Is it worth going to Carnegie Mellon (Tepper) for business (not sure what focus yet) and I would be playing a sport or go to schools like Virginia Tech, FSU, UFlorida (not playing a sport) for business? If I go to Carnegie, I would take out a 180k loan because my parents are paying for two years and I would have to pay the other two. If I go to Tech, FSU, or UFlorida, I wouldn’t take out a loan because it would be around 42k per year. I don’t plan on going to grad school if I go to Carnegie and I would possibly consider going to grad school after Tech, FSU, UFlorida (probably not). In the long run, what would be the best decision for business, going to Carnegie or a state school?
Absolutely not. And no one would even give you that large of a loan - your parents would have to cosign and that is a terrible idea.
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I was thinking - yeah, it’s great, go to CMU and play a sport - wonderful plan.
Then you said loan of $180K and I thought - there’s a great chance that person is going to be wrecked for life financially.
Yeah, avoid the loan. You can’t get it anyway - but your parents could.
There are few cases where it would make sense - and you woudln’t know until after that it did…no school would be worth that up front.
Good luck
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Even though some companies will do no co-signer loans to undergrads, the interest rates are high (mid teens)…I agree that much in loans is untenable regardless there’s a co-signer or not. That amount would impact your credit rating, your ability to take on more debt (car, home, grad school), and the ability to take a great job that might pay less. It might also impact who would consider getting into a serious relationship with someone with that level of debt.
If you are interested in studying business, now is a good time to understand how debt works. Here’s a debt repayment calculator where you can see how much $180K in debt would require in monthly payments (for 10 yrs/120 months) and how much you would need to earn to make those payments.
Have you run CMU’s NPC to make sure you would not get any need based aid?
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That is too much debt with the other options you seem to have. And it is very hard for a student to take that on without a co-signer. Your other thread makes it sound like your sport is important to you. Don’t lose sight of that.