Paying for TAMU with high EFC

austinmshauri
Fri, 18 Aug 2017 16:05:13 +0000

@TamuEngineer: If the student has to take outside loans or anything in their name and if the parents can help take some loans, 20k should be manageable, per year.

I wasn’t implying that you’re a bad student. I was responding to your comment that $20k/year loans are “manageable.” In my opinion, they aren’t, for all of the reasons stated.

If someone was to take out 100k over the NEXT four years total, then that would assume they are in their fourth year, and if any of the cases you mentioned, were to in fact happen, nothing would stop the student from going back to finish their last year. I don’t know who gives out loans of 100k up front, but clearly that is not what was meant in my earlier reply.

I didn’t say people could borrow the full four years of college costs up front. They can’t. Loans have to be applied for every year. If a family is turned down for a PLUS loan before the student gets their degree, the college would stop the student from finishing. We see that a lot here. People assume that they’re going to make a lot of money by enrolling in a particular major and that justifies them taking out 5-figure/year debt that will balloon into 6-figures by the time they graduate. It’s a risky plan and not one I’d recommend.