Federal Student Aid (Taking out a loan for college)

[TheAppleCore]

When I was younger I swore I'd never get myself in any debt. Things don't look quite so black and white now. Heheh.

I got accepted into my top choice university. I really think that going to this school would be an immensely valuable experience, but unfortunately there is no way that I or my family can afford paying the tuition upfront. Based on my application I did get offered a loan from the U.S. Department of Education, which would make this all possible.

Obviously I'm tempted to accept the loan, but as mentioned, I am also very hesitant to get myself in debt. Also, by nature I am very skeptical and cynical, and wonder if there are any catches or strings attached... buried in the monstrosity of legal terms and conditions by which I am bound when I sign for the loan.

Basically I'm just wondering, have any of you guys had experience borrowing money for school, specifically Federal Student Aid, and did it work out alright? Ease my anxieties...

 

[Axed]

My school is about $55k a year, so while I get Financial Aid, there's still usually around $11-15k left for us to pay per semester. I've had to take out a couple loans right now. They don't seem too malicious, except for the interest rates being kind of high. At least that bill didn't pass in the U.S. that would double the interest rate for students, because that would suck. A lot.

 

[Foreigner]

No risk no gain. If your schooling is in something you are passionate about and you see yourself making a life with it, then it's going to be worth the investment. I would say if you're unsure about what you're studying before you even start, or you don't have a passion, then you shouldn't do it. A love for what you do is what will give you a better guarantee. Some people enter degree programs in order to make money, but IMO it usually backfires, unless they are doing something white collar like becoming a doctor.

Also remember that you can apply for private scholarships. There are so many out there, and they can help supplement you so that you will have to take less from the government. I would not call a Federal student loan high risk, not like a mortgage or bank loan.