Hi everyone, I am a concerned older bro whose younger brother is considering taking 80-100k out in private loans to go to a California State school. We don’t qualify for much at all in subsidized loans, but we still have no money to contribute to his education.
He only wants to do his GE’s for the first two years while he figures out what he wants to do, but is not receptive to the prospect of going to community college (not even a community college away from home).
He is smart, but very headstrong. My biggest issue is that he is exceptionally talented with working with his hands, and showed interest previously in firefighting. I think he could get an associates in fire science and be far happier than he would be in debt at college. I (and the rest of my family) simply don’t think it’s worth it to take out ~100k in private loans (probably Sallie Mae) to go to an average state school.
All advice and stories are greatly appreciated, please let me know if Im wrong.
How to approach my younger brother about taking massive private loans?
byu/geckosurfer inStudentLoans
Posted by geckosurfer
5 Comments
That would be completely bonkers to take out $100k in private loans to be a firefighter. He could be a fire chief and never be able to pay that back. You need to be straight up with him that his payments are gonna be like $2k/mo.
You’re a good bro. Just got to be straight up with him. Makes no sense to spend $100k and have no idea what you want to do. Ultimately, school should be an investment for your future. If you can’t pencil out the roi on how to pay the loan back and then some, idiotic move. Did you ask him why he insists going to Cali state school instead of cc for free? I suspect for social aspects. If that’s the case, he’d be way better off sacrificing 2 years to get free fire school, then move out to Cali to become a firefighter. Would have no loan, great benefits, and a great social life being a firefighter in Cali
An 18 year old is unlikely to qualify for private loans on his own. You and parents should refuse to cosign.
He needs to separate the need of seeing the word from getting a degree. Perhaps he would be happier to spend the next year or two working on a cruise ship or at a national park. Then return to college.
If he is interest in firefighting, tell him to become a cadet at the local fire department (city or county). Get some experience.
Or he can enlisted in the military, get to explore places, and then use the GI Bill for education.
100k for California State University is bonker.