How should i approach this student loan situation
Hi everyone, I will be attending a state school in the fall and pursuing an applied stats/actuarial science degree with a business management minor. The total cost is barely over 100,000 dollars, and I'm receiving around 20,000 in federal loans. The goal is to become an actuary. This school offers something for actuaries that only a couple dozen in the country do that allows me to get exam credits easier and graduate with more of these credits to have a higher starting salary out of school. I have done a ton of research on the actuary field in my area, where I plan to move back to and live with my parents (low cost of living) after I graduate. It seems that a very realistic starting salary is around 70,000 dollars for entry level actuaries in this area. There is zero chance that me or my parents can afford to pay off the student loans while I am in school. I understand private loans can be borrowed and deferred until graduation but interest still accrues. I am applying for any scholarship I can, but have won next to nothing. Many actuarial scholarships are available but only to those who have actuary exam credits which I can not have until the spring semester of my first year at the earliest, so I can't apply for those yet. The only thing, in my mind, that I can do is take out private loans. What would you guys recommend I do? I really do not want to have to move to any other school because I will be so much further ahead at the entry level from graduating at the school I'm going to than any other school in my state.
Posted May 4, 2025, 4:40 PM UTC