<p>Please anyone here who has gotten in this much debt?</p>
<p>early_college,</p>
<p>Seeing as one can’t even take out that much in loans for undergrad (generally speaking), you’ll be hard pressed to find someone who has. </p>
<p>Just a crazy thought, that.</p>
<p>Well, I’m sure some people have gotten in 100k debt at least. 50k a year is a lot.</p>
<p>Its not free in Scotland, it is subsidized by the government, which means that you pay for it in taxes</p>
<p>But I do know other European students go there for free. I have done some research, lol. They wouldn’t have to pay taxes.</p>
<p>Also, it will still won’t come out to the tuition of NYU or USC.</p>
<p>If they are from the EU, then they are paying high takes in Europe which may get sent to Scotland.</p>
<p>Yes, but not as much as some US college’s.</p>
<p>Go to a private school. $200k is nothing after you land the 6 figure salary.</p>
<p>Some people want to go into careers such as acting, teaching, journalism, etc. Most won’t make a 6 figure salary.</p>
<p>BMWdude335,</p>
<p>Sorry, but you are incorrect.</p>
<p>Even assuming that someone makes $100K a year, $200K in student debt is quite painful when you consider that repayment schedules are almost always 10 years. Assuming that the loans are at about 6.8% and are paid back over the course of 10 years, you’re looking at $2300 a month.</p>
<p>Assuming that someone stays in NYC and puts in for no allowances with federal or state or city taxes, you’d be looking at a take-home of about $4600 a month. In other words, you would pay out 50% of your takehome income toward your debt each month. Now, could one still manage to get by on the rest? Sure. That doesn’t mean that one WANTS to. Also, the assumption that one will make $100K+/year is dangerous at best.</p>
<p>Well Said, UCLAri!!! :)</p>
<p>How many undergrad degree holders, even from HPY, land starting jobs with 6 figure salaries? </p>
<p>Exclude those who go to work for their family business.</p>
<p>If you have to borrow that kind of money, you are being ripped off by a diploma mill.</p>
<p>^OP mentioned NYU Stern.</p>
<p>I can see the 100K situation actually happening there.</p>
<p>Also, what happens if you want kids? That cost a lot of money, lol. I can also see it happen at NYU Stern and maybe even Tisch. Would you want your child in that much debt?</p>
<p>lockn,</p>
<p>And what happens if it doesn’t?</p>
<p>$200K in student loans is a large, irreversible bet. One could have ten years of financial misery with that kind of debt burden.</p>
<p>College is probably the BEST place you will EVER spend your money. </p>
<p>Thus, go where you feel right. To an extent, don’t take $$ into consideration. </p>
<p>I’m not saying you HAVE to go to a private institution to make a 6 or 7 figure income. (UCLA is a wonderful school, so is UMich, UVA, UNC, etc).<br>
But for the most part. I find that kids at private schools have goals in life.<br>
Maybe i’m generalizing here, but take a kid from Penn State and BU (similar schools and rankings). The kid at BU will be more ‘driven’. </p>
<p>I will be transferring to a private college soon. It’s good for my future.</p>
<p>
I meant 100k in debt.</p>
<p>But 100k with a 30k bonus is the average starting salary from Stern (hopefully the job market is good when this person graduates). There’s a third of your debt gone, right out of school.</p>
<p>BMWdude335,</p>
<p>I know a lot of people who went to private schools who are now teachers or other “not-so-well-paid” professionals. I know a UCLA grad making close to $200K.</p>
<p>These kinds of generalizations aren’t useful, especially when talking about the difference between similarly prestigious and exceptional schools.</p>
<p>lockn,</p>
<p>As always, the devil is in the details. The “average” may be $100K + bonus, but what is the distribution? Two very different distributions can have the same average.</p>
<p>Besides, that $30K bonus will only be about $20K in take-home income after taxes. </p>
<p>Even if we do assume a “good” market after the economy picks up, there’s a lot of questioning whether Wall St. will be the same for a long time, if ever. It’s a big bet to take that much debt, period.</p>
<p>
</p>
<p>If you’re going to take on $200,000 worth of debt for it, it’s probably the ONLY place you will EVER spend your money.</p>