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Student loan questions - I need help!

I went to my school's financial aid office today and was told that student loans increased significantly. So I now owe around $11,500 to them - not including interest. I also went to a community college prior to this school and owe around 3,500 there. So that's about 15 grand I owe in student loans.
So question 1) How long would it take me to pay this off if I could only pay $150/month.
#2)Should I start paying them back while still in school ? I graduate from here in January. Will that drop interest enough that it will be a lot less money in the long run?
#3)I also wanted to get a nursing degree at another school when I finished here but now I don't know if I should. Should I get another degree? I didn't get a degree at my first school and want to go back and finish that. To finish shouldn't cost more than $3,000.
I'm really upset about the increase and just don't know what to do. Any help/advice is greatly appreciated.

Answer Question

Asked by Anonymous at 5:09 PM on Aug. 23, 2010 in Just for Fun

Answers (2)
  • I quit school, got a job, and finished paying the 15 hundred I owed the loan dept, this july. My graduation date kept getting pushed further and further away. But then again that was with Pheonix !

    Answer by tryin2BGOOD at 5:14 PM on Aug. 23, 2010

  • 1) 100 months plus interest. Nearly 10 years... if you don't take out any more student loans. But your income will increase once you're done with school, and probably be able to pay more.
    #2) I'd say the first step is to stop getting more student loans. Maybe save up more money for college and then start paying off debt. If you can do more, start paying the interest payments on debt so it doesn't compound.
    #3) For advice, I would strongly recommend Dave Ramsey's book, My Total Money Makeover. Or his website ( There is also a Dave Ramsey fan group that can help you out a lot.

    GOOD LUCK :)

    Answer by Erica_Smerica at 7:13 PM on Aug. 23, 2010

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