I'm seeking some advice. I've recently thought of dropping out of Uni because I've got excess units, which means that I'll be charged double until I can get the courses I need (may take another year). I can take out more loans, but I've already got $5 000 worth to pay off and another years worth would leave me close to $20 000 in debt (presumably with interest added). Should I leave and cut my losses now or take out the loans and not eat for two years to pay them back?
Thanks to everyone for your help.
2007-04-06 18:04:39 · 5 answers · asked by starfishmail00 2 in Education & Reference ➔ Higher Education (University +)
Maybe you should try transferring to another university since you still have 1 year left to go. When you transfer to another university, only 90 credit hours will be taken from your previous school, and not every school charge students for having an excess of units. I had a friend who graduated community college with 90 credits and I do not think she was charged anything extra. What school do you attend? Why will it cost you an extra $18,000 to finish your degree. Sounds like a private school. If you get the loans you will only be hungry until you pay off your loans, if you drop out of school you will be hungry for a lot longer. Living in the U.S. is getting more expensive by the day. Hope this helps.
2007-04-06 18:26:42 · answer #1 · answered by psm23 2 · 0⤊ 0⤋
That is sure a shame to penalize someone who wants to learn but I understand the reasons for doing so.
I believe that education, especially at the undergraduate level is an investment to your future. Student loans have the lowest interest and often you have a long time to pay it back like 20 years.
I am assuming you are going to a public university because a lot of the students coming out of a private university can owe up to 6 figures by the time they graduate.
But let's consider the potentials that your degree commands. A college graduate can earn anywhere from $30k-$60k per year, depending on the position and the location. What can you do without a college degree?
Why don't give your financial aid office a visit? You have nothing to lose and they may offer a better solution for you! It's like anything in life that has to do with financials. All you have to lose is your time. If your time is too valuable for the time you will be spending, then it's not worth it. But at the same time, how much money are you making per hour right now? Can you spare one or two?
2007-04-07 02:07:56 · answer #2 · answered by gradjimbo 4 · 0⤊ 0⤋
$20,000 isn't considered bad these days, and assuming you have three years invested in your education, it would be wasteful to drop out. Realize that the loans are an investment in your future, not a sunk cost. You can anticipate $1million higher earnings over your lifetime if you graduate, according to economists, than if you don't. Bite the bullet and finish.
2007-04-07 01:34:49 · answer #3 · answered by neniaf 7 · 0⤊ 0⤋
dude, if you cut out now, you have 15k debt and a low earning potential.
if you complete your school your earning potential will go up for a mere 5k cost ---
the first option will cost you MUCH more in the long run -- it's an awful reason to drop out. It is not cost effective.
2007-04-07 03:44:33 · answer #4 · answered by Steve C 4 · 0⤊ 0⤋
look, you have to go to an university no matter what because the loans can be payed back with the cash you get from your occupation. Starve now and never starve again.
2007-04-07 01:12:04 · answer #5 · answered by talisman 3 · 0⤊ 0⤋