Agree with blossom and other posters. Adding that some companies won’t even hire employees who have significant debt.
Let’s look at loan repayment numbers…and you will quickly see how this debt will impact your life:
$40K of debt at 7% (current parent plus rate) will require a $464/month payment every month for 10 years. One needs to earn $70K per year to be able to afford that.
$160K of debt at 7% = $1,897/month payment every month for 10 years. Every. Month. That’s nearly $23K per year. One needs to earn $278K per year to afford that. Having this level of debt will impact your life across many dimensions because it is unlikely you will be able to make those payments.
Financially, you have no choice but to transfer and minimize debt for your undergrad years. Can you live at home and commute to a local community or 4-year college?