Got accepted to DePaul with approximately a 20k scholarship. For my first year I would have to take out 30k in loans, with 25k of that being private loans. I would be able to significantly decrease the cost of attendance the following years with internal/external scholarships. I would also be transferring in as a sophomore and my major would be Computer Science. The main reason I chose DePaul is because of the small class sizes and the fact that they don’t require ridiculous amounts of math for CS majors.
Do you guys think it’s worth the money?
Edit: Also forgot to mention I would be able to get internships during the summer almost guaranteed that pay $25-30/h which would help cut down on the cost.
No…
…will your parents co-sign all that debt?
… you won’t likely get add’l scholarship later; certainly not enough to “significantly decrease the cost of attendance.”
…not much more to say.
That is a ton of debt. You would have about $100,000 in loans by the time you graduate in three years. No, I don’t think it’s worth it…and I seriously doubt you will find significant scholarships for subsequent years. Where do you think those will come from?
Also, who is consigning those personal loans?
@thumper1 The other scholarships I was talking about was http://www.cdm.depaul.edu/Prospective%20Students/Pages/FinancialResources.aspx they offer scholarships strictly for current CDM students. And yeah I know that it’s a ton of debt, a lot of people have been telling me though that as a computer science major it’s paid off pretty quickly. I definitely am looking into less expensive options, have found none so far though. And as far as the loans, I wouldn’t need a cosigner.
@mom2collegekids Why do you think I won’t get additional scholarships later?
Why won’t you need a co-signer??? Who are those private loans from??
WHO is telling you that as a CS major that amount of debt is paid off quickly??? Must be some very naive people!!!
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Why do you think I won't get additional scholarships later?
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You can’t depend or expect to get these. These tend to be one time awards, for smallish amounts and only given to a limited number of students.
did you read thru the req’ts? you don’t even qualify to apply for some of them. And for one, you could only apply next year only. And another cannot be renewed.
Are you saying you have the income and assets to support a $30,000 a year private loan? Are you a traditional college student, or are you someone who has been in the work world for a lot of years?
If you are between 18-24, my bet is you will need a cosigner for those $30,000 private loans.
Are you saying there are no colleges that cost less than $50,000 a year where you could get a computer science degree?
Meh, thought about it some more. Talked with parents about it, decided you guys made some good points. Going to look into other schools. Thanks for the help.
Now just to find another school with a good program…
There are many schools with good CS programs. Where do you live? how much will your parents pay each year?
Where did you go for frosh year??? Are you going there for soph year?
What is your situation? How old, any previous job experience? Also where are you going now, a community college? I have seen some people report good internships from DePaul because there are opportunities in Chicago, but they did have significant previous job experience. I do think you are being unrealistic to think you are going to get a later scholarship (the one you link to is said to be very competitive and requires all kins of service and leadership in addition to stellar grades.) Can’t your parents help with some of the costs? What is your EFC?
OP, I’m glad you are looking at other schools for your CS degree. Don’t shy away from the schools that require math… to be a good CS student, you do have to understand math concepts. (There is a difference between just learning to program and getting a degree in computer science.) My advice is to find a school where the CS department is part of the engineering department so you would get a Bachelor of Science degree rather than a Bachelor of Art degree. Also make sure the department is up-to-date as CS changes so rapidly. High paying internships are available for CS students, however it is not a slam dunk that you will get one. My son could not find one his first summer (although technically a junior after his 1st year and very proficient in programming already), found a $15 p/hour job the second summer, and this year was recruited for a higher paying internship. He was lucky… not many of his friends had the same opportunity. Good luck in your search.
The future internal/external scholarships are maybe money. They are not assured; therefore, u could be on the hook for 120k in loans over 4 years.
It is advisable to limit your total borrowing to ~half your expected starting salary. I don’t know of any job, fresh-of-undergrad, that pays a starting salary of over 200k.