Money vs Education

T26E4
Wed, 01 Apr 2015 14:30:32 +0000

Who can say? $8K vs $40K in loans will mean a significant lifestyle difference for you in your post-bachelor years. If you want grad school, it’s even a bigger consideration. However, if your intended major & career is among the top earning ones right out of college (e.g. CompSci, engineering) and you can pull in +$80K a year (while earning $15K each summer internship/co-op), then $40K isn’t a big deal. If you plan on majoring in Gender Studies or Social Work or Psychology or French Literature, you just need to go into it with open eyes. There are many loan calculators extant on the web. Plug in your numbers and see what your monthly payments will be as compared to your expected income/month. If you’re waiting tables while paying $350/month, expect to drive a used car and have no vacations, maybe eating ramen for a while. If you’re pulling in $5K net a month, that $350 won’t be noticeable at all.