<p>Hi. I’m an interantional student that was accepted at two different colleges. In both, I was given a scholarship for about 70% of the tuition. They still require me to pay an amount that my family definitely cannot pay.
How payable/adviceable would it be a loan of about $50,000? (that’s for the whole four years)
*I am thinking in going to Harvey Mudd College
Thank you very much</p>
<p>whats the average starting salary for your field? I’d go by that.</p>
<p>well HMC graduates make one of the highest average starting salaries of anyone in the country… I’m also in your boat, mafp345… I want to go to HMC but it would cost me about $40k in loans</p>
<p>Well, the average college graduates have around $20K student loan debt. Now, the question is HMC is worth extra 30K? I think so. Go and spread your wings, learn and explore new things, and keep writing.</p>
<p>P.S. Dont forget to work partime term jobs and fulltime during summer. You may knock down 10K-15K out of 30K.</p>
<p>First of all what is the liklihood that you are going to be able to borrow $50,000?</p>
<p>where can you find TRUSTABLE information about average salaries?
I am going for engineering</p>
<p>Info from the Bureau of Labor Statistics</p>
<p><a href=“http://www.bls.gov/oco/ocos027.htm[/url]”>http://www.bls.gov/oco/ocos027.htm</a></p>
<p>Earnings for engineers vary significantly by specialty, industry, and education. Even so, as a group, engineers earn some of the highest average starting salaries among those holding bachelors degrees. The following tabulation shows average starting salary offers for engineers, according to a 2005 survey by the National Association of Colleges and Employers.</p>
<p>Curriculum Bachelor’s Master’s Ph.D. </p>
<p>Aerospace/aeronautical/astronautical $50,993 $62,930 $72,529
Agricultural 46,172 53,022<br>
Bioengineering & biomedical 48,503 59,667<br>
Chemical 53,813 57,260 79,591
Civil 43,679 48,050 59,625
Computer 52,464 60,354 69,625
Electrical/electronics & communications 51,888 64,416 80,206
Environmental/environmental health 47,384<br>
Industrial/manufacturing 49,567 56,561 85,000
Materials 50,982<br>
Mechanical 50,236 59,880 68,299
Mining & mineral 48,643<br>
Nuclear 51,182 58,814<br>
Petroleum 61,516 58,000</p>
<p>sybbie719, you are right, I might not get the loan. </p>
<p>Any information about loans for international students is welcome.
I need about 12K per year = about 50K for the four years</p>
<p>So it seems engineers earn about $50,000 per year after graduation. Meaning, if I do not waste a single cent, and if I get a job before graduation, I might pay the loan in one year.</p>
<p>Cool. I wish supositions were always true =)</p>
<p>Not even close to being realistic. Keep in mind that social security is 7.5% of your income, you still have to pay federal, state and local taxes.</p>
<p>Thanks so much to Momwaitingfornew for this sage advice. (Did not think I would be passing it on in less than 24 hours, but here it is)</p>
<p>First, debt: you say that you will live at home, make $30-50,000 and have that loan paid off in no time. Both of you think that’s not a horrible amount of debt.</p>
<p>Let’s assume you get a job at $40,000, right in the middle of Lecorbeau’s projections. (This is a more likely salary for an econ major than one in creative writing.) Have you accounted for taxes, health care benefits, social security? You’ll probably end up taking home $25,000 after all that. Still sounds like a lot of money? You’ll need transportation to and from work. That’ll take a chunk. Meals while you are at work. Clothes. Do you have any idea how much a suit costs? And if you’re in business, you have to look good, so, while you don’t have to buy an Armani suit, you can’t expect to make a good impression in a polyester one picked up from TJMaxx. Just one suit won’t do, either. You’ll be at work five days a week. Do you expect to do anything beside work? Eat out with friends? Take vacations? Lastly, would your parents really put up with you and pay all your expenses without charging rent when you’re 25-30? 35? If you’re
really frugal and don’t worry about saving for retirement and your own kids’ college education (or for the possibility that you’ll be laid off), then you might have $10,000 - 15,000 a year to use to repay loans. Oh, one more thing: interest. Even as you start to pay off the loans, they will be increasing in amount every month because of interest. Have you done the calculations?</p>
<p>You see these high figure salaries for Ivy League and top LAC schools without realizing that many of those upper salaries come from the business network of well-heeled parents, not because of the degree itself. I can’t tell you how many of my classmates were set up in business by their parents, either through job connections or seed money for a new business. Many received down payments for houses as graduation gifts. They had trust funds to help pay for expenses while they worked their way into higher paying positions. It goes without saying that they had no debt to begin with. This is the life of the rich, not of the average graduate. </p>
<p>You need to separate those realities from your own situation. When you see the stats posted by, say, school X, you should realize that the high end of the spectrum is probably silver spoon money. Look to the middle and below to get a good idea. Of course, these prestigious schools do offer more acceptances into top grad schools, provided the student does well academically. </p>
<p>Remember, you’ll probably want to get married and have a family by the time you’re in your early thirties, maybe sooner. How can you save for your children’s education if you can’t pay off your own?</p>
<p><a href=“http://talk.collegeconfidential.com/showthread.php?t=178774&page=2[/url]”>http://talk.collegeconfidential.com/showthread.php?t=178774&page=2</a></p>