(Closed) Student loans?

posted 8 years ago in Money
Post # 3
Member
979 posts
Busy bee
  • Wedding: July 2011

I would say don’t do it.  I had to borrow more on my student loans to get through my year of clinicals.  Now instead of a $12000 loan, I have a $23,000 loan for an associates degree.  I would keep plugging away looking for work.  It would be better to borrow from your parents and give them all of your tax money.  Its better to not borrow more if you can help it.

Post # 5
Member
3871 posts
Honey bee
  • Wedding: November 1999

I know you want to live on your own but living on your own can be expensive.  You would save so much money if you moved back home.  Right now, your parents are paying for your rent and bills.  Don’t you think it would be better if they only had to pay for your bills? 

As for taking out a loan, I don’t think its a good idea.  You shouldn’t take out a school loan to pay for bills and wedding.  You should be putting the student loan  towards school. 

It sounds like your parents are very supportive of you because they offered to help.  It’s okay to ask for their help. Parents are supposed to be there when your in trouble.

What about trying to get a job at a Target or something. I know they are hiring for seasonal employees.

Post # 7
Member
40 posts
Newbee
  • Wedding: May 2011

Student loans are for school expenses, and room and board in the town where your college is located qualify as a valid student expense. 

 

So, fill out a FAFSA, and see if you qualify for grants in additition to federal loans, which have great interest rates (some are subsidized, so the interest is paid while you are in school.)

Post # 8
Member
2090 posts
Buzzing bee
  • Wedding: August 2010

Be careful with checking out interest rates. Private loans have higher interest rates, which as someone else said can mean that in a couple of years your balance will be quite a bit higher than 5k. I actually took out a 5k private loans for undergrad, and the minimum payment is about $53 a month, so it’s not much – but if you only pay that, you’ll be paying forever, and pay a ton more than 5k over the life of the loan. (I have not consolidated all my loans yet, ugh)

If you truly need the $ and can get a decent interest rate, 5k is certainly less than most people end up with for student loans. Having the least amount of debt is of course the best situation, but only you know if you need the money – which it sounds like you definitely might. Hope this helps!

Post # 9
Member
687 posts
Busy bee
  • Wedding: July 2011

I, as well as all of the 30 other students in my doctorate program, pay for all living expenses with student loans. There is no way we could work while in the program. Yeah, its going to suck paying them back, but there’s no way around it. Do what you have to do to get by as long as you know you’ll be able to pay back the loans. Also, try to get federal loans, so the interest rates are better and so you can do IBR when you are done. 

Post # 10
Member
608 posts
Busy bee
  • Wedding: August 2011

Education is important and makes a big difference long term.  I sounds like you are getting a Nursing degree.  If your loan goes to your student loans and living expenses than by all means take out a student loan.  My fiance graduates law school in may with at least $70,000 in student debt.  Its going to take us years to pay it off but we will be far better offer with his law degree than not.  Should you take out a 5k loan for your wedding? Absolutly not.  A wedding doesnt’ equal a marriage but education loans are worth it.   I should also mention that my career is in university relations and recruitment.  Also I agree with everyone else and say look into FASFA loans, grants, scholarships and any other options to help funding your education

Post # 13
Member
608 posts
Busy bee
  • Wedding: August 2011

I absolutly think you should look at student loan options.  I don’t believe in good debt or bad debt but I think sometimes you have to and getting educations is a reason to do that.  Buying shoes is not a reason to go into debt but education is worth it and I think 5k in students debts, especially if you have a plan to get out of it like you seem to have, is not a bad decision.  Sure, ideally no debt is best but most people don’t have that option.  I would say to really spend some time researching your options as student loans rates seem to vary more than others.

Post # 14
Member
7771 posts
Bumble Beekeeper
  • Wedding: July 2010

Just be careful because it can get out of hand.  I never planned on having as much student loan debt as I currently do, and now I am looking at graduate school and feeling really overwhelmed.  If you can manage it responsibly, it shouldn’t be a problem.

Post # 15
Member
14495 posts
Honey Beekeeper
  • Wedding: June 2011

Don’t let the student loan rates fool you, my $2000 student loan ended up costing me just over $6000.  I would have borrowed against my life insurance had I known all the repercussions to the student load program.  You should talk to your parents before you do a student loan, it may be easier and cheaper to make a “loan” out with them. 

Post # 16
Member
121 posts
Blushing bee
  • Wedding: September 2012

Student loans are payable to your school, not to you, so if you have prepaid tuition, you may not be offered any, because you have no need for assistance paying your tuition. Additionally, your FAFSA classes you as a dependent until the year you turn 24, regardless of your actual dependence or not, and considers your parents income until that time, or until you get married at which time your spouse’s income is considered.

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