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?