CUNY or SUNY. Please Help

LoveMyPuppies
Wed, 30 Apr 2014 19:59:04 +0000

Hi,

A word from a parent here. It is hard to grasp the loan payment hardship. You say 40K is not so bad. You can go on any student loan calculator and see what you will be paying. I just did a rough estimate using 50K loan, 6.8% interest rate, 120 months repayment term and found that you will be paying $575 a month . You interest will be over 19K and the minimum salary to handle these payments is 86K (not sure if it took into account the high cost of living in NYC). Do you think you will get this salary at entry level? You can play with your numbers and see what you get. Maybe you are talikng about subsidized loans, then it is not so high. It may come to choosing between living with your parents now or living with your parents after college when payments are due. I would choose SBU if not for the borrowing though.