Student Loans

[Codasmd]

I'm seriously considering borrowing $20,000 - $30,000 in student loans to finish college in California. The huge amount includes living expenses too. I'm looking to drop my "get up at 3am", 30+ hour a week job so that I can take on a minimum of 4 classes per semester.

Am looking for advice, both positive and negative.

I've accepted the fact that a major part of life is debt, and I also see this as an investment.

The above sum does not include Federal Loans. They are from private institutions, in addition to, any fed. loans I may get.

Thx for any thoughts.
Codas

 

[dreamliner77]

Man, i'd love it if some school would give me that much in loans.

I say go for it, study a field that will give you the ability to pay back the loans in a short period of time.

 

[Optikal]

What is it you do that gets you up at 3am? I'd have to say working and going to school at the same time can be difficult, but rewarding in the end. You gain experience (something to put on that resume of yours). And dismissing the worry of paying back the loan after you graduate.

Or, suddenly win the lottery and move to the bahamas. (my dream)

 

[MdSalih]

$20-30k loan for a student.. whoa. Theres a debate going on at the moment here (England, UK) regarding Uni loans, we're moaning about extra odd £3k on top of our current payments being excessive... but $20-30k... thats quite a bit. Not going to give you any advice on it as I have no idea regading US further/higher education system.

What field you studing into by the way?

MdSalih

 

[Grandmaster]

Wow, that is a lot of money. If you are going to do something you like, and if you think it'll pay off in the long run, I'd say definetly go for it.

 

[Sazar]

you go per the cost of living and 30k in cali seems fair...

seems a lot as well

you can get away with perhaps 20k and a cushy on-campus job for about 20hrs a week to cover rent/utils...

 

[Codasmd]

I can finish my degree in history in about a year and a half.

Then maybe, law school.

The 3am gig is a job with United Parcel Service. I ensure that you all get your vid cards and MB's on time an in one piece. (Hopefully)

My rent is $700 per month, so it would be about 15 grand per year. Too damn hard to work 30-35 hours per week, school full-time, girlfriend, and online gaming.


Just not enough time in the day.

 

[gonaads]

If you are gonna go that far into debt, yer gonna have to either get rid of the girlfriend or online gaming.

But seriously you better still have some sort of job or yer gonna get burried. Plus whatever you can do without don't buy, suffer without them if you go for the heavy loans, this way you can still save some of that cash and have something to use/spend when you get into the lean times. The way of these loans is walking a road of very very limited things and many tense/stressful times. Good Luck.

 

[daddyo]

As a father with two kids in college in California, may I put my 2 cents in here?

1: $20-30,000 of debt is about average for one year of schooling these days if you go through the University of California (UC) system. That includes schools like UCLA, UC Berkeley, etc. Prices are substantially cheaper if you go through the California State University system at schools such as CSU Northridge, etc. These are state supported schools, so the tuition runs about $3200/year. Of course there are other fees such as books. Although they're not as prestigious as the UC schools, you get a great education for 1/10th the cost.

2. You MUST have a car in California. The mass transit system sucks. This means you'll have to figure on purchasing a car, insurance, gas, repairs, registration, etc. You can get an old clunker for not much money and use it for transportation.

3. ANY money you spend now is considered an investment in your future. Don't worry, you'll pay it back eventually. A person with a college degree earns on average $1 million dollars more than a high school graduate. Get the loans, grants, scholarships or do work/study...just get that education. I personally worked my way through college and had two small loans that I repaid after just a few years.

4. As far as living expenses go, $700/mo is about right. Many times you can rent a room from a family for much less, say around $350/mo and have full house privileges. It's not the coolest way to live, but definitely worth checking out. After all, it'll probably be a private house with some sort of rules. But if you can avoid the party scene, it's an economical way to go. (Lots of parties in LA, or so my kids tell me.)

Hope I didn't sound too preachy. I live in LA and went to school here, so I have some insight on the topic. Good luck.