Ridiculous aid... I need some help or advice

Colleges & Universities The University of Texas at Austin
11

@Mandyy @selhajj1

It is not easy to explain financial problems politely, so probably my post will be rude. I apologize in advance.

  1. When students get into UT UGS from a wait list it is very unlikely that they will make it to Business, Engineering, Nursing, or CNS/Geology. It happens, but it is extremely rare because the cut off GPA is very high, and you practically have to forget about any social life and "dream college experience" and study-study-study.
  2. Students who get into other colleges (or even some CNS majors), IF they get employed right after university with paid salary and not some kind of unpaid internship, will be lucky to get $ 30-35 000 as starting salary (unless they have parents with connections who can help them with well paid job). Proof # 1 http://www.forbes.com/sites/nickmorrison/2016/03/31/youll-never-guess-the-biggest-factor-in-graduate-salaries/#3d60d5243091 Proof # 2 is UT Austin website. Go to career centers of different colleges and find statistics about salaries of recent graduates.
  3. When you graduate and get your first paid job with salary, you will get much less money due to taxes. http://www.paycheckcity.com/calculator/salary/ For example, in Texas if your salary is $35,000 a year after paying federal taxes, social security, and medicare you will get only $27,873.75 a year, it is $2,322.82 a month. You will need extra money for medical insurance, I doubt you will be able to afford any retirement plan. Plus all usual expenses - housing, utilities, transportation, food, clothes, household items....
  4. When you pay back your Stafford loan with interest it will be probably twice as much as the original amount. Here is your calculator https://www.cfnc.org/Gateway Standard period to pay off the loan is 10 years. Since with 80,000 loan the monthly payment will be more than $500, you will need to sign for some kind of special repayment plan, you can extend it til 20 or 30 years, depending on your salary.

Just do all your math.

In my very humble opinion it will be very stupid and irresponsible to attend UT Austin is these circumstances.
But the choice is, of course, yours.