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Is having student debt worth it?

I'm asking because I am wondering if someone decided to go to a more expensive school rather than a cheaper school with the same amenities- basically everything is the same, except the name of the school. I am currently trying to decide whether being in debt from school is worth it because I fell in love with an expensive school but would have to take out a huge loan in order to attend. I'm just seeking advice and interested in hearing what others have done. #college-selection #college-advice #college-bound

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Rachel’s Answer

Absolutely having some student debt is worth the cost to achieve the career that you desire. However, minimizing debt is always a good idea. Classes at a community college, choosing a state school, and applying for scholarships are all good ways to keep cost under control.
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neha’s Answer

Honestly only you can decide if it's worth it. Each person is different meaning that even if you and I went to the same university, you could think it was the most beneficial experience and I could think it was a waste of time. You get out what you put in!
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Richard’s Answer

Keep your debt as low as possible. You don't want to be paying for college decades from now.

If you can keep your expenses down (live with parents, attend community college which can be free in some cities, complete your degree at an inexpensive public institution etc) debt doesn't have to be out of control. However the typical student does not do everything they can to decrease expenses then has to be stressed during their first years of their career.
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Abhinav’s Answer

Hi Faith,

I believe you should see the benefit to cost ratio for both the schools. By benefit i mean how much you are expected to earn after graduating from that school, take expected sum of earning of 3 years, and by cost i mean how much tuition fee + rent + food you would spend over the years in school. By my experience if this benefit / cost ratio is greater than 1 then it can be of good choice.

Moreover i would suggest you to think from your mind first before making this choice. Know about different institutes in the same field, get as much knowledge as possible, get reviews from students who have studying in the same institute or have already graduated, Quora / Linkedin might help.

I hope it will help you in making your decision.
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Simeon’s Answer

I'd be hesitant to do so if you would truly need to take on "massive" debt. If the amount and interest are very high, you could end up paying off that debt for decades. That being said, if you know that there is debt forgiveness as part of the careers/companies you are likely to get into, let that be a factor as well. If you are in love with the bigger college, apply to as many scholarships as you can and see if you can make the debt a bit more bearable. Keep an eye out for lower interest loans if possible.
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