hey! i’m a first gen college student and all of this college stuff is new to me. i’ve recently committed to vcu (out of state) because they gave me a merit scholarship of $44,000 for four years and i have a federal pell grant of $7,395 as well. but i still have about $45k to pay out of pocket every year. yes, ik i could apply for plus loans or private loans but is it a good idea? or should i stick to in-state instead?
Posted by Pretty_Nature_9887
19 Comments
Stick to in state. If you qualified for full PELL ($7,395) you would qualify for that at every school that accepts federal aid.
Going that far into debt for undergrad is just a bad financial move. Scholarships are great, but when they leave that much of a short fall they’re ultimately not very helpful.
This is not the school for you. You can’t afford it.
Don’t do it. The *entire* cost of my 4 years of undergrad at an in-state school was basically your out of pocket for *one* year. What scholarships did public in-state schools offer you? Because mine gave me a scholarship that covered all of my tuition and I lived at home so had no room/board. I got the degree without debt. That’s the way to go if you can swing it, your future self will thank you immensely.
To me, the idea of $45K in loans x 4 years + interest = anxiety. Please go to an in-state school, or you will be shoveling yourself out of debt for a very long time. Before factoring in interest, you are looking at $1,500/month payments for a decade if you go to VCU.
Please pick a school in state. Save money during it’s honestly not that important. You’ll graduate 180k in the hole that’s 1-2k payment per month after school.
This is a school you can’t afford. Sorry.
You may have gotten a $44k merit scholarship, but the $45k remaining balance is still more than you have and can easily cover.
Please don’t do this. You will regret it once you start having to pay your loans back.
Seriously, VCU is not that great of a school either. I live in Richmond. They’re decent, but I’m sure whatever state you live in also has a comparable school for much less.
The general rule of thumb is to not take out more in loans than you can reasonably expect as your starting salary out of college.
That’ll vary by degree, but it won’t be 180k
In state is your play.
I went to VCU in-state. Please do not to pay that much to go to VCU. It’s not close to worth that much and I love the school. Please try to graduate with as little debt as possible. There will be an in-state school for you that is the same or better.
You are looking at 180,000 in loans before any interest. Don’t go into debt for a bachelors degree. The first two years are general education classes either way. Try to go to community college, transfer to an in state school or maybe try to get another scholarship in other university (apply broadly). Work for a couple of years and maybe if you want a masters go to another state if it’s worth it in terms of ROI.
College is not worth the money
Every year??? Choose a different school. That’s too much money.
How much is this school? Whoa bro go to the community college in your areas and you will thank your future self
Have you calculated what that payment would be after you graduate… it will be very sobering.
If you’re struggling with where to go start with a local college or just get a job. College was fun but being debt free as an adult is way more fun.
If you go into that kind of debt you will put off so many life events like buying a home, marriage, vacations/ traveling, kids, etc…
You are not cooked yet. You are precariously close to being cooked.
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It would be very hard for VCU to be worth borrowing $180k.
Best practice is to not borrow more than 1X your expected First Year Salary.
It’s great they gave you a scholarship, that means others likely would as well. Explore those other places and apply. If they don’t come back with enough to get you to less than $80k in borrowing it’s not worth it.