Programs Student Loans for Engineering Degrees

AI Thread Summary
The discussion emphasizes the importance of personal responsibility in evaluating the decision to pursue an engineering education and the associated loan debt. It argues that the relevance of average loan figures is secondary to an individual's assessment of their own financial situation and ability to repay. A loan of $64,000 to $80,000 at a 7% interest rate results in monthly payments of approximately $740 to $930, which should be weighed against the average starting salary of $4,500 for engineers. The conversation critiques the notion of feeling "enslaved" by loans, asserting that individuals have the autonomy to make informed choices about borrowing and should take responsibility for those decisions.
whypickthree
Messages
4
Reaction score
0
hmm

Test
 
Last edited:
Physics news on Phys.org
With all due respect, I think you need to consider whether engineering is for you or not.

Whether a loan is "average" is utterly irrelevant. What matters is your value on the education and your own ability to pay. Not other people's. It doesn't matter if the average bridge span is 200 feet if you have a 400 foot river to cross.

A loan of $64k-80k at 7% for 10 years works out to monthly payment of $740-930. This is simple to calculate (and again, asking other people to do a simple calculation for you is not the hallmark of a successful engineer) The average starting salary for an engineer is about $4500 a month (asking other people to look up a fact for you is not the hallmark of a successful engineer). It's your decision as to whether 16-20% of your gross salary to pay off loans is a good or bad bargain.

As for "enslaved", spare me. Nobody is forcing you to take out a loan. Nobody is forcing you not to. Be an adult and take some responsibility for your decisions instead of kvetching about "enslavement".
 

Thread 'Where did all the “fundamentals-deepening” master’s programs go?'

I’ve been looking through the curricula of several European theoretical/mathematical physics MSc programs (ETH, Oxford, Cambridge, LMU, ENS Paris, etc), and I’m struck by how little emphasis they place on advanced fundamental courses. Nearly everything seems to be research-adjacent: string theory, quantum field theory, quantum optics, cosmology, soft matter physics, black hole radiation, etc. What I don’t see are the kinds of “second-pass fundamentals” I was hoping for, things like...
View full post »

Thread 'Applied Math PhD candidate but I hate group theory'

TL;DR Summary: I want to do a PhD in applied math but I hate group theory, is this a big problem? Hello, I am a second-year math and physics double major with a minor in data science. I just finished group theory (today actually), and it was my least favorite class in all of university so far. It doesn't interest me, and I am also very bad at it compared to other math courses I have done. The other courses I have done are calculus I-III, ODEs, Linear Algebra, and Prob/Stats. Is it a...
View full post »

Similar threads

Programs Help on Majors and Graduate Degrees as an Engineering Student
Replies
3
Views
2K
Programs Physics degree to med school? please help
Replies
2
Views
1K
Can undocumented students apply for private student loans?
Replies
1
Views
3K
Programs What Is a Doctor of Engineering Degree and How Does It Work?
Replies
9
Views
2K
Courses Masters in Civil Engineering with a Bachelor in general engineering
Replies
2
Views
2K
Is an Engineering Degree More Difficult Than a Math or Physics Degree?
Replies
17
Views
2K
Programs Looking for Computer Engineering advice (going into 8th grade next year)
Replies
18
Views
2K
Programs US - where to get loan for Masters degree?
Replies
17
Views
3K
Programs What Do People Think Of Competency Based Degrees Such as Texas A&M Commerce
Replies
4
Views
2K
What's the best major between Physics & Chemistry for entering MS in Nuclear Engineering?
Replies
12
Views
2K

Hot Threads

Recent Insights

Back
Top