Hello,
I don't frequent this subreddit or anything so excuse me if I leave out any integral information, but I've been stuck with this conflict for a while now and I'm not sure where else to go for help. To keep a long story short, I am 21 years old and currently two years into getting my bachelor's degree. I am just now transferring from a community college to a local four-year university, where I anticipate my tuition to cost me around $7,000 out of pocket per semester (give or take any scholarships that I may accrue along the way). Unfortunately, I am trying to become a physical therapist, which would require me to attend 2.5 additional years in an extremely expensive DPT program (about $100,000).
I was able to save up a sum of about $30,000 in my year off after high school to pay for college - a figure which has been steadily declining, leaving me with about $25,000 right now. At this rate, I should be able to get through this four-year university debt-free. Obviously, that sounds wonderful, but the problem is that I would be entering this graduate program with $0 in my pocket and about $100,000 in student loan debt.
The salary that I would be making once in the field is enough to justifiably take out this big of a loan, but the DPT program is a full-time affair. Monday through Friday, 8:00am-5:00pm an hour away from my house. Luckily, I live with my mom so I have a place to stay, but I don't want to be a burden to her and I don't want to be absolutely broke.
Would it be better to just take a loan now, since I am going to need one for the graduate program no matter what? Or should I bite the bullet and pay for my bachelor's out of pocket?
In the case of the former, I would graduate with $25,000 or more, which would give me a good safety net to put a deposit on an apartment or buy a shitty car when my 2005 Toyota Corolla inevitably dies. I would accrue more interest on my loans, but I wouldn't be struggling right out of college. In the case of the latter, I would graduate with -$100,000 and have to steadily build my way back up to financial security while living off of my mother.
The obviously more responsible option is to pay it off right away, but is it ACTUALLY the best option in this specific situation?
I'm really really looking for guidance here, and grateful for any second opinions as to what I should do. I'll be keeping a close eye on this thread, so if there's anything important that I left out just let me know and I will update as soon as possible! Thank you for your help!
Submitted July 03, 2022 at 09:41PM by KimJongPooonn https://ift.tt/su7WtqY
