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Lucky Kate | I'm currently in college and have about $20,000 in loans. Is this going to ruin my financial life? |
Now, I'm only halfway through college so I'm probably looking at another $20,000 in loans or so before I graduate. Is the chance of college getting me a better career worth the debt that I'll have to repay? And is this going to force me to live in a cardboard box for the rest of my life? Any experience or tips are appreciated!
Additional Details
Thanks for all your advice, and just to clear it up, my major is communications. |
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Jimmy P
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You are better off with a degree and loans financially then with the jobs you would get without a degree. The lenders will want their money, but they understand that you are just starting out. You have 6 months to find a job without paying anything. After that you make your scheduled payments. Federal loans have lower interest rates then the private ones. If they are private you can consolidate to a lower interest rate. There is a forbearance option to pay only interest on the loans and not principal for a time period. They also can look at your income and determine if your payments can be postponed or consolidated into smaller payments.
Advice would be once you land that first job, don't go crazy on stuff like rent, car payments, going out, just keep expenses minimal to pay your loans off. Also stay aways from credit cards because interest rates are much higher. Look at what your expected payment is and keep that in your budget. Talk to a loan officer to find out all your options. The key to financial success is proper planning-have cash reserves, invest for future, have minimal expenses, payoff your debt. I never regret having a few student loans with the career success I've had because of my degree.
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dsarkdsamned
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I had a 20k loan and paid it off in about 3 years, and I did not get a job till almost my degree was over, and my work which I did for one year was not related to my degree ^^ so no it will not ruin your life - you just have to be smart and start saving, first priority is to pay the debt. I guess it would be easier if you lived at home and did not have any other bills to pay- but whatever you save put to your loan, and watch it get smaller and smaller and then you can start saving again for other stuff. |
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Kronner 82
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I'll probably have $30k when I graduate. My guess is that unless you have an English major (no offense if you do) or something else where a Bachelor alone doesn't get you very far, that you'll do just fine in jobs. That is, unless the economy REALLY goes south on us. If that's the case, though, then everyone is in trouble because everybody nowadays seems to be in debt.
I'd say, don't worry, just learn how to manage your money, find a cheaper rental unit, be a savvy shopper, and make reasonable payments but don't try to kill yourself. If your credit rating isn't lousy you may also be able to pay off one loan with another, effectively stretching out your payment schedule a little bit. Though this can be a risky game to play. |
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wisdominknowledge
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it is the best investment you will ever make. student loans have liberal repayment terms and low interest. so what if it takes ten years-by then, the $100. per month should be easy assuming you have a decent job.
a degree increases your earning power tremendously-in 2 or 3 years you will make more than 20,000 a year above what a high school graduate makes.
don't worry about it. do well in school and it wont be a big problem. |
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jess w
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im going to have to do loans too. and my advice is have a job during college and save up plus you should have at least 6 moths to pay it back they always give you time. but with college once you get started with your career you can pay it off. i'm going to have to do the exact same thing lol so i know how you feel. but you wont be living in a cardboard box ha you should be fine as long as you have a job during college to save up some and after college your starting work. heres my email jesswaddel@yahoo.com let me know if you ned more help =] |
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robert43041
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If your grades are all in the A+ category and you're in engineering, or medical (or eventually, yes, law) or some such high demand and high payback field, maybe you have a chance. If you're , sorry, wasting your time, money and energy in such stuff as Liberal Arts, then good luck because you'll be paying back for the next twenty years |
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¤Ãrçh Åñgêl¤
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I just got approved for 30,000 in Financial Aid so i can go to college.
Im wondering the same thing..
Im thinking if you choose a career your going to do after you graduate and the pay is good than it wont be that bad!
but if the career/job u get when ur done with college doesnt pay the best than it can be tough i can just imagine!!!
Plus i think it will screw with the credit . |
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David M
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You don't say what you're getting your degree in. Hopefully it is in a well paying field and not the humanities or literary sciences, etc. which may be personally fulfilling, but doesn't pay very well. If you chose a well paying field of study, the $40,000 will be small compared to the additional money you will make over a lifetime. Things may be tight right after graduation, but over time you'll be much better off. If on the other hand you chose a field that you "like" or makes you feel good rather than paying well. Well then you made a choice where money was not all that important to you. Nothing wrong with that. High income jobs and the stress that come with them are not for everybody. But you will have lost your right to complain about it. |
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Nikolai
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Yes, you're pretty much screwed. I hope you're in a real major and not some bs one like business. |
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That dude
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It took my dad about ten years to pay his debts off and he has a masters in business |
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lol o
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well when you pay the loan back you're not gona pay back (assuming by then) 40k right away.. you slowly pay it back and you should have a job so for a while you might live paycheck 2 paycheck
just cut down on expenses buy things that are necessary |
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Erika
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if u want college to pay off u HAVE to get internships, co-ops or something to have on ur resume when u apply . Then when u do get that job make sure most of ur money is going to those loans, live with ur parents until they r paid off. i'm sure they will understand. DON'T but that brand new car , just bc u got a nice paying job. Get ur tooshie out of debt first and you will be forever thankful to yourself. then once u get out of debt u can move out and get a nice place... |
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Mr Haun
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well 20000 is definately a considerable amount of money but its still better than the student debt of many people out there...as long as you dont amount frivilous credit card and automobile debt you can stay on track and pay the loan bit by bit.... and it has been often told that people are graduating today and not easily finding work that even pays decently off of their career... at least not right away. But I suggest intern work and or craigslist hire which is easy to come across. hope this helps. |
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ID GURL
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I'm pretty much in the same boat as you, but no, i don't think so. Its a pretty scary thing when you look at it all on paper and then realize that that will be the amount of debt that you owe, i even freaked out the other day to my mom saying that i'll be living from pay check to pay check for the rest of my life, but that's not true. If you think about it, a person with a college degree averages about 20 thousand more yearly than one without, and even if it takes you ten years to pay off your debt, if you live another eighty, it sounds pretty much way worth it to me. |
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