Torn between a dream school and debt... is it worth it? (CA loans)

[Telusa]

I need some serious reality checks here. I got into my absolute dream school in Southern California. I've wanted this for years. But the financial aid package just came in, and... ouch. We're looking at a hefty chunk of loans to make it work.

My parents are saying "follow your dreams," but they don't have to pay the bills. I have a decent offer from a state school (CSU) that would leave me almost debt-free. But it’s just not the same experience.

For those of you in California dealing with these costs: Is the "college experience" and the name on the diploma worth the loan payments I'll be making for the next 15 years? Or is graduating without the weight of debt the real dream? I'm totally paralyzed by this choice. Please, hit me with your stories and advice.

 

[Isabella]

Telusa, I'm gonna give you the advice I wish someone gave me: RUN THE NUMBERS.

Take your total loan amount. Multiply by 1.5 (interest). Divide by 10 years. That's roughly your monthly payment.

Example: $50k loans = $75k total with interest = $625/month for 10 years.

Now look at starting salaries in your field. Can you afford $625/month AND rent AND food AND life? In California?? On an entry-level salary??

I'm a CS grad from a CSU making $85k starting. My USC friend with the same job makes $87k. Her loans? $900/month. My loans? $0. Who's actually winning?

The "dream school" dream ends when you're 30 and still paying for your 20-year-old self's decision. CSUs are great schools. You'll get a good education. You'll have fun. You'll graduate FREE.

Please think hard about this.