How much debt is too much?

<p>I thought i wanted to go to Marquette University until I got my financial aid information back. They gave me scholarships and loan options etc, but after all is said and done i will owe 84,000 dollars when i graduate. should i try for a cheaper school? if i apply now to new schools the chances of me getting a scholarship are slim because they have probably all been given out. help!</p>

<p>That sounds like way too much. It would be at least $850/month for 10 years (probably more than that) I know it is late in the game, but I for one would urge you to look elsewhere, or take a ‘gap year’ and reapply next fall to more schools where you might qualify for merit aid and/or which are less expensive.</p>

<p>Good luck, I’m sure this is no fun, but better this than being saddled with that much debt (and assuming, too, that your family is willing/able to co-sign or take out that kind of debt–because no one will loan a student that much money).</p>

<p>I’m the in the same boat with you. UPITT will cost me $20k a year and Brandeis will cost me 30k a year. </p>

<p>:(</p>

<p>There are several threads on this topic in the Financial Aid Forum. Basically, most of the parents there would advise that you not accumulate more debt than what would be the maximum Stafford Loans.</p>

<p>Marquette U is too expensive for you blueputtskis. There are lots of affordable options out there. Keep looking!</p>

<p>“Too much” depends a bit on your planned future. If you are interested in a career that tends to pay low then you’d want less debt than if you were planning on something with a $60K starting salary. But I would consider $84K high for most people.</p>

<p>You can PLAN on a $60K starting salary but you likely won’t get it. Keep the costs low.</p>

<p>I am so sorry you are stressed. I think with just a few exceptions most of will or are going through that.<br>
I have a few examples in my family to look at- maybe it will help you.</p>

<p>My cousin went to a small liberal arts college and accumulated $80,000 in debt. She then went to grad school and collected a bit more. She happened to fall in love and marry and now she works outside her field (anthropology) in a doctor’s office and her entire paycheck goes to her school loans. They live off of his income.
My sister went to a large university and agreed to pay 20% of the bill, my parents took on the rest. She graduated without any debt.<br>
I am going to try to do what my sister did. I am a bit frightened and don’t understand how she pulled it off, but I am hoping that will work for me.
I don’t think I can count on falling in love with someone without college debt and I certainly don’t want to spend years working to pay off my loans.</p>

<p>I hope I can do this too!</p>

<p>10k - However, any debt is horrible. Think, when you get out of college, do you want to be putting your salary towards a down payment on a house or debt? What happens if you NEED to buy a car for your new job or move out of the house? Then what, more debt? Debt is a bad, bad thing. Just watch HGTV and see how much debt some of these fools put themselves in. Four thousand down on a Three Hundred Thousand dollar house? Maybe these people are mentally ill, but that is just horrible. </p>

<p>Remember, if you do take debt on, repay it as quickly as possible. It only gets larger.</p>

<p>Ok maybe that reference to HGTV wasn’t really needed, but think long and hard about the decision.</p>

<p>If you cannot avoid college debt, it should leave you with bills that look more like car payments than house payments. $84K is about 3-4 times more than the max you should borrow. So if you do not have a financial safety in line, you may need to enroll in community college or take a gap year.</p>

<p>Blue…</p>

<p>did you apply to any financial safety schools?</p>

<p>How much are your parents contributing?</p>

<p>mom2:</p>

<p>Yes, I did. I am in one of our state schools with a scholarship that would cover half.<br>
The privates, as I think everyone knows, have the big tuition. My sister did a private university. She sold a bunch of her stuff, as did my mother and then she worked on campus for the 4 years and came out without a dollar to owe.</p>

<p>My parents have the 80% to cover. The actual amount depends on the school.</p>