How much are your loans?

sk8rmom
Wed, 05 Jan 2011 18:23:48 +0000

I have no intention of having my parents pay for my education, I have two younger siblings they still have to raise.



Mystifying…it sounds as if you all are borrowing almost the full cost of your education which means they were unable to save for your education during the preceeding 18 or so years. Are they currently making payments on those Plus loans or did they defer them until you graduate? If not, it may mean they can’t afford to take it out of their current income either! Did any of you consider that they may not be approved for another $50K of loans…or another $100K after that?

What will happen when/if you want to transfer to a public school (I’m assuming this will be your only option due to your high spending freshman/sophomore years)? Even the CUNY/SUNYs are around 18K/year if you don’t qualify for any aid. The SUNYs have well-defined pre-reqs for their majors, so you’re going to have to plan your coursework carefully in order to graduate in 2 years…I think you’re going to find it takes longer if you wait to transfer as a junior.

Please think carefully about this and have a candid discussion with your parents about finances. Borrowing heavily against future earnings is never a good idea when there is no track record of income being available!