Will studying math and physics leave me with insurmountable loan debts?

[MWH]

I've heard stories about people who have loan debts of at least $100.000. I'm going to study mathematics in about 1 and a half years and I'm eventually planning to obtain a Ph.D. I don't know exactly how expensive this is all going to be, but with my capital and the restricted financial support I bet I'll not be able to come close to having paid off the loan debts, especially because I'll mainly want to focus on my leisure and study, rather than working. As far as I know I'll get paid reasonably well with a maths degree, but in what conditions and for how long am I going to have to live when I am in huge debt, given that interest would force me to pay it off in a tearing rush and that I'd also have the burden of fixed costs? How do normal people who have no financial support pay off studying at i.e. Harvard? Feedback/criticism is welcome!

PS: I'm also interested in physics and consider studying both. Generally, is studying physics ((post)grad) more expensive than mathematics, as this would quite influence my decision?

 

[Pengwuino]

No one pays for a PhD in physics. Everyone gets paid as a research assistant or as a teaching assistant. In math I'm sure you also have grading/research/instruction positions that allow you to pay for your education.

 

[Choppy]

,especially because I'll mainly want to focus on my leisure and study, rather than working.

It's probably better that you learn this now rather than after getting $100k in the hole. I'm sure other people disagree with me, but there's no reason why anyone should finish university with such a massive debt. Unless you have excessively rich parents, you need to put together a plan for getting yourself through university and that is going to need to include working - rather than concentrating on your leisure.

Some things to consider:

(1) Shop around for your education. I've never been convinced the price of an 'ivy league' education is worth it. You can get the same education by doing 1-2 years at a community college and then moving to a university to cover the advanced undergradute courses. You don't have to go the 'cheapest' route either. Spend time researching educational value for your money.

(2) Start working and saving now. You don't have to dedicate your life to it, but I'm always surprised at the number of high school students who haven't been putting away at least some of their money for their undergraduate years.

(3) Pay close attention to scholarships. There are a lot of them out there and many go unrewarded because you are NOT automtically considered be registering at a university.

(4) Plan to work full-time through your summers. Not only will this offset some of your costs, but it will give you some solid experience come time to shop around for career employment which will be valuable both in making decisions on where you work and giving you a leg up on the competition.

(5) You generally get paid to go to graduate school and loans are often offset while you are in, so you shouldn't be accumulating more debt while working on your PhD.

 

[victor.raum]

Do I gather correctly that you're stil in high school then?

 

[rezeew]

I understand your concerns about the potential cost of studying math and physics. While it is true that obtaining a Ph.D. in these fields can be expensive, there are also many financial aid options available to help students manage their loan debts.

Firstly, it is important to note that the cost of studying math and physics can vary greatly depending on the institution you choose to attend. While some schools, like Harvard, may have higher tuition costs, there are also many reputable universities with lower tuition rates. It is important to research and compare different schools to find the best financial fit for your situation.

Additionally, many universities offer financial aid packages, including scholarships, grants, and loans, to help students cover the cost of their education. These options can significantly reduce the amount of loan debt you may accumulate. It is important to apply for these opportunities early and thoroughly research the requirements and deadlines.

Furthermore, it is worth considering the potential return on investment for obtaining a Ph.D. in math or physics. These fields are in high demand and can lead to well-paying jobs in various industries, including academia, research, and technology. It is also important to note that many Ph.D. programs in these fields offer stipends and other forms of financial support to students.

Lastly, it is important to create a budget and financial plan before embarking on your studies. This can help you manage your expenses and prioritize paying off any loans you may have. It may also be beneficial to consider part-time work or internships during your studies to help offset the cost.

In summary, while studying math and physics may come with a cost, there are many options available to help manage loan debts. It is important to thoroughly research and plan for your education to make the most financially sound decision. I wish you all the best in your studies and future career.