College Loans

<p>I'm thinking about transferring to a UC, but it looks like i need to take out loans at about $50000 for two years. Is this logical? is it too much? If i do this i assume i'll be taking out 20-25,000 each year. My parents really can't help me out with the financial situation considering that even though they are in a moderate to high income bracket, their investments won't allow them to help me taking the current economic situation in account. Can anyone advise me on how to take loans?</p>

<p>Someone gave me a website that says if I take a 50,000 loan i'll be paying for a Stafford loan for about $100 a month for 20 years and a 42,500 private loan at 350-450 a month for 20 years. I'm not sure my degree will net a salary that will be able to sufficiently pay off those debts, and what if i choose to consider law or graduate school, do i postpone the loans adding more debt?</p>

<p>Sorry to hear about your situation, that's a really tough spot to be in. My advice is:</p>

<p>1) Go to a cheaper, in-state public school.
2) Take a year off and move to California (or Virginia, or Michigan, or another top-tier public state). Get a full-time job doing anything, grow up a bit, establish residency, and that takes care of $20,000 in OOS tuition right there.
3) Talk to your parents - if their assets aren't liquid, would they be willing to help you pay off your loans once the market recovers?
4) The most extreme option is to fulfill one of the "independence" criteria for the FAFSA: join the military, get married, or turn 23.</p>

<p>What you definitely SHOULDN'T do is take out $50,000 in loans if you aren't 100% positive that the career you're interested in is going to pay you enough to pay that loan off. Student loans are incredibly difficult to discharge in bankruptcy, and you don't want to spend your first years out of college taking jobs you hate just to earn enough to make student loan payments.</p>

<p>Good luck!</p>

<p>sorry if this wasn't made clear, but i am a California resident and i am at a community college currently, i want to transfer but i don't know any other options besides loans currently</p>

<p>Ideally if you don't want to take UCLAboi's advice, you should just take out the loans and move back home and work for a year to pay off your loans (majority, in full, or whatever to make it manageable). </p>

<p>Loans are killer if you take out a lot and expect to move out + buy a car, etc. If you can hold off on those two things and just focus on staying at home and paying off debt, the 50k can be manageable.</p>

<p>i am in the very same financial situation. </p>

<p>i went to a community college for my first few years and just got accepted to ucla. i will be going in the fall and becuase of my parents income and investments, i will receive no financial aid although they will not be helping me at all. i plan on taking out all the money in loans. the thing that worries me is that i want to grad school as well..!</p>

<p>That sucks for you both. The reality is that you will probably end up a cheaper school close to home. :(</p>

<p>In other news, i got an email that said that they are going to cut the Cal Grants. :( :( I guess i'll be seeing you guys soon at Chico State.:(</p>

<p>try to reduce how much you borrow/spend as much as possible. dont go out to eat that much, etc. live a bit farther from school so rent is cheaper, or even live at home and commute if you are in socal. maybe get a part time job or work study.</p>

<p>if your parents will let you live at home for free after you graduate, then that would be great. you'll have virtually no expenses and you can apply all of your income to pay off the loans, which you should be able to do in a year or two.</p>

<p>i really dont want to commute while going to ucla, its not that far but i would far rather live nearby. this is why i am considering the co-op, rent there is about 1/3 the price of the dorms but i guess i need to see if work study would apply to me..and if not, i need to transfer my job to westwood!</p>

<p>hey i'm in the same boat as xbrokethoughts, does anybody know who i woul dhave to contact to take a loan out? I just got assigned housing and plan on housing @ucla. if anybody can give me a number or link that they can provide about taking loans that'd be awesome!</p>