Debt Financing Undergrad Degree

harrison003
Mon, 18 Dec 2017 09:04:06 +0000

I am currently an sophomore undergrad in a pretty unique business program that is a cooperative between three international universities, one in LA, Milan, and Hong Kong. My cohort spends a year at each (the 4th year can be a university of our own choosing) and at the end we get a BS in Business Administration from each institution. It is a relatively new program, but previous grads have received attractive job offers and the admissions are very competitive. I am financing the program through private loans that my parents cosigned, and will be ~55K in debt upon graduation. I am currently 20K in debt and am at the critical point on whether to decide to continue or not.

I am not fond of my cohort, I have several close friends but the majority of them are rich and entitled. I think this program is a feeder for wealthy students who can’t get into ivy leagues but want to go into i-banking or management consulting. I’ve had several internships and dislike the amount of collaboration I have had to do while always worrying about office and group politics. As I’m not interested in finance or consulting, I feel like my dislike of office work will lead to me being unhappy in the future, particularly because I will be tied down for at least 3 years paying off my loan. I am worried about being caught in a cycle of work and debt that will ruin my 20’s. The program administrators claim graduate’s ability to secure jobs and internships is due to the program, but I often think it is because of the wealth and connections they inherited that opens up opportunities (non-paid internships, travelling for interviews, etc.) that I will not be able to capitalize on.

If I drop out, I plan on working as many jobs as possible while staying with my parents to maximize the amount I can pay off. I’ve predicted that I will be able to pay off my debt within a year and a half under this structure. After this, I hope to secure a contractual job–I’ve looked into doing deckhand work for the Seattle Ferry service as well as being a USPS carrier-- and use this money to begin my retirement fund and pursue a dream of completing the triple crown (hiking the PCT, AT, and Continental Divide Trail). I love hiking, reading and writing and, under this route, plan on going back to school after pursuing these interests to become a community college english professor, which will allow me to maintain flexibility with my life and continue contributing to my retirement funds (I want to set up a traditional and Roth IRA as soon as possible).

I feel like this is a monumental, life-changing decision and the pressure is making it hard for me to take action. I could finish my degree and end up landing a great, creative business job where I love my work group and make bucko bucks–on the other hand, I might drop out and find myself unable to handle the tedium of minimum wage jobs. I think the ability to support myself and my own personal mental health (I’m prone to bi-polar swings and depressive bouts) are important, and want to achieve both.

Any thoughts on debt-repayment, realistic post-undergrad business opportunities , or general advice would be greatly appreciated.