Student Loans/Grad School Question

posted 3 years ago in College
Post # 3
Member
9949 posts
Buzzing Beekeeper
  • Wedding: June 2013

@MrsN14:  If you do not go to graduate school, will you be able to get a job that you like and that pays well?  

 

I chose to go into debt for graduate school because I wouldn’t have been able to get a job I wanted without that education.  I have a LOT of loans, but paying them off is doable.  It’s annoying, but not impossible.  If you’re guaranteed to make $65K, you could easily handle loan payments.  Good luck!

 

Also I just saw that you wrote you can’t find loans that you don’t have to pay off while in school…um where are you looking?  All of my loans were deferred until 6 months after graduation…

 

Post # 4
Member
11772 posts
Sugar Beekeeper
  • Wedding: May 2013

If you can pay off your tuition as you take classes while still saving for the future, I would do that! No need to pay interest if you don’t have to!

Post # 6
Member
2661 posts
Sugar bee
  • Wedding: August 2015

@MrsN14:  I don’t think there are any loans out there for grad students that won’t accrue loans while you’re in school, but the Stafford loans definitely have a grace period after you graduate. I’m stuck in that same annoying boat of having to get unsubsidized loans.

Post # 7
Member
942 posts
Busy bee
  • Wedding: May 2014

You’re going for your M.S. in Speech Pathology right? I remember talking to you about it on another thread. I’m applying to grad school for that starting Fall 2014 so I have also been looking into everything.

My plan is to take out student loans just for tuition. I plan to pay fees and living expenses out of my savings, my salary (I plan to work part time – I know the programs don’t suggest it but it has to be done), and my FI’s salary. My programs do seem to be more expensive than yours though, about $17-20k per year. My FI is also in school so his salary isn’t that great. So paying out of pocket is not possible.

It seems like it would be possible for you to pay out of pocket and not having to pay interest would be great! Maybe you could take out minimal loans to give yourself some breathing room and then pay the rest out of pocket. That way your finances won’t be in trouble if there is an emergency but you won’t be paying too much interest. I hope that made sense – my brain is still shot from my Neuroanatomy exam yesterday.

Post # 8
Member
11668 posts
Sugar Beekeeper
  • Wedding: November 1999

@MrsN14:  PAY AS YOU GO!  20k won’t be awful but if you can pay as you go (even if it takes a bit longer) do it!!!!  Or, just take out a little bit to cover part of the costs?  

Post # 9
Member
6073 posts
Bee Keeper
  • Wedding: August 2012

@MrsN14:  When I did grad school I was able to get unsubsized loans.  Are you being rejected?

 

I was single, living in a house I owned, I had no savings, just divorced, no car even!

 

I took out the max every semester, but I only used a very small bit.  It was there in case the furnace blew or whatever.  I paid for the tuition and books from my own paycheck though.  I vowed not to use debt (aka student loans) to pay down other debt (aka the mortgage).

 

Upon graduation, actually before I graduated, I was able to pay nearly all of it back because 85% of it was untouched.

 

So that is one way to do it, IF YOU HAVE WILL POWER NOT TO TOUCH IT LOL, which was mainly for a back up savings, but use your income to pay the tuition.  I did have to buy a car, because I was carless for 8 months and then it was snowing and it was just time to buy a car, but it was a $2,000 car.

 

Yes that means I had no savings upon graduation (since I gave all the loans back), but I also had a higher income.

 

I would wait on the house reno.  Use only cash!

 

Post # 10
Member
9949 posts
Buzzing Beekeeper
  • Wedding: June 2013

@MrsN14:  I would take out loans and as other have said, pay as you go.  How much will it be total?  Like $20K?  That’s really not that much.  

Post # 11
Member
304 posts
Helper bee
  • Wedding: September 2010

Honestly, I would try and pay as you go. Or maybe even pay half your tuition every year? The less you have in loans, the better. Interest accrues  more quickly than you think it will. 

 

I have loans from graduate school and under grad and if there was anything I would do differently, I would have worked enough to be able to pay for more of my graduate education.

 

You can’t get subsidized graduate loans anymore (boooo), but you can get stafford loans that are unsubsidized and you can get Perkins loans (which are subsidized while in school) if your income is low enough. But, with Perkins loans, you usually won’t get very much (usually 2k at most per year).

 

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