I don’t know? I had a scholarship to a private school, but because of budget cuts, it was eliminated in my sophomore year. After I realized how much I’d have to borrow, I transferred to the city college, because I knew I was going to grad school and it was only $1,200 per year. Then I worked while in school. By the time I got to grad school, I worked Monday-Friday 9-5 and went to school from 6-10, so I didn’t have to borrow that much. I got lucky and wound up getting an easy, decent paying job where we literally got paid to do nothing from about November to April. Then I got lucky again by going to good private grad school (ranked the # 13 part-time program in the US) that one of my bosses recommended, for $19,680 a year (i graduated in ‘06, it’s now $40,778 a year). I again got lucky, because when I was graduating student loan rates went down to all time lows, at something 2.5%, so I was able to consolidate and refinance all of the loans I had. I know people that borrowed as much as $300,000 to go to college for $1,200 per year and people that borrowed $300,000 to go to college for $30,000 a year, then another $100,000+ for grad school. An education will almost never be worth that much money. Unless you want to risk homelessness if you ever lose a job. Which is 100x more likely in today’s throw away society than it used to be. Especially with nearly everyone going to college. There’s too many people going to college. Too many people are wasting too much money on education. It’s not worth it. They are graduating with a mortgage, before making any money. So they can’t qualify for an actual mortgage. The best way to do it is to borrow only what will equal a car payment or less each month and a total loan payment of no more than $500 per month. Don’t even think of borrowing a $1,500 monthly payment, unless you’re going to a great med school and are capable of performing surgery.
What to do? Do whatever you can to borrow less than $100,000 in total as student loans. The money you’ll make going to a better school is negligible. Get a job. And borrow money. Most people make half what google tells you that they make for any given job. The starting salaries the schools claim their graduates make are fraud. Usually, the salary level come from students who reported their starting salary to the school. Most of the time, it is only the highest paid 10-20 students who report this back to the school. The other 200-300 students make less than half of that.
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