Im getting ready to start college.. no money?

Question

I'm getting ready to go to college at Belmont University in Nasville Tennessee. By the end of my college, I will have had to take out at least $75,000.00 in student loans. Is it worth it to owe this amount of money if my major will only get me a career that makes $45,000.00 a year? I'm going to college so I can have a career I love, not to make a lot of money. How long do you suspect it would take to pay this amount off on average. Thanks.

Answer 1

Whoa, 75K in loans? That's a whole lot of money. The general rule for loan borrowing is to only take out what you can make in a year. So if you're expecting to make 45K, but you owe 75K, that's not a good idea. Why don't you go to community college for your first two years? It's sooo much cheaper. I went to CC in Virginia, my Pell grant covered the whole thing (and it's only 4731 a year). So let's say we divide 75K by four, which gives you a total of 18750 a year. At Nashville Community College, it's a little more than 100$/credit so 18 credits (the max you can take in most schools with exceptions) would be 1800/semester before books and fees. So you'd spend 3600 a year, and 7200 for two years, as opposed to 37500 for two yearsat belmont. You'd save more than 30K! And if you do really good in CC, it's easier to transfer into most four years than as a freshman. I went to CC for two years and transferred to George Washington, where it's 54K a year. If I had gone for all four years, I would have spent an extra 100K!. Do what you love, that's the only thing that will make you happy. But you don't have to be 75K in debt to do it. Good luck

Answer 2

Have you consider to get a scholarship because each provider has different requirements. Maybe you can go to

http://www.all-about-scholarship.com

it's about scholarships information.

Good luck

Answer 3

i agree ^ definitely go to a cheaper college first :)

Answer 4

Sadly, the cost of funding an education these days can be high, and for those that want to improve their chances of a successful future through increased education there is the inevitable issue of debt to deal with many students now leave university saddled with a high amount of debt, and in addition to their student loan also have<!--range other debts, such as credit cards  - not the ideal way to start your life in the real world. You can find student consolidation loans available from a number of banks and lenders, both on the high street and online.

http://best-loans.awardspace.com/student...

You will find a number of different lenders and plans that are suitable for students that wish to consolidate their student loan and other debts, and students should ensure that they compare different loans and consolidation plans from a number of lenders-->rather than rushing into a decision. The objective of consolidation is to reduce the number of repayments that you make, but also to reduce the amount that you pay out each month, and if you choose the wrong plan or lender you could find that you do not achieve this objective.