Question:

Nxt yr I will pay $13,000 yrly.How did u deal with students loans? Advice? Am I too young to be in debt?

by | earlier

For some reason I had to file as an independent...I will have to get loans with a co-signer..Is it really worth it it? Or am I too young to be in that kind of debt? Can I deal? I just want your opinions..I got a pretty good deal since the school is about 48k but I'm going to be 18 in august and I'm just so young to be involve in loans and next year I won't work because I want to dedicate my time to my studies..and will have no income?

Is it really worth? I know it's a great deal for such an expensive school, but I'm alone on this one..How did you deal with your debt?

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Double check filing independent.  Since you are not yet 18, it doesn't make sense (to me).  If your parents claim you on their taxes - you are dependent, and their info goes on the FAFSA.

That said, I recommend doing a budget.  What will your estimated income be after graduation?  Take that $ amount and subtract the 13k yearly loans, rent, insurance, food, car, electric, phone, heat - any expenses for a person living on their own.  After subtracting - is there $ left over?  If not, then borrowing $13k yearly puts you in over your head.  If there is $ left, then perhaps taking out the loan makes sense.

We just went through this with our daughter.  She wanted to go to an expensive school, yet her major - athletic training - will not support paying back $20k yearly loans.  Her brother on the other hand, his major - engineering - will pay off such a debt - and he strongly believed going to a highly rated school was worth the extra $.  You may be able to borrow loans in your name - check with the college's financial aid office to see what loans are available in your state.

It really is a personal decision.  Good luck
Report (0) (0) |   earlier
*cough, cough* Student deferment.

As long as you're a full time student (and this covers the summer), you shouldn't have to pay anything on your Stafford loans.  Make sure you fill out your FAFSA--it's the only way to get them and it's a heck of a lot better than going through a regular bank.  You'll also have the option once you're done to set your payments to something affordable.

Personally, I currently only have about 9k in loans and will be getting them deferred again when I go to grad school.  As it stands right now, they'll only want payment for a month or so, and I should be able to get out of that for economic hardship.  The loans I'll be taking out for grad school, well, I'm going to worry about that when I get there.

Keep in mind, almost nobody goes to college without going in to debt anymore.  48k is still pretty steep for undergrad--I'll be paying less than that for my graduate degree.
Report (0) (0) |   earlier
First of all, judge a school not by the amount of scholarships you get, but by the amount of loans you have to take out to get there.  Second of all, federal loans are okay, in a pinch and during your last two years of college only.

In my honest opinion (for what it's worth) yes, you are too young to take out 13K in student loan debt as a freshman.  Federal student loans have limits on them for a reason (3500 for a fresh).

Private student loans are evil and never should be taken out under any circumstances.  Substandard terms, high interest rates, plus you will need to pass a credit check or have a cosigner.  If you cant attend college on federal student loans only then it's not a very good school.

Get a part time job.  Your freshman year it will only benefit you.  You aren't going to be THAT busy that you can't spare 15 hours a week.  Good Luck.
Report (0) (0) |   earlier
It seems that you feel really screwed up of this problem. Hope you may found useful here.http://debt-relief.expertips4u.info/cons...
Report (0) (0) | earlier
Yes you are too young but you are confident also so it wont be any problem for you. For student debt you can't file bankruptcy so it is better for some student loan consolidation agency, but you have to check if they are registered organisation or not and then go for one.

http://www.easystudentloanconsolidation....

and

http://www.studenthut.blogspot.com
Report (0) (0) | earlier