As title says, my[20M] s/o [19F] is going to culinary school for a bachelors in Baking and applied food studies, and is estimated to take out over $100k in debt by graduation in a three year bachelor program. She's in year one and has already taken out around $20k in private loans. She has very little concept of how much debt this really is and not much of a plan on how to pay it back. She most likely expects to make a high yield income job something like ($70k+), which I understand to be unrealistic at that school and in that major. Her parents encourage her to keep taking out loans, but do not intend to help pay it off.
I want to talk with her to help her understand how much debt this is, and help her create a future plan on how it could be paid off, but also don't have a good concept of loans. I am finishing up college in Poli Sci on the Army's dime, and worked as an RA and off-jobs to cover room and board so I will graduate debt free and with ~$20-$30k saved, so I don't understand debt that well. We agreed to discuss it next week, but I am woefully unprepared. I did research in the school regarding employment rates and average income per graduate. Beyond that, I don't really know what to discuss. What are some good questions to ask her about her loans and ambitions before hand, and what are some potential courses of action in her scenario? Any and all feedback is greatly appreciated.
Tl;dr: Gf goes to culinary school with $100k in private loans without realizing how much that really is, I need help explaining how that debt isn't good and what she can do to pay it in the future.
EDIT: I think her only plan was to potentially work for the government and do a loan forgiveness program in 10 years, but I don't think they deal with private loans. Remarks?
Submitted November 04, 2019 at 07:19PM by BepisKing https://ift.tt/2NeMJDy
