Is it worth taking out loans so that I can get experience?

Question

I am about to graduate from a community college and preparing to transfer to a 4-year university. Although there is a university ~30 minutes away from home, I am wanting to transfer to another university ~2 hours away. Although the universities themselves are not much different in rank, I am looking at it in terms of experience.

If I go to the university close to home, I can avoid having to take out loans, or at least keep it minimal. However, the area that I live in has literally nothing to offer me in the way of experience. Although I am majoring in Electrical Engineering, I ultimately plan on going into Biomedical Engineering, the field that I want to acquire experience for.

On the other hand, the university that is farther away is a good area for Biomedical Engineering. Not only are there numerous Biomedical Engineering companies, the university also offers internships that I would like to apply for. This university also offers a minor in Biomedical Engineering which can also certainly help. 

Although I probably sound like the stereotypical college student, I also really don't get along too well with my parents. We have very different opinions about a lot of things, and although I respect them, it's often hard to get along with them because of it. There is also literally no good place to study at home and my parents always have the TV blasting (which is right on the other side of my bedroom wall). Even when I tell them to turn it down, it goes right back up within a few minutes. I have lived with it long enough and I would like to move out, but my parents do have a point when it comes to avoiding loans.

At the same time, I do want to minimize loans right now because I do plan on going to grad school, which I will pretty much inevitably have to take out loans for. Since my goal is Georgia Tech, which does require experience to be competitive, I will need to get that experience somehow.

Which do you think is the better option: stay at home and avoid loans or move away and get experience?

? · Accepted Answer

Apply for the school 2 hours away and apply to every possible financial aid/grant/scholarship available and see what happens! As far as I know, you don't need to pay tuition in order to know you have been granted any of these. If you were to take out a loan, how much would it be? Is it possible that you could take a semester or two off, work as much as you possibly can, put up with your parents a little bit longer, and then go to your school of choice loan free? With regards to grad school, make sure you get enough experience in your undergrad years, co-ops and internships help a lot, and by the time you start your masters, you will be able to get a TA or RA position, and scholarships as well, which should cover a great portion of your tuition. Try to put off getting loans as much as you can!

Lana · Answer

I moved away even though I had a university within driving distance, and I have to say I don't regret it. It forced me to grow up in the sense I'm on my own, I have to prepare my own meals and take care of the place I live at. It taught me a lot about living with roommates (the good...and the bad) but I wouldn't change it. Because I'm close to campus, I'm able to get a lot of research experience, and prepare for grad school. I love the independence! And trust me, you're going to need quiet time when studying for uni exams. The library is always a good option, living at home or not. =) There's a chance I may attend the grad school near my house to save on money, but I loved going away for my undergrad. I also had to take out loans so this was a tough choice for me, but ultimately I'm glad I got the experience. Because if not, I always would have wondered, "what if?"

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Is it worth taking out loans so that I can get experience?

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