Hello everyone, any advice and suggestion please?

Question

I am 18 years old going to community college and taking Liberal Arts Major. I am thinking on becoming an Architect. I decided to transfer to CUNY college which is not expensive, The City College of Architecture. I tried to apply there, but they told me that I am already too late to apply and that this The City College of Architecture is competitive because it public. They told me that I can try to apply to Fall 2009. It means that I will have to waste another year. After, I decided to check private colleges, and I found one but it very expensive, Pratt Institute. They calculated FASFA, grants, their scholarships in the Pratt and the result showed that I will have to pay like $15,000 a year except books, transportation, computer, and food, so it will be more. They told me I can take a loan. Architecture is 5 years program so i will owe like $80,000 when I will graduate. What do you think is better to wait for a year and hope if I will be accepted or to go this Fall 2008 and take a loan?

Answer 1

i would wait a year. those loans are high interest so it will be more then your expecting. monthly payments on them are usually high too (like $500 a month, that's double my car payment!) waiting 1 year is going to save you a ton of loot. just start working on your application now and make sure its perfect. You could also take some side classes in the mean time (art classes in such)

GOOD LUCK!

ADDED LATER: the message below this one is right about false info on your credit report. my dad is trying to re-fi his house and checked his credit report and there was over $30,000 in very past due debt from my brother. YIKES!

Answer 2

If it were me, I would wait a year.  It's just a year, and you don't want a large loan to payoff when you graduate, there is no guarantee you will get a job right away.