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100 grand loan for purdue engineering.is it worth..??

sathviksathvik Registered User Posts: 16 New Member
edited April 2011 in College Admissions
Hi,I got accepted to Purdue university college of engineering for the mechanical engineering program.Well,as i was not accepted at other top schools such as Stanford and Caltech i am thinking of going to Purdue.its a bit costlier and they dont have any need blind financial aid system and on top of that i was not qualified for financial aid because my sister and brother are also going to college and my parents combined income is in the 80 to 100k bracket.My flatly said he cannot pay more that 15k an year so i kinda ran into trouble.i figured out that loans would be the option.After some math i figured out that i needed 100k for 4 years.
Now my question is.....Is education at Purdue worth taking a 100k loan..? The main thing is i need a good job after i graduate.So do Purdue engineering graduates get hired easily or do they need to work out.How are the on-campus interviews at Purdue..? Do all the engineering grads get hired.? or do they have unemployment among the engineering grads..? Any inputs from Purdue students,Alumni or people highly familiar with Purdue is high appreciated.Thank you.
Post edited by sathvik on
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Replies to: 100 grand loan for purdue engineering.is it worth..??

  • happymomof1happymomof1 Registered User Posts: 28,738 Senior Member
    No undergraduate degree on the planet is worth 100 grand in loans. Period.

    Not to mention that it would be almost impossible for you to find a lender who would give you that amount in loans. The only loans you are guaranteed to be able to get are the federal loans (Stafford) that you qualify for by filing the FAFSA. Since they are roughly 5 grand each year, you would need to make up the difference with private loans. Unless you can find a co-signer, you simply aren't going to be able to get those loans.

    Provided your engineering program is ABET accredited, you will be fine wherever you study. The engineering classes are pretty much the same everywhere. Check the places where you have been accepted for ABET accreditation at ABET | Accrediting College Programs in Applied Science, Computing, Engineering and Technology

    You can compare the financial aid packages that you have been offered with this tool: FinAid | Calculators | Award Letter Comparison Tool It will help you make your decisions.

    Wishing you all the best!
  • T26E4T26E4 Registered User Posts: 24,274 Senior Member
    With having to pay for three kids' tuitions simultaneously, you'd have to wonder why each of your FA packages didn't take that into account? You need to pursue this more. The other schools should have seen that and made adjustments as well as Purdue. There's more to this.
  • happymomof1happymomof1 Registered User Posts: 28,738 Senior Member
    Parents with incomes in the 80 to 100k range could easily end up with an EFC in the 20k range. Perhaps the siblings aren't in college yet, and the dad is trying to save some money for their future educations?
  • sathviksathvik Registered User Posts: 16 New Member
    Hey thank you all very much for your replies.I did not mention in the thread that i do have a "very strong" co-signer.I think i will be approved for the loan of 25k an year due to him(co-signer) and his financial background.But the thing is will i be able to get a decent job after my education at Purdue.i want to know how well the industry accepts Purdue graduates and what kind of "niche" do they have in the market.And my siblings are in the college.both of them are in Stanford (sadly i am not :-(( they get need blind aid but my dad still pays 10k for both of them.I am the youngest one so i have an extra 5k (due to my mom's insistence).With regard to T26E4's question....i dont know why in the world i was not qualified for federal financial aid.May that has to do with the income brackets or something.
  • fogcityfogcity Registered User Posts: 3,228 Senior Member
    Purdue is a great university for engineering. It's recognized nationwide by employers, and if you navigate internships with care you are likely to do well employment wise on graduation.

    That said, do you have a less expensive option? Many state flagships have equally strong engineering programs. Do you have an offer from your state's flagship?
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 84,628 Forum Champion
    I think the real problem is this student is OOS, so Purdue didn't help him with those OOS costs.

    No undergrad is worth that....you will NOT earn more money with an engineering degree from Purdue.

    I suggest that you send a quick app to UA-Huntsville...still taking apps, and you'd likely get merit to help with costs.

    UA-Huntsville is strong in engineering and is located in Cummings Research Park (second largest research park in the nation) so lots of internship and co-op and research opportunities.

    The app is easy.

    UAHuntsville | The University of Alabama in Huntsville

    Believe me, your salary will be the same whether you graduate from Purdue or UAH...and you'll have far less debt...probably about $20k total at most.
  • samslamsamslam Registered User Posts: 139 Junior Member
    Ok let's say you get a job after graduating the all-amazing Purdue, making 80k. This would be good. But then you would probably have several years of paying off loans, which keep increasing due to interest. Now consider going to another school for a fraction of the cost of Purdue, landing a comparable job (likely) and NOT having 100k+ in loans. Which would you prefer? Sure, everyone has a dream school, but to ignore financial realities is foolish, IMO. You can get a great education at plenty of other, probably cheaper schools, without a ton of debt.
  • MonkeyKing1MonkeyKing1 Registered User Posts: 273 Junior Member
    Don't do it. You will regret this decision your ENTIRE LIFE.

    Go to a community college or some other school still taking applications and apply for transfer after a year or two. Therefore you will be loan-free, can excel and transfer to a strong engineering program after. You will benefit your life opportunities far more through this method - less loans, less cost, and who knows where you'll end up afterwards.

    Don't do it, in 5 years you will be literally begging God and willing to sacrifice anything in your life to go back in time and give your pre-college self a good smack in the face for being such a moron.

    I have read too many horror stories of people living in brutal economic circumstn1 for most of their lives after taking out so many loans for an undergraduate degree. Just don't.
  • lyssarhenrylyssarhenry Registered User Posts: 75 Junior Member
    NO. My parents are successful professors, and are still paying off their (less than $100,000) loans about 20 years later. DO NOT DO IT. Undergrad does not matter that much, save your money for grad school.
  • KajonKajon Registered User Posts: 4,456 Senior Member
    Please don't take out the loan. But if you did, how would you feel looking around you classroom knowing that more than half of the kids around you are paying $17,000 per year less than you? (because of in state versus out of state)
  • Kei-o-leiKei-o-lei Registered User Posts: 1,631 Senior Member
    OP . . . you didn't ask about a pertinent piece of information.

    what is the monthly payment you'd have to make every mnonth for 10 years to pay back 100 grand at 6% interest?

    Find that answer yourself:Student Loan Payoff Calculator | BuildMyBudget

    Then post back here and let us know how that knowledge changes your perception.
  • ClassicRockerDadClassicRockerDad Registered User Posts: 6,365 Senior Member
    It's $1110.21/mo. It's difficult but not impossible for an engineer.

    I have a relative who borrowed more for law school and makes less than an engineer would and is surviving just fine in Boston. Not living large, but living independently.
  • Kei-o-leiKei-o-lei Registered User Posts: 1,631 Senior Member
    ^^^^^^^^^^^

    I know . . . point was for the OP to do and learn himself, but I know how hard it is for Dads to let the kids do their own work :-)

    Glad your anecdotal example is surviving . . . I think $1000/month is a BIG headwind.
  • ClassicRockerDadClassicRockerDad Registered User Posts: 6,365 Senior Member
    I think it would be fatal for an english major, but for a successful engineer, it's just difficult. It's not unreasonable to make $60K upon graduation. Some of it is tax deductible too.

    He didn't mention an alternative, but if the alternative is a gap year, I'd borrow the money and make sure I did well.
  • happymomof1happymomof1 Registered User Posts: 28,738 Senior Member
    And geeze, I can think of lots of places I'd rather spend that $1000 each month for at least ten years!
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