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your opinion on student loans ... Please read if you have been in the University System at all so I can get some good feedback

So Next year I should be transferring to another University. I won't have any scholarship, and I will get financial aide, which will cover half of my tuition costs, that is if I can even get fin. aide by that time.

w financial aide I est: 3k yr + books/misc
w/o financial aide I est: 6k yr + books/misc

I will also be commuting every class day about an hour, so I will need to have my own car, or have our old one fixed. And bridge toll...Or Amtrak to clear the bridge..

Okay, so I also have a son, my SO is a personal trainer who is also in school and he works his booty off to give us health care, a roof over our heads, etc. I do not work. Should I:

A: get a loan that I pay off while in school?
B: Defer Payments, but then owe almost double because of fee's and interest accruing?
C: Just work and pay as I can?

I'm looking at a loan from about 15-20k, so my SO can go back to working minimal hours. If I defer I will owe 25-30k.

My major should pay off once I get my degree and find work in my field.


Asked by DomoniqueWS at 9:24 PM on Nov. 19, 2010 in

Level 25 (23,109 Credits)
This question is closed.
Answers (8)
  • I took out 22,000 total and I've already got it paid more than half down. And I didn't work while I went to school. I paid total 25,500. You can do it! :D

    Answer by Musicmom80 at 10:02 PM on Nov. 19, 2010

  • They now have the Income Based Repayment Plan to pay back your loans based on what you can afford. They will take you & your Husb's combined annual gross income& number of dependents to fig. out what you'd pay after your graduate. I wish they would've done this sooner, as I now owe double what I borrowed since no one would work with me on the amount. Congrats on getting your college education & good luck w/ the loans!

    Answer by mrsmom110 at 9:32 PM on Nov. 19, 2010

  • I got a private student loan with quite a bit of ease. Two of them actually. Total of 13 grand. I had to do it, so we could live while I went to school. I'm out of school, but the first three years I didn't make as much money as they said you would, and I was working full time. I had a few deferrments but the interest really wasn't too bad. Student loans, even private ones are very low interest. It hasn't been easy to pay them, but I am anyway. I did what I had to do to get through, and I don't personally regret it.

    Answer by Musicmom80 at 9:34 PM on Nov. 19, 2010

  • You should work regardless of whether or not you're getting a student loan.

    You will probably pay more than 30 for a loan that big. I know a girl who got a 20k student loan and after it's all paid off she'll have paid 70k on that one student loan. Most schools have work study. Look into that.

    Answer by SaraP1989 at 9:38 PM on Nov. 19, 2010

  • Something to keep in mind - it is nearly impossible to get a private student loan right now. Does your financial aide package include your potential federal loans? I would advise against getting any kind of private loan that gives you terms worse than a federal loan - they have a lot more options to collect from you if you miss a payment, including altering your interest rate.

    If you're just considering whether or not to take the loan portion of your financial aid, they have an option to pay the interest while you're in school so you don't owe nearly as much when you graduate. That may be a happy medium for you.

    Answer by NotPanicking at 9:28 PM on Nov. 19, 2010

  • What is that called when you just pay on interest?

    Comment by DomoniqueWS (original poster) at 9:30 PM on Nov. 19, 2010

  • I'm probably not going to work at all while in school, unless it's temp. I like the income based option.

    I already go to a university in my hometown, but they do not offer upper division coursework on my major, so I am transferring, and I'm busy with that. If I start on my upper division, commute, and work...OH HECK I'll just crawl over into a depression from not being home.
    Maybe we will move in with family while I finish the last couple years of school. hmm save $$

    Comment by DomoniqueWS (original poster) at 9:47 PM on Nov. 19, 2010

  • Whatever your decision - I wish you the best of luck.

    Answer by tasches at 4:32 PM on Nov. 23, 2010