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SW Iowa | If I'm reading between the lines correctly, you're about 5 weeks into your first semester of college? You mention quitting college "right now"... I would definitely not walk away mid-semester. You haven't given it much of a chance yet, and I would guess at this point tuition is nonrefundable, so might as well stick it out for the semester and try to learn a little something.
If I were you, though, I would stay in school and sharpen my pencil to get your living expenses down and some income to help pay as you go. There is absolutely no reason you need to borrow $27k per year just because that's what MU says it might cost. It looks like tuition is only about $11k/yr. Get a cheap apartment with some roommates to split the bills and cook your own meals. Find part-time employment to help fund things along the way and there's no reason you can't have a bachelor's degree without a burdensome amount of debt. I would also be questioning whether your current student loan is the best available option... my gut reaction is that 8.8% interest on a student loan sounds high given where interest rates are at in general.
I do agree that the earning potential once you graduate needs to make sense and that changing major may be a good move. You could perhaps consider a field that is applicable to ag without being exclusive to ag, like some variant of engineering, a science field, or business/finance. That would give you the option of a job working in ag if you wanted, while having some options for employment in a different sector of the economy if/when the ag isn't doing so hot.
Regardless of what you end up doing in terms of college, I would strongly recommend learning as much as you possibly can about personal finance and how to manage your money effectively. That's something that isn't taught in schools very well (if at all) and your decisions in that regard will make a huge difference in your long-term financial situation. Though there are some things I disagree with, Dave Ramsey has good ideas overall and a variety of mediums by which to access them (books, radio show, podcasts, etc). The book Rich Dad Poor Dad is also worth a read. You mentioned making a truck payment... reliable transportation is important, however if that loan is more than a few thousand dollars it might be wiser to downgrade into something you can pay cash for.
As someone without familial connections to farming, you might also take a look at the Iowa State Beginning Farmer Center... they have a program to match retiring farmers with aspiring young individuals such as yourself:
http://www.extension.iastate.edu/bfc/current-opportunities | |
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Wanna help shape a young guys life? HELP NEEDED..
