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It is worth it to know that you have been accepted without undue delays and aggravation as well as not being too far off base to pay for a BSN. I would go with this, unless you can come up with an acceptance to another school that has a better financial aid package for you. Best wishes in your program.
$60K in school loans is a lot of money...however, if you are entering UConn straight from high school, I think you should give it a shot. I know it's most likely cheaper to complete an associate's degree program and then transition to a RN-BSN program (while having your employer foot the bill)...but those 4 years after high school spent on campus at a college or university (away from home) will probably be some of the best years of your life.
Even if you are a bit older and not the traditional freshman age, I'd still go with what your heart tells you. $60K is a lot of money, but definitely not unmanageable.
If you're a CT resident then this is probably the best, cheapest option for a 4-year BSN for you. If you're not a CT resident then go to your own state's university system, because going in-state is always cheaper than out-of-state in a different state.
However, see if there's any way you can find college money so that you can take out as little in loans as possible - maybe your parents could kick in some, and then you pay them back interest-free when you graduate?
If you borrow $60k at today's rates, after school your payment will be over $690 a month and you will pay over $22,000 in interest. If you are borrowing at a different interest rate, you can use this calculator to figure out what your monthly payments will be: http://www.finaid.org/calculators/scripts/loanpayments.cgi . In my personal opinion, a $690/mo loan payment out of school is not reasonable.
Loan Balance: $60,000.00 Adjusted Loan Balance: $60,000.00 Loan Interest Rate: 6.80% Loan Fees: 0.00% Loan Term: 10 years Minimum Payment: $50.00
Monthly Loan Payment: $690.48 Number of Payments: 120
Cumulative Payments: $82,857.94 Total Interest Paid: $22,857.94
If you are paying for school on your own, and earning a bachelor's degree from the get-go is a goal that you will not compromise, $100,000 as an estimated cost of attendance over four years is, unfortunately, about average.
From the college board website:
Public four-year colleges charge, on average, $7,605 per year in tuition and fees for in-state students.
I looked at UConn's website, and if you are in-state, it's only $1K/yr more than the average nationwide.
What is going to take a chunk of your loans is the room/board expense, which has always been the biggest single expense for attending a public university. If there is any way that you can reduce that, do it. Also, consider taking a part-time job while you are in school so that you can avoid using your loans for some of your expenses.
Although that much in student loans is not ideal, its doable. Especially since your mom said you can live with her after graduation to help pay back some of your loans.
Lets say you start out at $21 an hour x 40 hours a week, you'd make about 43K a year. You'd be in the 25% tax bracket, so you'd bring home about 1200 a paycheck (every 2 weeks). This would easily allow you to pay double on your student loans every month, from just one pay check, leaving you with another 1200 to live off of. 1200 would be PLENTY to live off of, if you are living with your mom, so you'd possibly be able to devote another couple hundred dollars to the loans, paying them off quicker, and eliminating SO MUCH interest. That'd leave money for a car payment, food, and spending money so that you wont feel "in debt" to your education
Also, government loans are at a much better interest rate than private loans, so try to avoid those and your payments could end up being less than 650.
And as many others have said, try for scholarships! Contact your school's financial aid office, because you have better odds of getting something that is local, rather than something nationwide. (although, I say try for ANY scholarship you qualify for. check out Fastweb.com)
And like mentioned by others, get a part time job! Even if its just a few hours a week in the bookstore, or if you waitress twice a week, that will eliminate using your loans on living expenses.
Good Luck :) Hope this helps ease your mind a bit !!
UConngirl21
4 Posts
today I was pleased to find out that my financial aid for uconn was finally evaluated. But I soon realized that I only received $9600 in free money, it may seem like a lot but I still have to pay around $15,000 in loans. I really want to go to this school because I was accepted into the nursing program. If my financial aid looks like this for all four years...i dont know what I'm going to do. Is a $60,000 college debt bad for a future nurse to be. I am very fortunate to have the opportunity to have been selected for this program which only enrolls about 100 student freshmen each year! Its not easy getting into a nursing program on your first try, many people get wait listed please keep that In mind.Thank you :)
(please excuse any spelling/grammar errors)
P.S. I am willing to sacrifice living in "luxury" :) after college. My mother even offered me to stay with her after I graduate so that I can pay off my loan faster.