student loans

[ectolysergic]

i just registered for school for the first time in years. school is even more expensive than it used to be. and this is just a junior college. =(

i've only registered 3 classes so far and i'll already be spending over $1000 before having to spend as much on books.

i love how i didnt qualify for any grant money because my AGI on last year's tax return was so high. it's bollocks. yeah, i had a good paying job.... but then i got laid off and i haven't worked in over a year ever since. ugh.

the only options i have now are student loans. all i hear are horror stories about them. i've been offered Stafford loans and really need to consider my options if i am going to finish school up this time.

does anyone have any experience/stories with student loans and/or advice they can share? i really want to finish school up this time but i'm afraid my financial situation won't allow me to.

 

[Cyc]

$1000 for 3 full course credits isn't expensive at all.

I do agree however that the way they calculate need when it comes to grant money is pretty bizarre. It's the same way in Canada. I never get approved for grants because I try to work part-time to give myself a living allowance. Yet if I don't work, I have to write an essay explaining why. It's a lose-lose situation.

 

[Jerry Atrick]

i just registered for school for the first time in years. school is even more expensive than it used to be. and this is just a junior college. =(

i've only registered 3 classes so far and i'll already be spending over $1000 before having to spend as much on books.

i love how i didnt qualify for any grant money because my AGI on last year's tax return was so high. it's bollocks. yeah, i had a good paying job.... but then i got laid off and i haven't worked in over a year ever since. ugh.

the only options i have now are student loans. all i hear are horror stories about them. i've been offered Stafford loans and really need to consider my options if i am going to finish school up this time.

does anyone have any experience/stories with student loans and/or advice they can share? i really want to finish school up this time but i'm afraid my financial situation won't allow me to.

While I believe that taking out loans sucks, it is sometimes a necessary evil. What kind of horror stories have you heard?

I have about $30K in loans and because of my intermitten periods of unemployment over the past few years I've been able to apply for deferment/forbearance. The two are very similar and basically state that because of low income you can put off payments for like a year. After that year is up, if your income is still too low then you can reapply. Whatever you do, you don't want to let your loans go into default.

My advice is to not take out any more loans than you need. Calculate your estimated expenses for the next semester and choose a loan amount that is pretty close to it. I made the mistake of taking out more than I needed and now I owe more than I should

Good luck.

 

[Cyc]

I do exactly what Jerry does except in Canada it's called "interest relief" where the government defers your loans and pays the interest on them. I'll also echo his advice about not letting your loans default.

I will keep going to school until I land a job that pays $40,000yr+

 

[ectolysergic]

im also wondering exactly how a Stafford loan works in a community college setting when you intend to transfer after receiving an associates degree. does this mean that the loan is repaid when i finish community college or when i finish university?

im looking at the subsidized Stafford closely as interest doesnt accrue until after graduation (whenever that is exactly) the loan amount is about half as much as the unsub loan but it covers a good portion of tuition. the rest of tuition, books, etc. would unfortunately have to be covered out of pocket.

ugh. i really want to get back but i feeling hopeless and really stressed out about how to make it work.

 

[purple_cloud]

im looking at the subsidized Stafford closely as interest doesnt accrue until after graduation (whenever that is exactly) the loan amount is about half as much as the unsub loan but it covers a good portion of tuition. the rest of tuition, books, etc. would unfortunately have to be covered out of pocket.

The loans that don't accrue interest until after you graduate tend to be the smallest ones you'll be offered. You don't have to take the FULL unsub loan, if you are saying the sub one may take care of most of your needs. The unsub amount they are giving you is the max you can take --- when you call/go in person/whatever you do where you are, you can take out a smaller amount (eg they give you 5k but you only choose to accept 2k)...this sounds like it might be a good idea for you.

Oh, and even if they accrue interest while you are in school, you still don't have to start paying them off until after you graduate.

I'm a graduate student with loans starting to move up my rear and around the corner so I hear ya 8)

 

[Jerry Atrick]

ugh. i really want to get back but i feeling hopeless and really stressed out about how to make it work.

Listen to Purple Cloud, it won't hurt that much to take out a smaller unsubsidized loan in addition to the full subsidized one.

Don't stress out too much, it'll work out for you.

Have you gone to the Financial Aid office at your school yet? The counselors are there to help you and will work with you to create the best possible situation.

 

[ectolysergic]

i plan to this week. i hope i can be considered for special circumstances due to being unemployed for over a year. a long shot but hopefully i can and my options and totals might be reconfigured.

good idea about taking just enough of the unsub to cover what the sub doesnt. i may have to bite the bullet and take this route.

thanks for the input everyone.

 

[woamotive]

Education is very important so just take the loans, apply for grants if available. I just got my BA in the spring and have about 23,000 in debt from student loans and make monthly payments. I do have the option of applying for either a deferment due to financial issues or a forbearance to stop the making of monthly payments. Interest will still accrue but that's fine as the borrower can still make as small of payments as he/she feels comfortable. I feel that the money put into it is worth it. Also, if and when you go for a Masters you can do that tuition free via teachers assistantship or research grant. That's the ONLY way to do it in my opinion.

You do always have the option of going to school in another country where tuition is cheaper. Sucks that the U.S. has their priorities twisted.