Freshmen year debt

I will be happy to. The Department of Education only allows you to take out a maximum of $27,000 in student loans over 4 years of college. Parents are expected to pick up the rest of the cost after scholarships and grants. With an out of state university, the student loan maximum is still the same, but you’re paying almost triple the tuition. This means Mom and Dad have to pick up the rest of the bill. If they can’t afford to do that, then the last option is to co-sign a bunch of private loans over to you, assuming they have good credit. This option could put you in the hole $80,000 when you walk the stage. If the average entry level job is $40,000 a year, this would put you in financial problems for years. I’ve seen it happen.

This is my advice :slight_smile: Unless you can graduate with $27k or less, it is NOT worth going out of state for a bachelors degree. The best thing you can do is talk to your parents and have a frank discussion about money and costs.