How wise is it to take out a college loan?
I have three choices.
One is go to CSU Fullerton, which is affordable. In that case, I could live at home and not have to take out any loans. Or, I could go to Santa Monica College in Los Angeles. I wouldn’t have to take out any loans either, but I would have to get an apartment, so it’s a bit more expensive.
Or I could go to Richmond, the American Int’l University in London. This option is approx. $40,000 US dollars a year, and I would have to take it all out with loans.
I would absolutely love to go to the school in London, but is it wise to make such a commitment for repayment? The length is a 30 year term, so I would be like 50 or something by the time it is all paid off.
Tagged with: Apartment • Csu Fullerton • University In London
Filed under: Student Loans
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I would say it is much wiser to go for the option you can afford. You will still get a good education and a degree, but you won’t be starting your life with a mountain of debt to pay. And if, for some reason, you are unable to make the payments on your student loan, the federal government can take your tax refund checks and attach your wages. You could probably also do a semester abroad, and that way you could still have that experience too.
CSU Fullerton is your best bet. Not only will you be getting a great education but it really is worth something out on the working field. I am paying for my daughters college bills and will be doing so for a long time. I still think that it is worth all the money because she is using her education. Also she is now making much more than me. One last thing. I live near San Luis Obispo, ca. My daughter went to CSU Fullerton and did it in four years. Set your mind to anything and you will make it happen. Rent, utilities, food, gas, let your parents help you start your adult life and you can thank them later with success
Okay, first of all what are your interest and what do you want to study. When you pick out a college you should go for their teachers not there name. Allot of people don’t realize this. Also are you fresh out of high school. Allot of the times while growing up your views on the world change, and you realize that what you do for the rest of your life should interest you. That way you will easily excel at it. As far as L.A. goes cost of living their is high. It will probably be hard for you to study and maintain a job that will keep up with cost of living. So you will probably have to get a loan anyways. My advise to you is to take out a loan and go to school locally. You can figure out what you like and invest your loan money in something with the advise of a banker I would recommend something that you have to stay in for ten years. Just make sure you have someone willing to come up with collateral.
This is the voice of experience: loans are an excellent help, but they should not finance more than you absolutely need. I have many professional friends that – though they have good incomes after college – will be paying for student loans for a long time.
A mistake many students (people!) make is to make plans for what is good now, and hope to consider the implications later. You should make the decision that will best benefit you for the next 30 years – not make a decision that will benefit you now and you will pay for over the next 30 years.
I would absolutely love to go to school in London as well, but going to school in the states and getting a good job is much more important than feeding a desire to travel the world.
If you keep your debts minimal, go to a decent college, and get placed in a good job you will have the ability to travel the world all you want. If you go to a GREAT school (on loans), you’ll be living in a small apartment and paying off those loans for 30 years and hope you can travel “someday.”
Hope this helps!
r.
Ok, how about a compromise? Why not take your first two years at CSU and save up some money that you won’t be using on apartments and tuition and put it towards your last two years in London? If you can take your general education requirements close to home inexpensively and transfer them in your junior year it makes excellent sense to put off borrowing as long as possible and cutting down both the amount to be repaid and the length of time it takes to repay it.
This is a case where you should be talking to admissions counselors and transfer counselors at both schools before you make any decisions without all the right answers.