Episode 86: $80K of parent loans, was it worth it?
In this episode, Norma chats with First Generation College student Angel about his experiences of attending one of the best art schools and how his father took on $80,000 of parent plus loans. He talks about the pressure of being away, the culture shock he felt at a predominately white institution, and the financial decisions his family had to make.
In this episode you will hear from:
Angel who is currently pursuing his MBA in Marketing as he takes us down memory lane to discuss how at 18 years old his father took on $80,000 for him to attend Maryland Institute College of Art (MICA). Money was always on the back of his mind and ultimately he decided to transfer back to UTRGV to avoid having his father take on a total of 160,000 of loans. From his perspective, he learned so much and it was a transformative experience, but not worth putting his father through more loans.
Every financial situation is different and Angel encourages students to ask themselves these 3 questions when deciding if parent plus loans are worth it? 1) will you take your education very seriously? 2) Ask more financial questions- what are the ramifications of these loans? Keep in mind you will have to pay them back (principal and interest) 3)Conversing with parents on various plans and what these loans mean for them and their future. For some students it might make sense and for others it will not, so Angel encourages all of us to ask better questions to make decisions that make sense for you.
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