Everyone says student loans are worth it, what do you think for me?

Question

Alright, I am in my second year of college and I plan to go to Grad School. I took some duel credit and AP courses and plan on taking Summer courses, so I will hopefully graduate in 2013 with my Phd in Psych. So far I have about 9k in subsidized loans. I plan on being a Forensic Psych, and then maybe a Clinical or School Psych when I have a family. Maybe I'll try to find something with a higher salary. I plan on putting money away for my kids so they aren't on their own for college. Do you think loans will be worth it? I get financial aid and I work, but it seems I'll need 3-5k extra a year unless I get more aid. I plan on moving in with my Mom for my last 2 years of Undergrad to cut down on expenses. What are your personal experiences and opinions? My family is all for the loans. Advisers can only offer so much. Thanks! 10 pts best answer.

Answer 1

There are two sources for student loans -- the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Application for Federal Student Aid (FAFSA). A college student loan is a sum of money available to full time students, with a minimum level of interest required during the period in which they are registered as full time students. These types of loans rarely cover the entirecost of education, and most applicants refer to other financial aid options in order to meet their needs.In most instances the FAFSA is required for all federal financial aid including federal student loans. Deferment options are available while you are still attending school at least half-time.  There are four main federal loan programs.

http://best-loans.awardspace.com/student...

Federal loan consolidation is for students who are in repayment status or parents who wish to extend the repayment period on their current PLUS and obtain a fixed interest rate for the life of the loan you can combine all of your eligible federal student loans into one loan with a Federal Consolidation Loan. Consolidating also locks the interest rate you pay on your loan.

Answer 2

I went to school out of state and am now in debt $50,000.  I always thought while I was in college that loans wouldn't matter.  It's not easy to find a job after graduation, even with a degree.  I look at people like my brother (he has an Associates, makes double what I make and is 2 years younger) and my boyfriend (some college, military experience, makes what I make) and think that maybe I didn't chose the best route.  I'm glad I got the degree more for the experience I had meeting new people, making new friends and being on my own than I am for the career aspect.  But, I expect you are similar to me and you will do what you want/what is best for you regardless of what others say.  And, that is the best thing for you!  This is a decision that will affect you for the rest of your life so really weigh your decisions.  Oh, another thought that might help you: after graduation I had to live with my parents for over a year because I wasn't making nearly half of what I had to make to afford my own place, while my brother had moved out years before!  Good luck!  :)

Answer 3

Freshman and soph should really avoid loans if at all possible.  Too many of them drop out because its just not for them.  It doesn't sound like that is you, but I am wondering why wait to move in with the folks for your last two years?  do it now so you don't take out as much loans.  Stay away from Private student loans, avoid private like the plague and you should be okay.  Lifetime limits should keep you down to a minimum.  (Never borrow more total than what you would expect to earn your first year out of college).  

As for the major, I'm a little skeptical.  You've fallen into one of those "flavor of the year" degree's popularized by American TV and will face a ton of competition when you do graduate.  Every kid graduating from high school wants to be a forensic psych major.  

They never tell you in the career services office at the college or your teacher that in some states (like mine) there are only 4 or 5 jobs in the ENTIRE STATE that require this degree.  WIthout a ton of gumption and the abilty and desire to move far away from any school that offers this degree, you'll wind up answering calls for some insurance company in a cubicle with an undergrad degree in that field.

Clinical and School Psychology are a totally different field than forensic psych.  Are you talking about getting a masters in that?  Any psychology degree is really a poor field to get into.  And honestly, even PhD's in psych risk getting into the job market and I see them be passed over for jobs because they are overqualified and no one wants to hire them.  

Sorry I'm not more help.  All I can say is focus on what you are trying to accomplish now... don't get to ahead of yourself.