who took a loan and how much was it

**blues88** · 04-21-2009, 10:12 AM

how many of you took out a loan for grad school, how much was it and for which school were you willing to do that - lets see!

**Mobius Strip** · 04-21-2009, 06:03 PM

I started a Ponzi scheme. If you want in, it'll be $5,000 to play but I guarantee an 8% annual return. Interested?

**jlad86** · 04-22-2009, 05:59 AM

I'm going to be funding my first year at Michigan primarily through loans....depending on different assumptions, I'll be taking out between $34,000-$46,000...Under what I would consider a "likely" scenario, $40,000 is a reasonable estimate.

The Goal: Use savings in years 2-5 to get down to $30,000 in debt by the end.

I gave up a funded offer at Maryland to do this...I think many would call me stupid, but Michigan is extremely strong in my field(s) of interest, and I really liked Ann Arbor (conversely, while the Maryland campus was beautiful and the department is only marginally weaker in my area of interest, I did not like College Park at all).

**jlad86** · 04-22-2009, 06:02 AM

Hey Mobius,

Looks like we're in the same boat....I think we should rob a bank, are you in?

**Mankins** · 04-22-2009, 06:21 AM

Originally Posted by jlad86

I'm going to be funding my first year at Michigan primarily through loans....depending on different assumptions, I'll be taking out between $34,000-$46,000...Under what I would consider a "likely" scenario, $40,000 is a reasonable estimate.

The Goal: Use savings in years 2-5 to get down to $30,000 in debt by the end.

I gave up a funded offer at Maryland to do this...I think many would call me stupid, but Michigan is extremely strong in my field(s) of interest, and I really liked Ann Arbor (conversely, while the Maryland campus was beautiful and the department is only marginally weaker in my area of interest, I did not like College Park at all).

I think you made a good choice. Michigan's graduates seem to do really well, so I doubt it will take long to pay off that debt.