First-Year Loans

[rockofages]

What would you all say is a reasonable amount of loans to take out during the first year of a M. Arch program (considering the possibility of qualifying for more scholarships the following years of a 3+ program)?

 

Thanks. 

[AlHal]

Well, I think that's a really hard question to answer without background... 

 

1. Do you have undergrad loans?

2. Are you able to cover tuition without loans? Costs of living?

3. Do you have a TA-ship, other sources of funding, etc.?

4. What is the caliber of the program-- likelihood of high-paying job (or frankly, any job) to cover repayment etc. (this should be a very pessimistic figure, like the bottom tier of the pay grade, just to be safe.)

 

In the end, if you have decided to attend a program and can't cover tuition and costs of living, then a reasonable amount to take out is whatever is the bare minimum to cover these costs. If you're partially funded and are just talking about cost of living, then that's where it will be more tricky. It comes down to whether you think the course load will make working impossible (or just a really really bad idea), or whether that's not going to negatively impact your education.

I'm for front-loading the cost, but that can majorly backfire if you wind up not getting subsequent funding, and graduate with debt up to your eyeballs.