<p>just wondering if anyone wants to share their experiences, because if i go to any of the colleges i actually prefer, it looks like i will be having a lot of loans. but hey, it’s only money. hah. anyway, what’s worthwhile but education when i really do love to learn and it’s probably worthwhile to pay for the right environment to start the trajectory of my adult life.
-or not. who knows?
some people have told me that student loans aren’t so bad. they won’t keep you from buying a house. they don’t have high interest rates.
others have complained that they can’t buy a house because of student loans, a high percentage of interest goes to cover them, etc.</p>
<p>so this is kind of a philosophical question, is it worthwhile to take a lot of loans to go to a “top” private lac that is your environment of choice or to have a very very cheap high quality state school honors college? jw.</p>
<p>I don’t know because I’m only a HS senior but it seems like the people who can’t pay back their loans go for the easy majors…then they don’t end up getting a good paying job…and then have trouble paying back their loans. So if you know you’ll be making the big bucks and you can pay it back don’t worry. If not, don’t waste your money.</p>
<p>i’m looking to do poli sci and to perfect my french with a major or minor. i wouldn’t consider this an “easy” major, just what I’m passionate about. unfortunately the career possibilities are a little less concrete than say, engineering or business, but i thnk it all depends on what you make of the CDO at your school and how well you do in college.</p>
<p>You need to bounce various numbers off of the calculators using approximate interest rates and make a decision for yourself.</p>
<p>I attended college back in the stone age, when tuition was low, interest rates low, and I had a monthly payment of $90 per month. Wifes payment was half of that. With the low int., we naturally took the max term to pay off.</p>
<p>But Sarpash is correct. You need to look at what your potential monthly income is and bounce it off of the amount of debt you can feel comfortable with.</p>
<p>For instance, if you come out of school and your position earns you $35 k, figure a take home of (35,000 * .7)/12 = $2042 per month (.7 is taxes and is approximate here). How much of that 2 grand can you afford to pay your student loan debt?? Need a car? Certainly have to insure that car, and put gas in it. Where will you live? What kind of house or apartment do you desire? You dont eat lunch out every day do you? How about your high speed internet? How stable will your employment be? I’ve read many horror stories. Although, you can get great deals on clothing and household goods at Goodwill. PS Goodwills at areas with large population centers of older retired folks probably have the most/best stuff.</p>
<p>Also saw someone put up a rule of thumb that said your student loan debt should not exceed 1 years gross income. </p>
<p>Student loans are regulated by the federal govt. You cannot just get a loan in your name for higher than the allowed amount per year. They did up it a bit recently but I think it still works out to around 24,000 over 4-5 years in school. Parents can get higher amounts in their name, but with your -noted elsewhere-high EFC they may need to get loans at a higher rate and different payback schedule.
When loans are in the student’s name and through the federal govt. there are various ways to pay them back. You can extend them for many years to keep the payments lower. If you have a lower paying job you can tie the loan in to a payment based on your salary.
<a href=“http://studentaid.ed.gov/students/publications/repaying_loans/2003_2004/english/index.htm[/url]”>http://studentaid.ed.gov/students/publications/repaying_loans/2003_2004/english/index.htm</a>
One concept you might want to think about is graduate school costs. If you are going to go on for more education you’re better off keeping undergrad loans as low as possible.</p>
<p>I got a Poli Sci degree. We used to laugh at the business majors because their tests on the same subjects as ours were so simplistic (we did a lot of math and financial analysis!) and they would laugh at us saying “who cares, we make twice as much money.” :)</p>
<p>Having a language is good, it would also be beneficial if you could get a minor or double-major in a business-related field to emphasize the analytical, marketting/communications, and administrative aspects of politics (its already similar to a business management degree with a legal focus). Work experience you earn during college has a LOT to do with how much you’ll make when you get out - and how much of a loan you can afford to take out (Of course, if you’re working a good job, you won’t need the loan! OH well that’s how the world is)</p>
<p>french is one of the most spoken languages in the world, and being able to speak a second language instead of needing a translator really can never hurt. and i’m close to fluent as a high school senior, after some study abroad (cha ching) and
btw, top grad schools (not that i’m counting on this) often offer generous merit scholarships. kennedy school of govt and princeton, for example, are free. so, if i am in the right academic situation and i make the best of it, hopefully all else will fall into place asfar as a masters is considered.
and honestly, i don’t know anything else that’s as worthwhile as education. i LOVE to learn. I LOVED governor’s school and the close-knit, lac-like environment there. I love poli sci and french. so honestly, taking out loans may be more than worthwhile. however, i started this thread to ask for advice, and i’ll go on taking it as long as people are willing ot give it.</p>
<p>thanks again for all your helpful suggestions.
i’m glad to hear not all poli sci majors live in a box and thanks very mcuh for directing me towards a biz minor.
also, thanks for explaining how loans work, old in jersey, that was very helpful.</p>