Freshman in College how much is okay in loans?

Question

okay im going to be a freshman at fdu metro campus in the fall. They gave me a decent financial aid package but the tuition went up a whole lot and now i think my total amount of loans for my first year will be about 18000 is that crazy?

Answer 1

I took out about $2500 worth of loans a year during my first two years but took out $5500 this year. I asked 4 of my cousins the same question (whom all graduated and paid off their loans) and they told me if you take out less than $20000 of loans throughout 4 years of school than you should have no problem paying it off after college, especially if you get a job and live a couple of years with your parents to pay the majority of the loans. But $18000/year is CRAZY so you might want to try getting a job, maybe beg your parents to help you, or just go to community college for the first 2 years to finish your general education and than you can transfer to another school when you want to work on your bachelors degree. You're goin to pay off you loans for a LONG TIME if you take out $18000/yr unless you somehow get a really good job that pays well right off the bat.

Answer 2

Yes, that's crazy.  The average undergraduate has about $19,000 in student loans when they graduate, not after their first year.   Definitely look into other options, including other schools.

Answer 3

Freshman should never take out loans, nor sophomores.... in my honest opinion.  Too many of them (like over HALF) drop out and don't go on to graduate.  This means they are not only college dropouts, they also owe money they can't afford to pay back.  Save the student loans for your Jr and Sr years and attend a community college if you have to...  Transfer to the 18K college after you are sure you are serious.

Only one of my friends I went to college with actually graduated.  Marriage, babies, (not in that order), illness, family and economic issues kept them from earning their degree.  All of them were good students in high school, earned academic scholarships, and had every intentions of graduating.  Find another way.

Answer 4

If you think you're going to make a lot of money then no amount is too much. I took $20,000 my first year and $10,000 my second. I know how $5,000 this year. I have one year to go for undergrad but I plan on going to get my MBA.

So I should have money when I'm done. I say as long as they are offering you money, and you know how to pay bills then take all they will offer.

Trust I was afraid at first, so much so that I almost dropped out.

Answer 5

Keep in mind that tuition has a tendency to increase year to year, unlike financial aid packages, which means you will likely need to borrow more and more each year to get by.  Based on your 18k for the first year, it is not too far off to think you may be close to 100k borrowed for a 4 year degree.  Do YOU think that is a good idea?  

Depending on the degree you are attaining and the average starting salary - maybe... MAYBE this is not such a bad thing.  

Do this.  Find out how much your monthly payment would be based on that 18k you have borrowed.  Then times that figure by 4.  At a minimum that is what you will need to pay per month to pay off your loans in 10 years time... maybe longer with private loans.