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Student Loans for Engineering Degrees

  1. Nov 10, 2008 #1

    Last edited: Nov 11, 2008
  2. jcsd
  3. Nov 11, 2008 #2

    Vanadium 50

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    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".
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