Should I transfer from my dream school if I can't afford it, or take out a loan?

Bailey,

It really depends- what are you job prospects after graduation? If you're going to be a software engineer making 70k per year at entry level and you can pay back the loan fairly easily, then it seems like staying at your dream school could be worth it. If you're an English major and you'll end up 200k in debt, you've got some serious thinking to do...you should use the online tools that US government and private institutions provide (Google them!) to figure out what is reasonable for you. They are also very helpful over the phone and some even have online chat.

In addition, if you want to know what type of salary you can make as an entry level employee, visit Glass Door. You can compare that with your expected loan payments that public and private institutions will lay out for you.

I ran into the same dilemma when I was an undergraduate- I was Spanish major, and graduated with a lot of debt based on salaries that were available to me at that skill level. It was VERY hard to manage and incredibly frustrating that I couldn't take certain jobs that I really wanted to because of my debt. It can limit you- so, do your due diligence- ask your friends who have graduated, family, and most importantly review lenders, terms, and employment prospects!

Also, it is worth looking at scholarship sites like fastweb.com and scholarships.com- there are millions of dollars from funds that go unspent every year because people do not apply for the scholarships. Really, don't pay for things you do not need to pay for!