Oh my...college debt...?

Question

I realize similar questions to this have been asked but seeing how everyone's situation is different I'm going to ask again. I am doing the "college" thing completely on my own, some financial aid but not much, no worthy cosigners for loans, no one to help me pay, and no parents or any sort of guides on how I should go about getting loans or anything of that sort.
I am a full time student and an english education major, which means I always end up with a full agenda. I do have a job but it's only for about 10 hours a week seeing as a) it's a very small college town and jobs are slim and b) I don't really have much space to work around in my schedule.
My question is whether or not my student loan amount, after 4 1/2 years (estimated) will be around 50-60,000, is too much. I am severly stressed out about having to owe this much but think that because of my situation, it might be ok. I was just wanting any advice anyone had to offer.
Thanks!

I complete a FAFSA every year, I do have a few grants. I also have submitted things on fastweb for scholarships but I am not in stellar academic standing or a member of any organization so my options are slim.

Answer 1

Start with Fasfa then look into grants as you don't have to pay them back.

Also, I was in the same boat as you and I did my first two years at college in a community college and saved a TON. In fact, I left with no debt at all from those years. Good Luck.

Answer 2

I totally feel for you. I believe that that amount of debt is a lot for an undergrad degree, and I say this because starting salaries in many professions are quite low nowadays and expenses (rent, health care, etc.) are pretty high.

The way I look at it is that when you rack up a lot of debt as an undergrad, you may limit some of your opportunities out of school. For instance, if you want to get a Master's degree, depending on your area of study you might be adding another 60,000 to your debt. But if you are able to keep your loans manageable now, you will have more freedom later. I estimate that 60,000 will set you back about $300 per month. If your first job pays ~$30,000, this will be a hefty amount.

Some options:

Transfering to a cheaper program or one that would offer you a partial scholarship.

Meet with the financial aid people at your school and see if they can offer you any grants or scholarships. As I have found from experience, it pays to be persistent.

Try to finish your degree in 3.5 years so that you can save on one semester's tuition (you still have to pay for each credit, so I'm not sure how much you'd save, but it should be significant.

Spend A LOT of time applying to private scholarships. Even if you just get a couple of thousand, that's a couple of thousand (plus interest) that you don't have to pay back.

Good luck!

Answer 3

I think it's great you are thinking about this now. I agree with the other people who have posted. Think about your long term goals. Is graduate or professional school in your future? Can you attend a community college for 2 years and transfer?
Also if you are independent from your family you may qualify for some grants. I would recommend going to your financial aid office to talk about more ideas and options.