Is $60000 in debt worth it?

I plan to attend a better college than the one I am at currently and it looks as though after graduation, I’ll have $60000 of debt waiting for me. This is after grants, working, graduating early, and 18000 in scholarships all for a BSM from Tulane. Is this worth it? Or are these merely pipe dreams?

I’d love to have a “fancy” degree and use it to get into a great MBA program (more debt, lol!). I’m planning to live low for a couple of years and pay of my debt pretty quickly, as well as continue to look for scholarships and income opportunities, while in school. Does this still sound like a bad idea?

Top 2 Answers

A few days ago

Navyexwife

Favorite Answer

Like Suze Orman says

“Mortgage debt and student loan debt are the good kind of debt”

you are investing in your future

go for it!

5 years ago

kelsie

If the college degree gets you an extra $10,000 annually, you would theoretically have an annual return on investment of $10,000/$45,000 and pay off the loan in 4.5 years. Sine the average person works until they are about 63, that is around a 40 year work life (grad @ age 22 and work until say 62 for 40 years).. Over the remaining 35.5 years (40 years of work less the 4.5 years to pay back), at $10,000 a year difference, that means you would make an extra $350,000 over the course or your work life. This however is an understatement as studies show that a college graduate makes about $1 million more over his/her lifetime than does a high school grad. So, is the expense of say $125,000 for a college education worth it?

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Is $60000 in debt worth it?

Is $60000 in debt worth it?

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