College Debt

[kms213]

I am currently a sophomore at Lehigh University seeking to transfer out. My current college loans total $12,000. My parents are very concerned about my decision to transfer because I will need to take out an additional $10,000 to complete my college career if I were to leave. If I decided to stay where I am, I will come out with approximately $26,000 dollars in college loans at the end of my career and if I decided to transfer, I will come out with approximately $35,0000 at my new school. My parents believe that I am making the wrong decision in the long run but I do not think so. I was wondering how much this additional 9-10k will really affect me in the long run. Thanks.

[disneysteve]

Welcome. In general, I don't think you should let debt drive your education decisions, within reason of course. If you have a good reason to be switching schools, such as a better program in your field of study or other significant issues with your current school, I wouldn't let $10,000 stop you from making that change. So that would be my first question: why are you transferring? I know Lehigh is a top-notch school.

How much will 10K affect you in the long run? Personally, being someone who graduated med school with 102K in student loans, I'd say 10K isn't a huge issue though it certainly isn't peanuts either. That's $166/month for 5 years not counting interest payments.

What is your anticipated starting salary after college?

[kms213]

I appreciate your response. I am currently a member on the track & field team and a member of Delta Phi here at Lehigh. Between juggling the fraternity and sports my GPA has taken a burden (I have a 2.55 right now). I am in a difficult dilemma right now but I will try to explain it to the best of my ability. I was an All-American track & field athlete out of high school and received a partial scholarship to Lehigh. Over these past couple semesters my athletic performance has gone way down due to a poor coaching staff that I did look into when making my decision. I am in the business program here and have just declared a major in supply chain management. I am seeking to transfer to Northeastern in hopes of achieving my goals athletically as well as academically. I have currently taken out $12,000 dollars worth of loans so far and will probably take out an additional $14,000 over the course of my college career here if I were to stay at Lehigh. Unfortunately, Northeastern has not been able to match the financial aid package that Lehigh has given me, which has caused my parents much concern. I am not sure if you are aware of how Northeastern works, but what is primarily attracting me to transfer is the track & field program as well as the business co-op program that allows students to work for a semester and gain work experience while in college. The starting salaries out of Lehigh and Northeastern and pretty much identical (around 55,000). But I have been struggling to pick my GPA up over these past couple semesters due to the workload I put on myself and I am nervous that anything under a 3.0 GPA will not cut it. If I were to transfer, I would have to take out around $20,000 dollars worth of loans at Northeastern, on top of the $12,000 I have taken out Lehigh, putting me at $32,000. If you can provide me with any assistance it would be greatly appreciated. I probably have to make a decision within the next couple days and my parents are concerned about co-signing the additional loans I would have to take out.

[disneysteve]

Obviously we have limited info, but it sounds like there are good reasons to change schools. It it were me, I'd transfer. Of course, ultimately the decision is between you and your parents. Perhaps you could do some work while in school to make up some of that 10K difference. Even a small part-time job could make a big dent in that 10K, which really isn't all that much money.

[jpg7n16]

I have currently taken out $12,000 dollars worth of loans so far and will probably take out an additional $14,000 over the course of my college career here if I were to stay at Lehigh...

If I were to transfer, I would have to take out around $20,000 dollars worth of loans at Northeastern, on top of the $12,000 I have taken out Lehigh, putting me at $32,000.

Sorry, I only see a difference of $6k here.

12 + 14 = 26
12 + 20 = 32
32 - 26 = 6

Would your cost of living be the same at either school? that would def impact my decision. (living at home vs living on my own = extra rent payments)

If you're concerned about your grades, but not about $6k, have you considered paying for tutoring?

If you can't make your grades here, and then you start up Track at Northwestern - how will you be able to study for your classes?


My gut feeling is that you've got either a case of 'grass is greener' and you'd be let down - or that you're really just paying $6k in hopes of striking gold in track and field somehow, which may be possible, but the odds are against you.


I really don't think your problems would go away by changing schools. You've got to study hard and improve your grades at either school. You'd have to work hard at track regardless of your coaches. You'd have to manage your time well, regardless of your fraternity. Either school you go to, you should be working on developing yourself.

From: Jim Rohn quotes

Don't wish it was easier, wish you were better.

Work harder on yourself than you do on your job.

You must constantly ask yourself these questions: Who am I around? What are they doing to me? What have they got me reading? What have they got me saying? Where do they have me going? What do they have me thinking? And most important, what do they have me becoming? Then ask yourself the big question: Is that okay? Your life does not get better by chance, it gets better by change.

-Jim Rohn

[msarro]

I am currently a sophomore at Lehigh University seeking to transfer out. My current college loans total $12,000. My parents are very concerned about my decision to transfer because I will need to take out an additional $10,000 to complete my college career if I were to leave. If I decided to stay where I am, I will come out with approximately $26,000 dollars in college loans at the end of my career and if I decided to transfer, I will come out with approximately $35,0000 at my new school. My parents believe that I am making the wrong decision in the long run but I do not think so. I was wondering how much this additional 9-10k will really affect me in the long run. Thanks.

First, you're at Lehigh, so you're a smart cookie. Trust yourself and do research. This is a good start.

Second, hello from the other side of the river. I'm a Moravian Grad, and I live on north side. If you decide to stay in the valley, there's tons of ways to pick up extra cash if you want to chip away at it while you're still in school.

[Frugal]

This is just my opinion, but I personally would not transfer if it would cost more money. I know, because I did transfer several times (some due to choice, some due to having to finish my degree at a different school). Each time I transferred, it ended up meaning I incurred more debt in the long run.

Looking back now, I would first of all get a technical degree that was employable rather than a BA (cannot find work, and prospects extremely limited); and I would avoid transferring to expensive private schools at all cost, even if they offered a tempting financial aid package. I still had to take out more loan, even though I got academic scholarships at a certain spendy private institution. It was a wash.

Once you are out of school, usually it takes a year or two or three for the reality of the loan burden to sink in. I wish someone had told me then what I would be facing when I got out, in terms of very difficult job market, no way to really repay loans, etc.

That said, each case is different. Sometimes, you have to transfer if you can find a better academic program, and are not being challenged at your old school.

The biggest thing I wish I had emphasized looking back was saving money at all costs. College is expensive enough as it is.

[Hector]

Its a question of 6k. I dont think its a big deal when you are likely to start getting 55k after finishing school. In your case your parents are co-signing your loans so its your family's decision ultimately.

If I were you, I might not transfer tough. My goal would be to complete studies as soon as I can with as little loans I can. In my understanding when you transfer to different school, it is likely that they wont transfer all your units and you will have to take more units at next school. So transferring might delay your graduation and add tuition loans. I had different opinion when I was in undergrad, but it changed later on so I could understand if you dont agree with what I am saying here.

[happygirl]

Will you lose some credits when you transfer? I've seen people transfer and so many credits became electives that they ended up having to stay an extra semester or two to make up the difference, which of course, meant more money for tuition.

You're smart to be seeking input from this forum. There are many years and diversity of experiences here. Good luck.

[Eric80]

I think that debt management and debt consolidation companies can be really helpful! They explain what you can do to help come to a solution for your problems. They help the average 'joe' to get to grips with their problems