JCC,
The 5500 you speak of is FAFSA, but he can take a personal loan for education from places like Well's Fargo if he has a co-signor. This may be where he is getting the 160K number.
That being stated, let's pretend he takes 100K in loans.
Do I think it is worth it? No.
This has nothing to do with the quality of the education it has everything to do with the 4 yrs as an AD officer and repaying the loans.
http://www.dfas.mil/militarymembers/payentitlements/militarypaytables.html
An O1 will gross 2828.40 a month for 2 yrs, base pay. On a good day, remove 20% for taxes/with holdings.
~~~That leaves roughly 2250 a month.
Student loans start to get re-paid 6 months after graduation. I don't know what 100K would be, but even at a 3% interest rate, I would have to assume since it is 10 yrs, it has to be near 500.
~~~ That leaves 1750
He will need a car, and a car payment on a good day would be @ 250
~~~ That leaves 1500
Car requires insurance, and due to their age, I would guess @400 a month
~~~ That leaves 1100
Car requires gas, I would guess on a good day 200 a month
~~~ That leaves 900
Can't live without a cell phone, I would guess 100
~~~ That leaves 800
Now the biggies
~ Food...22 yo, are you brown bagging it, or hitting BK? 100 a month
~~~ That leaves 700
~~~ 10 bucks a day for 3 meals (not happening, but let's pretend) 200
~~~ That leaves 500
~ Cable...say you share it with roomies, still 50 a month
~~~ That leaves 450
~ Utilities...still sharing with roomies, but electric, gas, water, sewer: 100
~~~ That leaves 350
85 bucks a week sounds great, but now you have a GF and you want to take her to a dinner and a movie 1 X a week.
~~~ That leaves you at zero.
Did you notice there was no money put towards savings? No money to fly home yrly to visit the family! No money to buy clothes, presents, etc!
OBTW, no money to put towards any credit card debt that you used to fly home, buy clothes or presents. You are digging yourself into a financial hole.
Honestly, my numbers are being really, really kind.
If it was my child, there is no way I would say that it is worth 160K in debt. What you do as an AD officer will be a bigger factor in 5-10 yrs when you enter the corporate world than the college.
Yes, I know networking, but that only opens the door, your experience is what seals the deal and gets you the paycheck.
Remember I only did 100, not 160K in loans. You will be even deeper in a hole with 160K.
Finally, let's pretend you stay for more than 4 yrs., at 6 yrs you are married and want to buy a home. VA loans are not 100% guaranteed, they still have regs, and 1 of them is your credit score. If you spent 4 yrs racking up debt because that college loan is killing you, than you may lose the chance to buy a home. That college loan is considered debt, and the VA has a looser reg regarding debt ratio, but they still have it. They will see car, credit card and student loan debt, which could kill you from getting a mtg.