How much $$$ in loans is too much? (Considering transfer before too late)

Paying for College
1

<p>So I am 2 years through college at CMU. I have about 11k in stafford loans so far and parents that refuse to pay for the last 2 years. Its 55k a year, so 110k total. Subtract my 19k grant x2 and we have 72k owed. Bummer. 72k + 11k in stafford loans…OUCH. 83k in loans… </p>

<p>Did I mention I’m a costume designer? We make entry level about 30,000 a year… </p>

<p>So I’m facing what seems to be 57k private loans and 26k stafford loans (sub and un-sub)…</p>

<p>You can imagine how this crashes down on a early twenty something. So I have a few options 1. take this giant amount of debt 2. take some time off amass some $ with my null college degree before returning or 3. transfer to a different school for a cheaper price</p>

<p>I am beginning to feel that in a creative field, the less loans the better unless I want to live in a cardboard box. </p>

<p>Since my career revolves around designing clothing for theatre, film, fashion purposes I have set my sights on Central Saint Martins with its 24k a year tuition (15k for study abroad) as a wonderful alternative. English schools are a total of 3 years. I am told I may enter in the 2nd year with enough preparation. So even as an international student with zero fin aid (stafford loans still apply) I could be only owing about 48k (2 years) to 72k (3 years) max + my 11k stafford loan. Better deal?</p>

<p>Problem is, I have not applied yet but I am confident I will be able to get in. A very nice relative of mine might give me no strings attached 20k towards my tuition bringing me down to a projected 28k in loans (2 years) to 52k (3 years)… (This gift has been factored into the CMU numbers above). </p>

<p>What would you do? I really do need advice on this matter. I want to get my degree and pursue costuming/clothing, but facing 83k in loans which is at least a 800 payment each month seems absolutely nuts. I am much more comfortable taking out 28k to 52k for my education. </p>

<p>And no, I don’t want to study at a UC in another field or drop out.</p>

2

<p>Bottom line:</p>

<p>Should I take a leave of absence from CMU for a semester to earn $ and apply to Central? If I get in, then I transfer there for Fall 2011 to resume my studies and get my degree. If I do not get in, then perhaps take the full semester or a year off to cut down my potential loans to a more manageable sum before returning to finish CMU for 2 years. </p>

<p>Thoughts? I need some serious wisdom.</p>

3

<p>There might even be other options. For example, many of those who are interested in costume design go to Appalachian state: [Appalachian</a> :: Admissions](<a href=“http://www.appstate.edu/admissions/]Appalachian”>Appalachian State University / Admissions) with a total cost of attending $22,000 for out of state. This is just an example of a more affordable option for you. But, taking a year off may help you figure out where you want to go.</p>

4

<p>I’m with GTalum. Take a one year leave of absence from CMU. This will retain your status there in case you decide to return.</p>

<p>Use the costume design connections that you have to find a job. You don’t have to tell anyone that you can’t afford CMU. If you’d like, you can tell them that you want more work experience in the field before you elect the specific specialization or senior year project or something along that line. While you are working, do your research on which programs (other than CMU) will actually get you a job. For example, if you study at Central, will anyone here in the US hire you or would you have to compete in the European job market? If so, how likely is it that you could get the requisite working visas?</p>

<p>You also can take the question of where to transfer within the US to the Theater Forum here at CC. Click on “Discussion Home” and scroll down to find it. That forum is not just for actors. There are a number of Tech types who read and post there too!</p>