Reply to $80k In Debt Worth It for Ivy Undergrad?

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Reply to "$80k In Debt Worth It for Ivy Undergrad?"

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[quote=Anonymous][quote=Anonymous]OP, what is the length and interest rate you are looking at? Would be helpful to understand the monthly payment. My younger sibling and I had Asian tiger parents growing up (got grounded in middle school for A-‘s) and I am well familiar with your background/cultural context..

If you are on leave, what are you doing right now? Are you working a barista job? Have you ever even had a service job? What if you truly hate it? People kind of suck - you couldn’t pay me enough to deal with the general public. I worked in retail the summer after high school and in college and that was enough to make sure I worked hard in school, graduated on time and found a full time job.

The world is not limited to IBB/MBB/Big Law/Medicine. The corporate world exists, as does the government. There are jobs in marketing, accounting, HR that might not be very exciting but will offer ok pay and benefits and 40 hours a week (where people don’t really work that hard). It’s  not all or nothing. Have you done the math to see what a monthly payment might be, and what a future salary might be, to see how that looks? It doesn’t seem to me like you HAVE to get a $100k job to be able to pay this off.[/quote]

OP here. The exact interest rate is up in the air because I haven't taken out the loans yet. I'd max out the FAFSA loans (which is around $5k/year) and then take the rest of the $80k all in private loans (ie: Sallie Mae, Discovery). IIRC the private loans have rather high interest rates between 7 to 11%. I would not be taking out Plus loans because those are typically taken out in the parents' name, which my parents are (understandably, given their financial situation) unwilling to do. Length is also up in the air -- probably 10 years? Maybe longer.

I have been on a leave of absence since January. I'm currently in different city from my parents, living on my own (well, technically with roommates) and paying for living expenses through my FAANG internship. I will start working a barista job in August when my internship ends. And yes, I've had service jobs before. I honestly waitressing to my current internship. [/quote]

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