kstone

I was accepted to transfer to CSU, but right now I go to school for free on scholarship and my parents pay for most of my other expenses. I am not sure how much finacial aid I can get besides loans for CSU, probably not much. But the tuition difference is $0 or $19,000 a semester plus living expenses and moving across the country. I love everything about CSU compared to my current university. It has the major I really want, and can't get where I am, it is in the perfect location, I've lived there before, I do know a few people but I know I'll fit right into the social scene, and I don't particualry like the one here. It has everything, except that it is not good finacially. My dad thinks that the VERY LARGE DEBT hanging over me when I graduate will be as bad as my unhappiness where I am for the next year and a half. MAny people go into debt, but it isn't usually thier choice. Is it worth giving up my scholarship and going into debt, to go where I really want to and pursue a degree where I won't make very much money when i graduate? I am torn to act on emotion or logic. any ideas?

prathiba6

hi....im not sure what CSU..ur referring too...colorado state or cal state? but whichever one it is..i strongly feel that it isnt worth going into debt.......the only colleges worth going into debt are the top 50 colleges...

Andale

Get out a pencil and paper. Figure out what the monthly payments will be on the debt you will have... $60,000 or more, I'm guessing from what you've said.

Then how many months/years you will have that debt.

Then, look at what your job opportunities are likely to be and at what salary.

You will probably conclude that your dad is correct.

But you might not.

As prathiba6 has implied, we can't tell you much without knowing what CSU is, what your current major is, what that major is that they have that you can't get now.

You don't sound particularly unhappy where you are; so you may be way better off to move to that perfect location, debt-free, after you graduate.

Andale

Here is a hypothetical: (you need to put in exact figures based on the debt amount, term of the loans, interest rate, your own expected salary).

Let's say you borrow $60,000 at 8% with a 10 year term.

That is $728/month loan payment.

You say you "won't make very much", so I'll guess $36,000 per year.

$3000/month gross. Let's say that will be $2400/net take home.

After $728/month loan payment, that leaves you a little under $1700/month.

Let's project a few expenses (your own projections may be different):

Rent: $700
Food: $400
Utilities: $150
Car pmt $300 (maybe you won't have that)
Gas $160
Car ins. $100

Without entertainment, clothes, travel... you are already spending more than you earn.

So it your numbers look like this, the transfer doesn't make sense. If your numbers work better and are comfortable for you, then it's worth considering.