Is it worth going into debt for college?

Question

My parents make about 80-100 thousand dollars a year. I also have a brother who's entering college this fall. I don't think i will get that much financial aid but I have been applying for many scholarships. My dream is to attend college in New York and of course it's extremely expensive. Do student loans have a lot of interest on them? Is it worth finishing college with 100 thousand dollars of debt?

Answer 1

Be realistic with your choice of colleges.  Take a look at school loans and what the terms of them are.  If you take out loans to go to school, be a miser while you are in school.  Your loans don't start accruing interest (most of the time) until about six months after you get out of school.  So if you spend those four years in school even paying $50.00 a month on those loans, you'll knock off a bunch of money in interest and such.

And don't go to school beyond your means.  Because you don't want to end up so far in the hole that you're climbing out for the next ten years.

Have you considered getting help from your parents?  Maybe doing an interest free loan from them and paying them back as you can?  Just a thought - cheaper than going through a bank.

Answer 2

yes, it is worth it. But make sure that you are going to a good school, not just going to school in NY bc that's where you want to hang out.

You will not only have to pay tuition, but also for dorm room, food, books, etc... Maybe you could go to a school in your home state for 2 years and then transfer to the NY school? This would save you TONS of money!

I finished my undergrad with 65K in student loans despite the fact that over half my tuition was paid for with scholarships. But absolutely worth it.  

do well in high school and try to get into a school that will give you great scholarships!

but remember, you don't HAVE to go to a school that will leave you deeply in debt. There are many great schools out there that are affordable.

Student loan interest rates are very good, compared to other loans. Also, you can defer them for a few months at a time if you need to without too much trouble. And, better to get a good job and have to pay off some debt than to not have a degree and have a job you hate for the rest of your life!!!

Answer 3

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