Mar9th
Okay, if you have had them, did you use them at all for basic living expenses or just tuition? I was recently in a very bad accident and missed so much work that it has really put me far behind in my finances (the job only pays 8.40 an hour after tax but I do work 30-40 hours a week). I also need to buy a car because there is no public transit in my town so getting to school and work are becoming increasingly difficult with just depending on friends for rides all the time. So far I have just used them for tuition but I am going to NEED money for my living expenses such as rent if I am going to take out a loan for a car. So is it worth increasing my loans a little bit? Or should I just drop out of school and work full time? (I will graduate in June anyway)... Ehh I just don't know what do do. Will the loans be a killer to pay later?
Also, I didn't use loans at ALL till senior year, I was living with my parents up until then so I could afford tuition. So all I'll have is basically a year to pay back.
Some insight from someone who has been there done that would be GREATLY appreciated. You have more than a year to pay back. You should stay in school and make it happen since your almost finished. Get a car if you need too.I can only let you know about my particular situation but I did use my student loans for some basic living expenses. I chose to move off campus my senior year and I borrowed money to pay rent. I would suggest going to your schools' office of financial assistance and speaking to someone there. Typically there is a number that the school assesses as the cost of 1 year there and you would be able to get a student loan up to that amount either through a program that they offer or an outside source (fannie mae, etc. etc.) Hope this is helpful and Good luck!
I re-read your post again. Do not, and I repeat do not drop out with1 year left. You will regret it. Student loans typically have fairly low rates and a long pay back period. They also often offer deferment for continuation of schooling, hardship, etc. etc. In addition the job opportunities you'll have as a college graduate versus the ones without a degree will far outweigh the cost of the loans themselves.First of all glad you came out of the accident ok. well enough to resume your life style. Usually when you get a loan or a grant. The bursars office will take what the tuition is and give you a check for the balance. If you are not living with your family now your living expenses like dorm or apartment and food and transportation is usually included in the loan. But not the grant. In any event you only pay back the loan. The grant gets paid back only if you do not attend. Why would you want to drop out you have less than a year. What like 7 months. Look you will never catch the fire you have right now. Finish school now. Do what ever it takes. You don't start paying back loans until 6 months after you graduate. Keep the faith, it could be worse. just do what ever it takes to graduate. You might have to rent a car. You might have to have a roommate. so what? that is how students live. After graduation you will get a job. some kind of job and then you will be able to start living the way you want. Every one who ever made it did it the best way they knew how.
You will make it. Just do your best. Include all the things you need in the loan and pay it back later. tomorrow will take care of its-self.
What ever you do Finish School graduation in June. Aime for it
by the way you should be getting a check from the car accident right?
Use it wisely.If you have the loan before then ,bank the money from the accident. It could help you until you get a job. Even if you get job make sure you keep a good eye on your cash in the bank. You can make loan payments monthly and still pay your bills. If you do not pay the loan payments they can freeze your bank accounts so make sure you at least make arrangements to lower the pay back amount even if you cannot the original amount . for instance if your payment is 100 amonth call and see if they will take 50 a month that way you are still in good standing.and when ever you can not pay call and make payment arrangements.
Good luck God BlessI have been using some of my student loans to live on since going back to school a 2nd time. If you only have a year left it would really be stupid to just drop out. Student loans have low interest rates and you have up to 10 years to pay them back once out of school. I suggest filling out the FAFSA form and once you see how much you can get determine if you think you need it all or only part for school and living expenses. Like I said I use mine for tuition and books and then use what is left for whatever I need during the semester. Hope this helps.#If you have any other info about this subject , Please add it free.# |
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