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Hi i am a senior in high school and i am worried as college decision time approaches. I am worried about my money situation. My parents can only give me $40,000-50,000 for college in total. And i have been looking at colleges for a long time and they are all obviously very expensive. My mom says $25,000 is the max cost she can afford to pay for my first two years of college. I have hit a few bumps in the road i need help on.
- I am almost decided that i will go out of state.( i live in New Jersey)
- I cant find many colleges that cost $25,000 or less per year. (And i mean total cost not just tuition)
So i need help because no matter what i need to take out a loan to pay for college. So say for arguments sake i take out a $50,000-60,000 loan. How long will that take to pay back assuming for scenarios sake that i get a job a year or so after college making around $30,000-40,000 dollars.
Please help me and thanks for taking the time to read. p.s. I live in new jersey.