how hard is it to pay of $60K debt after you graduate with a bachelor's degree? Is it worth it to even stay in college? My mom keeps telling me that my life will be screwed if I stay in college. But I really love learning, I'm hoping to even get a scholarship to graduate school! Is it really hard to pay off that much? Will I really be living in a cardboard box for 25 years?
2006-12-28 04:18:24 · 9 answers · asked by Me 1 in Education & Reference ➔ Financial Aid
Your situation depends on a variety of factors. What major are you pursuing and what is the marketability of your career? The best way that you should approach your situation is to do a cost/benefit analysis. Basically, this means sit down and figure out how much money you could potentially earn starting out in your field (and over the next 10 years). Then factor in living expenses (rent, food, transportation, etc) for an average year Then factor in your student loans which will be roughly $400 a month for the next 25 years. If after all of this you end up being able to pay the bills then you are doing fine.
The last step is to figure out what your earning potential without your degree and see if you come out ahead in the end.
Overall, do what is best for you. Your mother may be trying to help but she may not be using all the facts in her decision.
Good Luck.
2006-12-28 06:23:51 · answer #1 · answered by lifeasakumkwat 2 · 0⤊ 0⤋
It all depends upon what you have in mind for the future. What your goals are and what type of job you wish to have. If you finish off college and get a job with a high salary than $60k should be no problem to pay off. Even if you don't get a good job you can still save up your money little by little. Debt can be payed off slowly. If you are really having trouble with money than apply for Financial Aid (www.fafsa.ed.gov) or look for the different scholarships you can receive at (collegeboard.com; hsf.net; fastweb.com). Staying in school can only better your future if you put your mind to it. I hope everything works out for you in the future! Best of luck!
2006-12-28 04:30:49 · answer #2 · answered by tuck 1 · 0⤊ 0⤋
I would argue that your mother doesn't fully understand that times have changed very much since her day when a person with few qualifications could work their way up through an organisation and be paid on the job- my idiot parents were the same.
Times are very different now- in order to succede in life you do need a college/university degree- though the more marketable it is (such as a degree that employers will want as opposed to a rather esoteric liberal arts degree) the more your financial gain long term.
I strongly suggest you respectfully block your ears and not listen to a wrod she says- it's coming from a place of love and concern- but also her experiecences which are redundant.
Keep studying!
2006-12-28 04:26:40 · answer #3 · answered by Ministry of Camp Revivalism 4 · 1⤊ 0⤋
i'd say stay in school, it will help having an actual degree.
the loans can be defered while in school or if after school you are unemployed or have economic hardship, that can help give you time to get a job. After that just take advantage of any interest rate reductions the student loan companies may offer. some may offer a reduction for having the payment auto come out of your checking each month & some offer a percent off the interest rate for being on time w/a certain number of payments, usually its 36.
those can save you quite a bit.
hope that helps!
2006-12-28 19:02:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
STAY IN SCHOOL!! I had huge loans to pay off after I got done with school, but I am paying them off without too much headache. Student loans are easy to refinance, and they have SUPER LOW interest rates. You just have to keep chipping away -- the expense is worth it in the long run -- I have a much better job and I am much happier. Look into work study at your school -- that might help with costs, too. If you love learning and it is what you want to do, then stick with it. Don't listen to your mom -- if you're the one who is paying for school, then its ultimately your decision. Good luck -- hope you stick with it!
2006-12-28 04:23:49 · answer #5 · answered by Katy 2 · 1⤊ 0⤋
There is financial aid according to your financial status. There is also grant and scholarship. Loan is not the only solution. Try to get a part-time job too while your studying. We all have to invest in our education. At first, it seems hard but then you'll reap success in the future.
2006-12-28 06:23:41 · answer #6 · answered by Jy 2 · 0⤊ 0⤋
stay in school!!
i have debt as well, once you graduate, you get a 6 month grace period (sometimes longer) then you start paying back, but it's in monthly increments...so you could pay say $200 a month for 25 years...which isn't bad, if you have a job.
2006-12-28 04:23:34 · answer #7 · answered by Anonymous · 0⤊ 0⤋
There are plenty of people who earn millions of dollars without colleges, like actors, actresses, t.v stars, reporters, but everyone has different levels of knowledge instead of a lot in one area.
2006-12-28 04:21:16 · answer #8 · answered by EC 3 · 0⤊ 0⤋
if you dont need the books later sell them it will help you
and you can recycle and make a little $
stay in college because you can my sister had to stop college because my mom got hurt and couldnt work and my sister regrets it
its now going to take her forever to finish and become a teacher
2006-12-28 04:41:58 · answer #9 · answered by godschild 5 · 0⤊ 0⤋