Is all the debt that I will take on going to college worth it?

Hi Kylie!

The short answer is yes, all the debt that you will take on going to college is worth it. I say that 7 years after graduation and well into my loan payments.

College offers so much more than just the degree. The relationships and life experiences you will have in college are truly invaluable and even though my personal student debt is quite hefty, I wouldn't change a thing. I went to Boston University for 3 years pursuing a degree in Aerospace Engineering but changed my mind and then transferred to the University of Connecticut to ultimately receive degrees in Accounting and Communication Sciences so you can imagine how high my loans got. To be perfectly honest, at least in my experience, you are absolutely right that a majority of your focus/paychecks will likely go towards loan payments but it gets easier over time. Also don't forget that you are not alone! There are tons of resources out there to assist you after graduation either through budgeting techniques (I keep mine in Microsoft Excel) or loan consolidation (I used SoFi).

Now 7 years later, I can really see all of my career options and earning potential which, in my field, would not have been possible without my degree. So maybe I worried about money a little bit in the beginning but now I won't really have to later in life. Also, with my degree I have been able to get a job that allows me to have a exceptionally high quality of life through benefits such as medical coverage, paid time off, and so on. So even though I had/have all these loan payments, I still take vacations and go out with friends. I just have to keep track of it all.

Student debt is certainly no joke and I am not going to pretend that it is easy but the benefits FAR outweigh the negatives since the only negative is money. My last bit of advice is if you think you can handle it with your course-load, I would highly recommend getting a part-time job while in school. The money you make will allow you to enjoy yourself more during your time in school (vacations on break!) and also give you a cushion of savings for when you graduate. Also, remember that you have a six-month grace period after graduation before you are required to make payments on your loans!

Bottom line: yes, for the field you plan on entering, student loans are definitely worth it. Here's a question... What would you do otherwise? For comparison sake, look on salary.com for what an biomedical engineer makes per, then look at the salary for a job you would take should you not choose to go to college. I guarantee you it's a huge difference. If you do choose to go to college, remember there are plenty of scholarships you can apply to once you're a rising sophomore, junior, and senior. And it would be beneficial for you to get to know your professors so they can give you recommendations for scholarships. Best of luck.