financial issues

[justme920]

i hope to major in biology. depending on how my anatomy class goes this year i may take the pre med route, but other wise i will major in bio and hopefully go on and get a masters afterwards.with the bit of research i've done, i can make a decent living with that. i am the only one in my family in 50years to go to college so i cant get a whole lot of help there. Especially since my great uncle who went to college is in buisness and thinks anything but is a waste. I may be being immature about this, but college loans and such dont scare me. It seems like its a good investment. Loans obviously aren't my first choice but if i had to pick between school or not having debt i would definently pick school. I know sorority life isnt a requirement, but just to pick a number, say dues are 2K/year and I work part time for some of it, is 6-7K really make that much difference? It seems like to me if i'm gonna leave school in debt, i might as well get the expierence out of it that i want? what do you think? is it worth it? does an extra 6 make a signficant difference?

[ausguals]

Originally Posted by justme920

is 6-7K really make that much difference? It seems like to me if i'm gonna leave school in debt, i might as well get the expierence out of it that i want? what do you think? is it worth it? does an extra 6 make a signficant difference?

My sororities dues (which are the highest on campus from what i know) are about $1300 a year, but you have to factor in things like t-shirts, other fundraisers (most charge a $5 entry fee, to raise money, duh, and though it doesn't seem significant...it adds up!!), basically, hidden fees...things that you don't think about when you think of the cost of your sorority. So, total, while I'm paying just $1300 annually, in the end it may be closer to $2,000.

And to me, it is worth it, because I'm at such a HUGE school. I transferred here knowing no one, so its helped me out a whole lot with that. But, when rushing, make sure that you really, really, really think about it. If you feel like you want to accept a bid not because you feel at home but because you "want to be in a sorority," then don't do it. Trust me, i know people who have done that an inevitably ended up dropping.

$6k in debt can actually end up being around $7k in debt, depending where you get your loan. DEFINATELY start applying NOW for scholarships---though these probably won't get you money for sorority dues, they WILL pay for tuition, which could free up money for you for sorority dues. Try fastweb.com...its definately the best one I've found. Also look at estudentloans.com for loan comparisons.

The best advice I can give you is to start saving now. Think about if you REALLY need that starbucks or those really cute shoes that probably will only go with one outfit--because the money you could save instead of spending on those, even though it will only make a difference of a few dollars, could be money you could put towards sorority dues or college tution. It does add up, trust me. I transferred out-of-state from an in-state school (where i didn't pay for anything, because my dad did) and now I'm going to be in about $50k-$70k in debt when i get out, and saving up was something that I really wish I had done in high school--you'd be surprised, because while you say now that you will have a part time job, sometimes when you get to school, you realize that your schedule really can't handle more than a few hours per week. And while every bit helps, so does saving now instead of paying later.


sorry this was a freaking book/lecture, i just wish this was stuff someone told me before i went to college.

[adpiucf]

Don't get loans through myrichuncle.com. They have some crazy fee you don't find out about until the end. Go through your school, and the FAFSA form.

Work in the summertime and save up money for dues. If you can handle it, get a part time job during the school year that will still allow you to study and have some free time.

I attended a state school, and was in a similiar situation. I had loans, no family help and I also worked. As I got further along in school, I had less free time between class, work and interning. However, I justified the sorority costs by living in the house, and it was certainly a lot cheaper to live-in. It was a lot of fun, too.

Find out the cost of dues and look at your other costs. Ask mom and dad if they'll at least give you a food allowance once you leave the nest. Go through recruitment knowing what you can afford.

[Blue Skies]

Justme, I'm going to give you some unasked-for advice. And that is to be really, really, cautious about student loan debt.

Don't think in terms of a major/degree at this point. Think in terms of what you really want to DO. Marine biology? Plant research? Teaching? Pharmaceutical sales? Or...? Then contact people who are doing what you think you might like to do. Ask them for an information interview. Ask them what they like about their job...what they dislike...what they would have done differently in terms of preparing for their career. Also ask them about the salary range for their type of work. I think you will find their responses enlightening. IMO you should do this because you are about to invest tens of thousands of dollars of your money. If you were investing this much in a stock, wouldn't you do your homework? Why not now?

Your student loan debt should be proportional to what you expect to earn. Someone getting an M.B.A. from Stanford Business School can take on an insane amount of debt because in all likelihood they will be earning a high income...both right away, and down the road. On the other hand, a teacher with a master's degree and a $60,000 debt has crippled herself for the next thirty years. I'm a teacher, I got my master's with $32,000 in student loans, and I can tell you that the debt was just too much.

I did a quick google and I saw that a salary range for a marine biologist is roughly $40,000 to $70,000. This is a very modest professional salary. With such a salary, I wouldn't advise more than $20,000 or so of student debt, and even that might be rather high.

While a $200 or $300 monthly payment might not seem so bad now (and is probably tolerable for ten years) it can really, really hurt you down the road, especially if you have to pay it over 20 or 30 years. It can prevent you from getting a decent car or from buying your own home. It is like a yoke around your neck.

See what you get in terms of a financial package from A&M and take it from there. Work/study jobs can be a great option. My advice is to keep your education as inexpensive as possible. I think you should strongly consider living at home for two years and going to your local community college. Look into high-school AP courses as well.

Good luck to you!

[pbear19]

I know you said A&M is your dream school, so I don't know if my experience will be at all worth writing about. Ironically, A&M was my first choice, but I was from out of state and the cost was prohibitive. I instead went to a state school on scholarship (which I know isn't an option for everyone, but bear with me) and even had I lost the scholarship I would have had a tiny fraction of the expense that A&M would have been.

And I don't regret that decision for a second.

To each her own, and I am not saying that it's bad to have loans. But as someone who got a fantastic education and a wonderful experience in every way in college, and as someone who got a good job immediately upon graduation with $0 student loan debt, I can tell you firsthand that there are options to going to the big name school. I cried my eyes out when I was 17 and had to make the decision to go to a school that I only applied to as a last resort. But 5 years later with degree in hand I was as happy as I could be, and again, I don't have a single regret. Not having that loan payment helped me out a lot once when money was really tight - it would have meant the difference between paying the rent or not.

[Blue Skies]

Originally Posted by pbear19

I know you said A&M is your dream school, so I don't know if my experience will be at all worth writing about. Ironically, A&M was my first choice, but I was from out of state and the cost was prohibitive. I instead went to a state school on scholarship (which I know isn't an option for everyone, but bear with me) and even had I lost the scholarship I would have had a tiny fraction of the expense that A&M would have been.

And I don't regret that decision for a second.

To each her own, and I am not saying that it's bad to have loans. But as someone who got a fantastic education and a wonderful experience in every way in college, and as someone who got a good job immediately upon graduation with $0 student loan debt, I can tell you firsthand that there are options to going to the big name school. I cried my eyes out when I was 17 and had to make the decision to go to a school that I only applied to as a last resort. But 5 years later with degree in hand I was as happy as I could be, and again, I don't have a single regret. Not having that loan payment helped me out a lot once when money was really tight - it would have meant the difference between paying the rent or not.

What Pbear said! -- words of wisdom.