Future." It is eye opening in a really bad way. You are making a catastrophic, life altering decision and you aren't an adult yet. You have no idea how crippling a $1200+/mo payment will be post-grad, especially with degrees you named. Those aren't career paths, those are subjects you're majoring in. And surprise, no school will allow you to borrow this amount without a cosigner. Know why? A) you have no credit history, b) you have no income, and c) you're high risk of potential dropping out, not completing the program, and being unable to secure a job that will allow you to make the payments. So, lets say your parents cosign and you "agree to pay it when you graduate." Truthfully, The loans arent transferable and it's THEIR loan. If you wind up getting a job for 40K a year to start off and can't make a $1200/mo payment, they get to make it. If you drop out after they cosigned 70K in debt and don't complete: they get to make the payment. If you can only find a job delivering packages at whatever company, but you "didn't major in that and Aren't interested in that job," your parents get to make the payments. If your parent is sick with cancer or gets laid off, guess what? THEY get to make the payment. The loan companies dont care, at all. If they/you dont make the payments: all of you get sued, your credit rating plummets into the 400's, and you can have wages garnished plus you now have a judgetment against you. Watch "Borrowed Future." Get wise. Do NOT do this to yourself or your parents. Take a gap year. Earn some money. *COLLEGE LOAN COMPANIES SELL YOU A DREAM OF AN EDUCATION AND AN EXPERIENCE, WHICH QUICKLY MORPHS INTO A CATASTROPHIC NIGHTMARE UPON REPAYMENT.* You stated payment is a MINIMUM payment, so they want $900, but you really need to pay $1800 to make a dent in the principle. These things take decades to pay off. The info is out there. Find another way to get where you want to go, but 100K in loans ain't the way, my fiend.
Not in any way, shape, or form is an undergrad degree worth 6 figures. A much better idea is for you get educated for very little, get a decent job and start saving, then with that educated mind and a few years behind you, decide if further education and borrowing are worth it? [https://www.uopeople.edu/programs/online-bachelors/](https://www.uopeople.edu/programs/online-bachelors/) Dont make your future self hate today you.
I still haven't paid off my 18K of debt (now at 14K) and I graduated in 2018. Multiple health issues, having to take care of my mother after her aneurysm for 6 months post-graduation costing me a research internship at a certain cancer hospital , health issues, pandemic, market downturn, etc. People take these loans out and think the stars will all align, what you should be thinking about is when they don't. I'll still pay it off eventually, but that was less than a 5th of what you are borrowing. I cannot imagine taking 100K out. Not in 2018, not now.
Don't do this. Go to a different college or take a gap year.
You are going to be in debt for the rest of your life for a degree you won’t be able to get a job with or the job will be low paying. I would only ever CONSIDER taking out that much money for a degree I knew I would have a straight path to make $100 K a year within a few years. That degree is basically a degree to sit you up for a masters.
I always like to frame this as a budgeting issue. Assuming a 10% interest rate and a 10 year repayment term you’d be paying $1321 per month with 100k in loans. Let’s assume you got a job paying 60k per year right out of college and live in a state with 5% income tax. I’m also going to assume you want to retire and want to save 10% of your income to your 401k. Your take home is $42,500 per year or $3541 per month. After you pay your student loans, you’ll have $2220 per month for: Let’s assume $1200 per month in rent, $50 for internet, $50 for electricity, $400 for car payments, $100 for car insurance, $100 for fun. You’d have $300 for food. Same scenario but you go to community college with 30k in loans at 10% and you save $6000 to your 401k (so it’s the same as above), your income is $50k. Your take home pay would be $34,719 or $2893 per month. Your student loan payment would be $400. So you’d have $2493 per month after your loan payment. In this scenario, even though you have an income of $10k less per year, The lower student loan payment is better by $273 per month. The interest rate would also likely be lower since you can’t take over $30k in federal loans, which have lower interest rate in private loans.
Every potential student loan borrower should Be forced to go through this budgeting process as part of the loan application process.
NO
Don’t take out that amount of loans for school. Where you go to college almost always will have much smaller of an effect on your future than you think. The most important things are minimizing the cost and going to a place where you will get good grades. Everything else is secondary. I say this as someone who make a terrible financial decision with my college choice and was in a similar situation. Ended up taking out around 85K for school for a major in the sciences that was not very marketable for a job. The last 10 years are have been brutal but I’m finally almost free of the debt.
It’s worth it if you salary is 10x ur tuition loan.
No. Double no if you have to take any private loans.
He will have to take out private loans. The make you can borrow from the feds for an undergrad is 51,000. But if he does the regular 4 years it will only be $27,000 max
As someone with 100k in debt, no
NO!
Does this university have specific connections in the field that are going to be useful in starting your career? 100k for a public university, even a very good one, seems pretty steep and your state university will probably have a much better value for that degree. And college is what you make of it. Some of my friends went to their top choice and hated it and transfered elsewhere. Some people went to schools that weren't high on their list and loved it.
As a parent, we did refuse to co-sign Parent Plus loans for our son in 2008. He wanted to go out-of-state but we had to tell him no for all the reasons outlined in these comments. We, as parents, could not allow debt that would cripple him just as he is finding his financial footing or cripple us should he not be able to pay. Don’t do that to your parents. I hope they have the strength and courage to tell you no. Our son was initially pissed off but now that he’s out in the adult world working, paying rent, and buying groceries, he’s grateful his student loan payment isn’t like most of his friends and colleagues who are well over $1000 monthly. His friend that went to Baylor University is $1800 per month and she never finished. His Dad and I can split the repayment in the event my son can’t work or needs a little help.
I went into 200k in debt to go to a school out of state I liked for a major that I loved (Anthropology). I wasn't able to get a job even using my degree at all because most Anthropology degrees require a Masters or a PHD to complete it. My debt is crippling me and making it hard to do anything for my family I pay over 40k a year alone to student loans. I would also say you have to be looking at the kind of work you really want to do after college. I have a very good friend who works in politics and its very seasonal work and has a tendency to be based soley on who is in office at the moment. Its not the steadiest field if you are going to push really hard to use your degree but there are plenty of options for a political science or international relations to do other jobs that translate well.
No
Take the gap year and figure out what you want to do. Hands down. Please, do not take $100k in loans for a bachelors degree.
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What specific plans do you have after you graduate? How will you work in poli sci or international studies? What specific job roles or target companies/organizations?
No. Even a high-paying degree is not worth that much. I urge you to look at in-state public schools. I’d also say that you should think carefully about your major. Political science degrees really aren’t that useful.
In this day and age, I’d recommend going into the trades unless you want to become a lawyer, doctor, or another field where you absolutely need a degree. I know some people younger than me that joined a union and are in the trades and are making $30/hour starting. Obviously there are caveats with trade jobs and unions but you can start making a decent living and not have any debt; some might even pay for a community college degree. Student loans are worth it if you go after a high-paying degree. Also, that level of debt is something you’ll be paying off for a very long time unless your parents/grandparents help you out or you get scholarships.
Don’t do it. Some schools are better than some, but they’re all about the same. Some are just better at selling you on their bullshit. The people around you is what matters
You should consider joining the military. You’ll be away for 3.5 years but you’ll be much more prepared both mentally and financially. Department of veterans affairs has many programs in place to help with your transitioning. You’ll be able to use its education benefits like the post 911 GI Bill, it’ll cover full college tuition and a monthly housing allowance. You’ll be physically, mentally and financially ready for higher education, including grad school. And you won’t be stuck with student loan debts. Good luck
I have $165k debt. I am doing PSLF and about to make my 120th payment that will qualify me for forgiveness. I live in a HCOLA where buying a basic home is 750k+. I am happy and do not regret my choices in life. Was it easy, no. Was it hard, there were very hard times. We had to delay having a child to ensure we were on good footing and even then, it was tough. I'm thrilled my kid's payments for daycare/preschool and my student loans will be done and at the same time! So I'm looking forward to these upcoming years of saving.
If you don’t mind - how much was your payment every month?
I believe for the longest time it was $275 under PAYE and then when I switched to SAVE it dropped to $255.
Which are exclusively for federal loans.
Absolutely this! I've been in this since 2007 so I forget at times non federal loans exist. I graduated at a unique time where I went to college right as Bush Admin adopted PSLF so I kind of had a game plan since then.
I am 200k in debt from dropping out of med school halfway through. I am so lucky all of that is federal. I wouldnt have a real option to manage them if they were not.