Task 1: Plans
I think the Standard Repayment Plan and the Pay as You Earn Plan would work for me. I would most likely take the Standard plan, however if I found myself in a pickle, the pay as you earn plan would work. I would pay more with the second option, however, in the end.
Task 2: Total Cost
With my Cal State loans, I’d pay about $179 per month and about $5000 in interest over 10 years. I don’t think this is actually too bad if I started with a salary of $38000 per year, especially if I paid this off and lived by myself.
With W&M, I would hope that I would make a bit more money from having gone to a better university (that would open me to more opportunities), so I raised the starting salary to $60000. With the loans of $31356, I’d pay about $361 per month for ten years. This makes sense though, however I don’t know if I’d be able to find a job that pays that much off the bat. It could be possible for me, however.
With W&M, I would hope that I would make a bit more money from having gone to a better university (that would open me to more opportunities), so I raised the starting salary to $60000. With the loans of $31356, I’d pay about $361 per month for ten years. This makes sense though, however I don’t know if I’d be able to find a job that pays that much off the bat. It could be possible for me, however.
Task 3: Reflection
To start off, I found this project very confusing, especially to someone who has no idea what school they want to go to or what they want to study. All the different types of loans and scholarships and financial aid are extremely mind-boggling and daunting to look at. I can see how beneficial and good this would be, however, if one already had plans for themselves, or at least more specified ideas of what they wanted to do. I found it difficult because I’d jump around on what colleges I may want to go to or what majors I may want to do, and then having to take such non-concrete ideas, and putting so much research in to find starting salaries and jobs would be difficult. I found myself almost changing majors and such every other task.
However, I found that I was generally surprised by how expensive all of this education was. The amount of debt one could get themselves into could be utterly outrageous and if you happened to not choose the most paying major, you could be stuck with a lot of money to pay back and no job. It makes going to college a little less inviting, for me at least. I feel as though I may be able to take on the debt, but I’d have to be careful. If I find myself wanting to go to an expensive college, I know it’ll take a good degree and smart choices with majors.
I also feel like the prestigiousness of a school does not matter as much to me. Sure, a nice college on my resume would be nice, but who knows what a smaller, lesser known school could do for me? And probably for half the price!
As much as I want to believe I can go to any school and take up as much debt as I need, I know realistically my family and I just can’t do that. As the last child in the family going to college, my siblings have already racked up a good amount of debt and according to FASFA, my parents should be able to pay for me now that the older ones have moved out. However, my parents are still assisting some of my siblings in many of their other expenses, on top of their college costs. I know that unless I get some fantastic scholarships, I’m not going to be able to go to any higher-end colleges. And honestly, I’m not sure it’s worth it with my indecisiveness. I’d rather pay $500 and switch majors, then pay a whole other tuition to switch “colleges” in a big university.
I feel as though I will follow in my siblings footsteps, unless I find something I’m very in to. I will most likely attend Palomar and get my general education out of the way and then transfer into a different school and get my major-specific classes done. I think this will really help out my parents and me in the long run. Unless I find a good scholarship, I will probably follow this plan. I’m okay with that though. Education is education and it will all help me.
However, I found that I was generally surprised by how expensive all of this education was. The amount of debt one could get themselves into could be utterly outrageous and if you happened to not choose the most paying major, you could be stuck with a lot of money to pay back and no job. It makes going to college a little less inviting, for me at least. I feel as though I may be able to take on the debt, but I’d have to be careful. If I find myself wanting to go to an expensive college, I know it’ll take a good degree and smart choices with majors.
I also feel like the prestigiousness of a school does not matter as much to me. Sure, a nice college on my resume would be nice, but who knows what a smaller, lesser known school could do for me? And probably for half the price!
As much as I want to believe I can go to any school and take up as much debt as I need, I know realistically my family and I just can’t do that. As the last child in the family going to college, my siblings have already racked up a good amount of debt and according to FASFA, my parents should be able to pay for me now that the older ones have moved out. However, my parents are still assisting some of my siblings in many of their other expenses, on top of their college costs. I know that unless I get some fantastic scholarships, I’m not going to be able to go to any higher-end colleges. And honestly, I’m not sure it’s worth it with my indecisiveness. I’d rather pay $500 and switch majors, then pay a whole other tuition to switch “colleges” in a big university.
I feel as though I will follow in my siblings footsteps, unless I find something I’m very in to. I will most likely attend Palomar and get my general education out of the way and then transfer into a different school and get my major-specific classes done. I think this will really help out my parents and me in the long run. Unless I find a good scholarship, I will probably follow this plan. I’m okay with that though. Education is education and it will all help me.