<p>I want to transfer out of state to a community college that offers a medical program I am interested in. Unfortunately this program cannot be accessed in state. Traditionally the answer here is self-evident: follow your dreams. But alas, I am no spring chicken. I am 24. I already have 43000 dollars in students, half of which are private, with only a plethora of random credits to show(no degree). The financial aid award at the out of state college is pretty rough. I would have to take out 10-15K more in private loans just for the first year. It’s a two year program with the second year being in state, but the thought of being 65-70K in the hole with an associates degree scares me.</p>
<p>What should I do? The starting salary for grads in this program is roughly 35-40K, but basically every certified grad gets a job. Is this a financially irresponsible pursuit at this point in my life? Frankly, beyond this program I have no idea what else I could do and enjoy.</p>
<p>Thank you so much for your time here.</p>
<p>The starting salary for grads in this program is roughly 35-40K</p>
<p>The fact that the starting salary of $35-40k is an indication that you’ve ALREADY borrowed too much $43,000 - especially since some of it was private and at a higher rate.</p>
<p>At this point ($43k in debt), your payment would be about $500 per month for 10 years.</p>
<p>If you were to borrow another $20-30k, then your payment would about $700-800 per month for 10 years. The guideline says that to make that payment, you’d have to be earning about $100,000 a year to make those payments and still be able to have a normal lifestyle (pay rent, food, clothes, etc.)</p>
<p>I’m also concerned because at this point, much of your loans would be private and at a higher rate. You might not even qualify, since you’re already over-extended. </p>
<p>Can you move to the state that has this program, work, establish residency, and pay down your existing debt (especially the private loans), and then be an in-state resident for this 2 year program?</p>
<p>What are you doing now? Are you working and going to school?</p>
<p>What is this medical program? Which state are you in?</p>
<p>Thank you so much for your detailed reply. The answers to your questions:</p>
<p>A) I could move, establish residency and work. Unfortunately I’ve spent much of my life in fast food and college just trying to get by, so I have no real resume to speak of. So, sure, I could move and try to snag a Mcjob for a year, but consider I wouldn’t be able to make much progress towards paying down any debt. It will be tough sledding just to survive. </p>
<p>B)Right now I’m in college. A liberal arts major who is not particularly close to finishing(junior). I am working part-time.</p>
<p>C) The program I am looking at is a medical lab technology program. I am in Ohio currently. There are lab tech programs in Ohio but none of them have available slots. Literally all of them are full. Thus the need to go out of state if I want to get started this coming fall.</p>
<p>As an alternative, I am considering staying here in Ohio and pursuing a bachelors degree in a completely unrelated field(comp scy), which would take three more years and more (albeit less in-state)debt. These are really my only two interests that have good employment potential. </p>
<p>Thank you again for reading and digesting the embarrassing tale of mistakes that is my life.</p>
<p>*As an alternative, I am considering staying here in Ohio and pursuing a bachelors degree in a completely unrelated field(comp scy), which would take three more years and more (albeit less in-state)debt. These are really my only two interests that have good employment potential.
*</p>
<p>That is your best choice. The income potential is MUCH HIGHER, which will make paying back your loans MUCH easier. Since you’re now considered an independent for FA purposes, submit a FAFSA and apply for aid.</p>
<p>This shouldn’t take you 3 years if you plan your schedule well. If possible, take some summer classes at the local cc for any lower division classes that would transfer well into the CS program.</p>
<p>Also…and this is a biggie…try to get a paying internship or co-op. You’ll earn more money, you’ll likely have a job at graduation, and some companies will pay your education costs while in school. Look into big companies for co-ops/internships. They have the money to help you. Are there any aerospace companies in the area? If you lived in my state, you’d hardly have to pay for your education at all. Many of the local big companies are subsidizing high-tech students thru co-ops/internships.</p>
<p>Also, next fall, apply for the SMART scholarship. <a href=“http://smart.asee.org/[/url]”>http://smart.asee.org/</a></p>
<p>You may also qualify for a National Smart grant (which is different from a Smart scholarship)</p>