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living on campus worth the loans?

Discussion in 'Financial Aid' started by slowdancing, Apr 14, 2007.

  1. slowdancing

    slowdancing

    8
    0
    Apr 14, 2007
    I am a freshman, currently commuting from home 30-40 minutes away from school and am thinking about moving on campus next year (my parents won't let me move to off campus housing due to safety concerns). The thing is that my parents won't be able to support me financially so I'll have to take out some loans to pay for housing. I want to move on campus because it will be less stressful, I'll save time, it'll be easier for me to get involved, and I won't be too burnt out before I go to med school etc etc.

    So my question is, is it worth it to live on campus and take out the loans? My parents don't think that this is a smart choice because I haven't gotten into medical school and thus don't know for sure that I can pay my debt off. If I don't commute I will have a max of $15,000 in debt from undergrad. If I live on campus, then my debt will be at least $30,000 but less than $50,000

    Thanks!
     
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  3. Lesley

    Lesley Member 7+ Year Member

    707
    16
    Jun 18, 2006

    I'm with your parents. When you go to medical school, you will be incuring more debt. Provided you feel you can study well at home and it is not too stifling, I would say you have a very nice thing going. It sounds like you have accomodating and concerned parents. It just depends on how much you feel you are missing out by not living on or close to campus. Good Luck.
     
  4. yyd

    yyd Guest

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    Nov 26, 2005

    While the previous advice is good, I have an alternate point of view. You only un undergrad once. Sure, living with parents and commuting saves your money, but you are likely to miss on many of the college-life experiences. Which one is more important to you? I'd suggest for you to move on campus for at least a year of your studies. In my opinion, it is worths the money.
     
  5. mshheaddoc

    mshheaddoc Howdy Moderator Emeritus 15+ Year Member

    43,161
    79
    Apr 24, 2002
    Wild west of Mistytown
    graduating with $50,000 in undergrad loans is very minimal compared to many students these days. As well if you decide not to go into medical school you could consolidate them to pay them off over say 20 years. I wouldn't consider that a hardship. Educational loans aren't a bad thing.

    WIth that said I think you need to decide if you are moving on campus just to get away from your house and experience new things or if you think you have too many distractions at home. If things are working out for you at home I'd stay home but if you feel like you want to move out I'd move out. Don't let money be the deciding factor. JMHO though.
     
  6. foothealth

    foothealth

    4
    0
    Apr 21, 2007
    She is right... Education loans are not a bad thing at the end of the day, you will probably pay it off in 10 years if you are good at what you are doing.

     
  7. UserNameNeeded

    UserNameNeeded SOS 7+ Year Member

    623
    0
    Dec 29, 2004
    TX
    I was where you were about 4 years ago, and I made the decision to live on campus. My advice? Don't. Whatever "experience" you can have is certainly not worth all of the loans and financial stress that comes with it later on, no matter how small or big the amount. Listen to your parents.

    You're going to be burnt out in medical school whether you do it or not. Medical school is just designed to drive you crazy!
     

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