How big of a loan can I take ouf for college and do you think I will be able to pay if off?

Question

There is a school in Minneapolis I want to go to called ipr. It's a 2 year college and I figure it's going to cost me around 45,000 dollars for the tuition, room and board, etc.

I am 18 living with my parents, I have good credit. The school is for audio engineering. There is a wide opportunity of jobs I could get after graduating, doing sound for various tv stations, radio, studio mixing, music production, etc. Would I be able to get a college loan big enough to pay it off? And if I did, do you think it would be unrealistic to try and pay off that kind of money?

I could probably shave off a little bit of with scholar ships, I made b average all through high school...and how do grants work? Halp.

There is a school in Minneapolis I want to go to called ipr. It's a 2 year college and I figure it's going to cost me around 45,000 dollars for the tuition, room and board, etc.

I am 18 living with my parents, I have good credit. The school is for audio engineering. There is a wide opportunity of jobs I could get after graduating, doing sound for various tv stations, radio, studio mixing, music production, etc. Would I be able to get a college loan big enough to pay it off? And if I did, do you think it would be unrealistic to try and pay off that kind of money?

I could probably shave off a little bit of with scholar ships, I made b average all through high school...and how do grants work? Halp.

***It costs 45,000$ for the 2 years all together.**

here is the link to the schools website http://www.ipr.edu/

It's realitively new, I called and one of the guys there said 75% of the students graduate and find a job in the audio field. They even have a job placement program.

Answer 1

All schools have a job placement program, this is not a new concept and does not impress me. This school is a for-profit proprietary school so buyer beware. You need to do comparative shopping for similar degree programs at cheaper state schools. (a year at a community college will cost you 1/10th the price and if you qualify for grants, you may not need to borrow anything).

Any associates degree should not cost 45,000! Be aware if you borrow this much money, rule of thumb is you should be able to get a job earning that much your first year after you graduate to be able to pay for that student loan. Find out what the starting salary is for those who get that training. If you are looking at starting salaries of 24,000 then its time to go somewhere else.

The maximum amount you can borrow in federal stafford student loans is 3500 for your first year and 4500 your second year. This is a reasonable amount to borrow for an associates degree, not 45,000.
Good Luck.

Answer 2

Wait--a 2 year college that is $45,000 a year?? Are you sure the school's reputation will justify the cost? What kind of school is this? I've never heard of IPR! Tell us more about the school.

Assuming that you are just getting a normal 2 year degree, I don't think you will be able to pay of $90,000 in loans, assuming you take out the entire amount. To figure out how much you can hypotetically afford, the usual rule is this: If your total amount of loans is more than what you make in a year, you're in trouble. I don't know what job will pay you $90,000 a year with a 2 year degree!

Answer 3

There are 2 varieties of loans while dealing with a school. the 1st is subsidized, the different is unsubsidized. the main distinction is that the subsidized is in accordance with choose and does not acrue interest till 6 months after the pupil stops going to college. The unsubsidized is the choice and could accrue interest on a similar time as the pupil continues to be in college. As on your question those loans could be forgiveable (the two in part or tottaly) based on the sphere you're going into. additionally colleges are in many cases somewhat good approximately installation those with banks who're very forgiving and can artwork with scholars. desire that eases your squeamishness slightly.