<p>I decided to post on this forum since I believe you have more life-experience to give some advice I am a scandinavian high school graduate and planning to go to U.S for college in 2007. I have always dreamed of living in California (been there twice before) and now I would have a chance of making it reality. My dream school is UCLA and my grades are excellent, so that’s where I would probably go (other choice is UCSB). </p>
<p>However, in my country the universities ARE FREE (but highly selective, around 10% of applicants get in). If I decide to go to UC I’ll end up 80k in debt after undergraduate degree (probably going to major in political science or international relations). There’s also a chance that I’d end up living in the U.S after college (I have family there) and this would mean I have a higher salary and a lot lower taxes (but I’d lose the social privileges that we have in scandinavia). </p>
<p>The question is, is it worth it to pursue my dream at a high cost like this? I do not want to study in my country because it is so small and the same circles get me too bored as well as winter lasts forever, I want to have this experience abroad which would open up many doors for me in the future. </p>
<p>Is 80k undergrad debt (and a possible grad school debt on top of that) going to make me poor for life?</p>
<p>Probably. Poly Sci majors with no graduate degrees do not make a lot of money in LA. Also, as you’ll come to unbderstand as an international student, you can’t just stay in the US because you have family here. Seems unfair to me, but you need an employer to sponsor you and most won’t unless you have some really unusual skill. My friend’s brother just graduated from Harvard Law and he couldn’t get anyone to sponsor him. $80K for UCLA? I don’t see it if you can get a good free education. Take the extra money and vacation i9 warm places without so much smog!</p>
<p>“Is 80k undergrad debt (and a possible grad school debt on top of that) going to make me poor for life?”</p>
<p>$80k at 11.5% interest (if you can get it) works out to $1,124.76 a month, every month, for the next 10 years. If it not a gov’t-backed student loan, you have to start paying it back as a freshman. The interest will start accruing immediately, so it will turn out to be well more than $80k.</p>
<p>To pay back $1,124.76 a month for the next 10 years, if you were paying 10% of your salary, your average salary over those 10 years would have to be at least $134,971; if 15%, $89,980. Since your starting salary is going to be much lower than that, you will need to make much more toward the end of those 10 years.</p>
<p>Is it a good educational investment? If you had an extra $80k, is the “value added” over the free education you would receive otherwise worth it? Are there other, better educational uses for $80k (including graduate school?)</p>
<p>These are the kinds of questions you’ll need to address. Frankly, I think it highly unlikely that any lender in the U.S. is going to give you anything close to $80k, so your question may be a non-starter.</p>
<p>Frederik - Questions like yours appear on CC from time to time. Sooner or later someone suggests “take your UG where it’s free and Graduate School where ever you please.” Oops, looks like it’s me this time.</p>
<p>Frederik, If you aren’t so picky about California, you may be able to study for quite a bit less in the U.S.A. even for undergrad. But if CA is the goal, I would think twice.</p>
<p>On the other hand, many of the posters (parents and students) on this board pay substantially more than $80k for a particular college versus free at another. A significant percentage of the attendees at high-end colleges were offered full scholarships at other colleges and turned them down to go to their dream school or perceived higher-level school. For some, the high-end education will return enough of a financial return to be a good investment and for many it won’t but that doesn’t mean it wasn’t a worthwhile decision for them. The point is, the college decision for many isn’t just a matter of cost and financial return - there are many other factors - many of them subjective.</p>
<p>Look at it another way; I believe $80K is roughly the cost of two cars in Scandinavia. Is attending your dream school and broadening your experiences that will affect you for the rest of your life worth the cost of two cars? This is a question only you can answer but for many here, the answer was yes. </p>
<p>btw - my daughter turned down some full scholarships in order to attend UCLA so basically, we made the decision you’re considering.</p>
<p>I would go into debt 80K to send my D to UCLA. But I would not suggest that SHE go 80K into debt, unless she were going to go into a very lucrative field (big law firm law, investment banking).</p>
<p>Frederik – If a large part of UCLA being your dream has to do with its being in California, have you considered whether there are other California schools that might give you financial aid? If your grades and test scores are good enough, I wonder whether there are private West Coast colleges and universities that might offer merit aid to reduce your debt. What about USC, the Claremont colleges (Pomona, Pitzer, Claremont-McKenna), Occidental, Santa Clara, the University of San Francisco, Pepperdine – really, there are lots, and although they might not be UCLA, it would probably be better to begin your adult years without such a substantial debt.</p>
<p>Thank you all for good tips! I think I am still coming to California, but I will start at a community college. Anyhow, I am still going to have to take 50k debt… I still believe in myself and that the risk I’m taking is going to pay off in the future!</p>
<p>Take a look at Santa Monica College, an excellent community college not far from UCLA and with a great track record for students transferring to UCLA. Their course catalogue is available online. And if you’re willing to go to a community college, really, see if you qualify for merit money at a private school if your credentials put you into the upper echelons of applicants there.</p>
<p>California has an excellent transfer pathway from community colleges to either the UCs or the CalStates. Just make sure you work with the CC to declare your UC transfer intentions and ensure you take the correct courses and of course, maintain a high GPA. </p>
<p>mini: I don’t know his financial situation so I stayed away from that aspect. I was just trying to put the cost in perspective (and cars are expensive in Scandinavia). I assume (or hope) he has the cost angle figured out.</p>
<p>Well, he said HE would end up $80k in debt, not his parents or family or whatever. He is not a U.S. citizen (from what I can tell), and I don’t know any bank or government program that is going to give him $80k at 11.5% interest, so I think this entire discussion may be moot. </p>
<p>Is it going to make him “poor for life” (adding grad school debt on top of it?) Probably, but again likely moot. If he can stay with family during two years of community college, he might make it work.</p>
I am a scandinavian high school graduate and planning to go to U.S for college in 2007. I have always dreamed of living in California (been there twice before) and now I would have a chance of making it reality. My dream school is UCLA and my grades are excellent, so that’s where I would probably go (other choice is UCSB). </p>