Anonymous wrote:
Anonymous wrote:I have friends paying off 100k law school loans 20 years later.
Stanfords and spell grants are one thing. But private loans for undergrad are a racket.
Someone needs to sit youneuce down and look at colfvhard numbers. Your come out with over 400k in debt (because interest in for private loans may compound before graduation). Your repayment coming out of school will be $x a month until you are 45. You want to go in this profession. Average starting salary is $y and your take home is $Z. That means 1/2 of your take home is loans. Out of what is left, a one bedroo apartment is $A. You have $112 left over for car, gas, insurance, food, entertainment. You will need a second job. You will need roomates. You can’t buy a house you may need to wait on having kids. Your life style is poverty level. Etc.
I know so many people who took out these huge private loans with no idea what paying them back would look like. And really regretted it. Making the loan payment dominated every decision they made for years. Marriage, job choice, house, having kids, being SAHM. All decide based on making loan payments.
If it is bad for professional school, it’s ridiculous for undergrad. Loans for a Top 10 law school (but even this is a risk these days) or a good med school only. Maybe a few other specialized grad degrees.
Kids just do not understand how loans play out. Do your niece a huge favor and walk her through it.
Sorry. This is a mess on my iPhone screen. Meant to say Stafford and spells may be worth it. You get the gist of the rest.
Also, where are the parents. They must make a decent living if need based aid is off the table. Why are they not helping?
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