If the school isn’t offering you enough in loans grants and scholarships to cover the cost of your tuition, room and board, consider going to a less expensive school along with getting a part time job.

Good rule of thumb when borrowing is not to take more than what you would expect to earn your first year out of school. Example:

A Dr. with a total debt of $100,000 to be a okay because he would expect to earn that upon graduating. A future teacher borrowing that much would not be good unless they could expect to earn that right out of college. Highly unlikely. (Also, be aware a $40,000 student loan would earn a payment of about $425.00 a month)

You asked about experiences…

My friend borrowed $40,000 for her first year of Pharmacy school. She, like you, had 2 years under her belt and was absolutely thrilled to get accepted. But as it was, life happened and a couple of pregnancies and 1 miscarriage later she flunked out. Now she’s got nothing except a bad transcript and a $40,000 loan. Which she can’t affort to pay back. Oh, and a baby too.

The school was very forgiving and said she could get back in the program at any time, but of course she would have to fork over another $40,000 to take and pay for all those courses again. She would then have to borrow another 40K for her second year of school as well. See the cycle?

Good Luck!