I'm in a weird position.

juillet
Mon, 19 Jan 2009 20:42:27 +0000

$80,000 isn’t exactly a bargain when you have very good schools that will cost you a whole lot less.

$80,000 isn’t “very easily paid back.” It COULD be, depending on what kind of job the OP intends to gain. As I said, repayment will cost the OP over $900/month and she’d have to make a salary of at least $112,000 a year to comfortably repay such loans in 10 years. If she had a longer time – 30 years – she could make less (around $70,000) but she will pay $111,000 in interest over the life of the loan, and that’s if the rate is only 6.8%

This is just personally, but I wouldn’t spend an extra $191,000+ over 30 years when I can go to a great school (Ohio Wesleyan and Ohio State are both great schools) and not worry about that kind of debt before I even get my life started – that’s not even counting graduate school, a house, a car, investments, retirement payments, and saving for my children’s college fund!