I graduated from ITT earlier this year, so I have had a few months of making payments on my fine education. It is kind of shocking, even though I knew it was coming, and I saw the huge loans month after month. I was also paying back as much as I could while going to school, which accounted for close to $20,000 in payments already being made.
The end result?
Nearly $80,000 in student debt to repay.
How much do you make right now? Think about it, because ITT in all likelihood is not going to find you a job. Even if they do, you are going to start in the $15-20/hr level.
My current repayment plan costs $1000 per month and that's after paying back $20,000 already!
Using a financial aid calculator, my estimated salary to pay that back "without inducing financial hardship" is $110,476.80. Let me tell you, I do not make anywhere near that, and I have a decent job (no thanks to ITT.)
Of course you can extend the payment terms of your loan, which will lower your monthly payment, but it also increases your interest. So let's say you want to only pay $600 a month instead of $1000. Guess what? You will be paying for school for the next 20 years, and will pay nearly DOUBLE for it. $66,000 in interest alone. Almost $150,000 total!
So one last time, can you afford to pay $1000+ a month for school? If not, you can go to a regular college for what you would pay in interest at ITT.
