College Loan Question

[Scarpozzi]

Most people I know with 100k in college debt are lawyers.....not only that, they're been practicing for 5 years, working 90 hours a week and still have payments.

Your earning potential won't likely hit its max for a number of years(*by then, you will have paid a lot of interest) and may require you to go overseas to really rake in the cash.

Whatever you do, don't take out loans for extra things that you don't need. I know people who racked up an extra $40k or more(plus loans) just because they wanted to live beyond their means and impress other folks in college.... They were using their loans like a paycheck and are STILL in debt because of it.

 

[Mxylplyx]

College, especially for computer engineering assuming you go into software like most graduates, is just an interview for your first job. Past that, your degree doesnt really matter anymore. The future financial benefits of going to a good school are usually overrated or non-existant. Leaving school with 100K of debt, unless you are a doctor or lawyer, would be the biggest mistake you ever made. You'd be saddled with that burden long after school became a distant memory.

 

[Special K]

Originally posted by: SearchMaster
I would strongly, strongly recommend NOT doing this. It will put you in a huge hole financially. Sign up for a co-op program, work part-time, etc. but do not put yourself in this much debt.

If you were going to med school or law school....*maybe*. But even that is a very questionable decision.

Can you even escape law or med school with less than $100k of debt if no one else is footing any of the bill for you? I guess you would have to get one heck of a scholarship.

 

[EagleKeeper]

Originally posted by: bigchiller

Originally posted by: MotF Bane

Originally posted by: Special K
First of all, how do you figure $100k in debt? Are you eligible for any scholarships, grants, or work-study programs? What all schools are you considering?

Second, speaking as an EE, I would definitely not take out $100k to get an undergrad degree in EE/CompE/CS. I just don't think a $100k price tag justifies the future earning power of the degree. Sure you *could* pay it off, but it would take you quite awhile. $100k of debt can only be justified by a law, business, or medical degree from a good school, IMO.

I would do what the other posters said and research some cheaper state schools. Unfortunately I believe that many of the top state engineering schools such as U of Michigan charge out of state residents almost as much as a private school.

Northeastern University is about $31k per year for tuition, no sign of scholarships yet. Might be able to get a work-study, I've done summer work for Tufts University the last few years, either that, or find a job in Boston. Also looking at UMass Lowell, WPI, RIT, and Wentworth.

I came out of Lowell - well before it became part of the U Mass system.
At the time there were no computer type degrees.
$1K in debt - tuition was $500/semester.


Why not look at UMass-Amherst? Best public university in MA, 100% college town, tons of hot girls, and they have great CS and engineering programs. I have a few friends that went there for CS and now make over 80,000 (it's been 2 years since graduation) They're on that PDF of top engineering programs.

My advice: Northeastern is NOT worth 100k in debt I mean seriously ROFL they aren't. That is totally ridiculous. I would only consider going into that type of a debt for a top 10 school like MIT, harvard, yale, etc. Definitely don't go to UMass-lowell. Amherst >>> Lowell in basically all programs and is the same price. Also don't go to Wentworth, I've heard it's a bad school. WPI is great but from what I've heard they are even worse with financial aid than northeastern. Very few kids get money at WPI. I don't know much about RIT, but it's a good school.

EDIT: My sister actually went to Northeastern for 1 year but transferred out. She absolutely hated it! They gave her plenty of money, too.

 

[Randum]

speaking from experience. 100k is not a good spot to be in with student loans. its basically as much as rent for a nice place in chicago, even after consolidation. Whats worse is if your parents tell you they are paying and after graduation tell you they cant.
gg

 

[BrownTown]

Originally posted by: Anubis

my brother sent to a state uni and had more then 15K debt when he came out :/

as i said some people ge NO aid

my preents make to much so no need based, but they in no way coudl afford to just pay for college, and even with a 3.75 Hs unweighted GPA i got no aid other then the standard fed 2000$ stafford loan

my college started at 31K my freshmen year and was around 35k when i left

Well that sucks for you, but if you parents make so much money then why the hell aren't they paying for your college, my dad makes 6 figures and we still get 25,000$ in financial aid a year, so if your parents are making so much more that you can't get a penny in aid then they are more or less assholes for not paying for your college.

 

[vi edit]

Originally posted by: BrownTown

Originally posted by: Anubis

my brother sent to a state uni and had more then 15K debt when he came out :/

as i said some people ge NO aid

my preents make to much so no need based, but they in no way coudl afford to just pay for college, and even with a 3.75 Hs unweighted GPA i got no aid other then the standard fed 2000$ stafford loan

my college started at 31K my freshmen year and was around 35k when i left

Well that sucks for you, but if you parents make so much money then why the hell aren't they paying for your college, my dad makes 6 figures and we still get 25,000$ in financial aid a year, so if your parents are making so much more that you can't get a penny in aid then they are more or less assholes for not paying for your college.

Define "$25,000" in financial aid a year.

Also - depending on standard of living costs, saving for their own retirement, care for other siblings or their parents, ect that "$100k" might not go as far as you think.

 

[Anubis]

Originally posted by: BrownTown

Originally posted by: Anubis

my brother sent to a state uni and had more then 15K debt when he came out :/

as i said some people ge NO aid

my preents make to much so no need based, but they in no way coudl afford to just pay for college, and even with a 3.75 Hs unweighted GPA i got no aid other then the standard fed 2000$ stafford loan

my college started at 31K my freshmen year and was around 35k when i left

Well that sucks for you, but if you parents make so much money then why the hell aren't they paying for your college, my dad makes 6 figures and we still get 25,000$ in financial aid a year, so if your parents are making so much more that you can't get a penny in aid then they are more or less assholes for not paying for your college.

they paied for some if it (through loans) but i have an older sister and a younger brother, they dont make enough to just foot that kind of bill, there were 2 of in college at the same time for most of the time we were in school

ive come to the conclusion that the fin aid people see Dr before my dads name and just stamp denied on it before even looking at it

 

[Nutdotnet]

Originally posted by: Anubis

Originally posted by: BrownTown

Originally posted by: Anubis

Originally posted by: SampSon
$100K is excessive for undergrad.

many privite schools are 35K+ a year
some people dont get any fin aid

its really not that uncommon

Well then apply to more school or something until you get financial aid, if if nobody wants to give it to you then go to a public univiersity. There is no freaking way that you should ever have to take that much debt to go to college. There are plenty of good public schools that cost FAR less and will probably give intellegent people scholarships too. The difference in education between a cheap public school and an expensive ass private school is NOT enough to justify that sort of debt. Just think of it this way, say you are taking 80,000$ more this wa then going to a cheap public school (and working in the summers), well 80,000$ at say 5% interest, thats 5200$ a year over your working life, so you need to be sure that the school you will be attending will get you a salary at LEAST 5200$ more than otherwise to even break even. And honestly all else being equal I think that is a questionable assumption to make.

I mean cr@p, I go to Vanderbilt which is 40,000+ a year, but with financial aid I only had to take 15,000$ in debt (plus working every summer and the $$$ i made in high school).

my brother sent to a state uni and had more then 15K debt when he came out :/

as i said some people ge NO aid

my preents make to much so no need based, but they in no way coudl afford to just pay for college, and even with a 3.75 Hs unweighted GPA i got no aid other then the standard fed 2000$ stafford loan

my college started at 31K my freshmen year and was around 35k when i left

15k for four years of college? That ain't shit, state school or not. Well worth it IMO.

 

[Born2bwire]

Originally posted by: BigDH01

Originally posted by: Barack Obama

Originally posted by: IAteYourMother

Originally posted by: halik

Originally posted by: MotF Bane
That's something I forgot to mention. There is a co-op at the school I was considering (Northeastern in Boston). Legoman, may I ask where were you working that paid that much?

If you're spending 100K, the school better be in the top 10 list ... PDF!

My undergrad cost $45K and it's the 7th best program

for schools that don't offer PhDs

PHDS seriously fetch so much, particularly in the banking sector

Most PhDs work as postdocs and don't make anything.

Postdoc is meant to be a temporary position, a stepping stone to faculty positions or something to do while waiting for industry offers. I've always thought it as some what equivalent to a MD's internship.

 

[BigDH01]

Originally posted by: Born2bwire

Originally posted by: BigDH01

Originally posted by: Barack Obama

Originally posted by: IAteYourMother

Originally posted by: halik

Originally posted by: MotF Bane
That's something I forgot to mention. There is a co-op at the school I was considering (Northeastern in Boston). Legoman, may I ask where were you working that paid that much?

If you're spending 100K, the school better be in the top 10 list ... PDF!

My undergrad cost $45K and it's the 7th best program

for schools that don't offer PhDs

PHDS seriously fetch so much, particularly in the banking sector

Most PhDs work as postdocs and don't make anything.

Postdoc is meant to be a temporary position, a stepping stone to faculty positions or something to do while waiting for industry offers. I've always thought it as some what equivalent to a MD's internship.

Except there are far more people in postdoc positions than faculty positions becoming available. Life is not easy for a PhD. You can read about the many experiences here:

Chronicle

 

[Born2bwire]

Originally posted by: BigDH01

Originally posted by: Born2bwire

Originally posted by: BigDH01

Originally posted by: Barack Obama

Originally posted by: IAteYourMother

Originally posted by: halik

Originally posted by: MotF Bane
That's something I forgot to mention. There is a co-op at the school I was considering (Northeastern in Boston). Legoman, may I ask where were you working that paid that much?

If you're spending 100K, the school better be in the top 10 list ... PDF!

My undergrad cost $45K and it's the 7th best program

for schools that don't offer PhDs

PHDS seriously fetch so much, particularly in the banking sector

Most PhDs work as postdocs and don't make anything.

Postdoc is meant to be a temporary position, a stepping stone to faculty positions or something to do while waiting for industry offers. I've always thought it as some what equivalent to a MD's internship.

Except there are far more people in postdoc positions than faculty positions becoming available. Life is not easy for a PhD. You can read about the many experiences here:

Chronicle

I remember hearing that around 1/3 of post docs get faculty, but the point is that being a post doc is not a career. Faculty is not the only job available to PhD's, you have industry jobs, consulting, research, etc. About half of the PhD's will become post docs in their career, but by far the majority of PhD's are not post docs.