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  #1  
Old 08-08-2012, 01:55 AM
amlam amlam is offline
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Default Student Loan Advice Needed

Hi, I'm 22 and was about to start community college this fall but found out that I don't qualify for federal aid and would have to get personal loans in order to start. My school couldn't tell me why I didn't qualify but I think it might have had something to do with me not meeting a deadline for the paperwork.
Anyways, I have been doing some research and have found that the average interest rate is 6.8% for student loans.
I just moved to this state so I would be paying out of state tuition and this process was kind of rushed because I hadn't been planning on moving here. In fact I didn't know I was moving out of state until the end of May. If it wasn't so rushed I could have applied for other grants and financial aid.
After finding out that I would have to get a private loan I am now considering waiting for an entire year to start school. I had been working since high school but when I moved (I moved with my dad) I quit my job and was planning on just focusing on school but now I'm thinking about trying to find a part time job for a year to save money for school. I can also start preparing for next year by researching different grants and start applying for them. My dad thinks I should just start school now and get the loans but the interest rates are getting me. The minimum loan I would need for the year would be $8000 and with a 6.8% interest rate I would be paying $3000 of interest on it if I paid it back in 10 years.
What do you guys think I should do?
Thanks for the help.
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  #2  
Old 09-01-2012, 05:33 AM
Fredy Atwater Fredy Atwater is offline
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Default Re: Student Loan Advice Needed

If more of us had done what your'e doing Amlam we wouldn't be in debt.

Decide along with your Dad if the return on your investment is worth paying the 3000 in interest per semester.

You should be realistic if your carrer title will be able to afford paying off such loan.

I think your'e in the right track Amlam. Keep on calculating adding and subtracting until the numbers make some sense.
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  #3  
Old 05-13-2016, 07:28 AM
EllieFraser EllieFraser is offline
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Default Re: Student Loan Advice Needed

Of course going to university or college is a big commitment but you must take into consideration everything, including living costs ect.
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Old 09-30-2016, 07:52 AM
Jovanny Jovanny is offline
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Default Re: Student Loan Advice Needed

Have you considered borrowing from a credit union? If you are in Killeen, TX, Greater Central Texas Federal Credit Union can be a good option.
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  #5  
Old 10-29-2016, 11:25 PM
mmrseobd mmrseobd is offline
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Location: NY
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Default Re: Student Loan Advice Needed

Thanks for the post. I need help on student loan.
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  #6  
Old 12-12-2016, 11:16 PM
webbrowan webbrowan is offline
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Default Re: Student Loan Advice Needed

I think that you're a really smart girl who knows the pros and the cons. And you're right that these financing plans seem very unaffordable right now, especially if you're looking at a 10-year repayment period! There are options like continuing to work while studying, but I don't think that will have a positive impact on your grades. I applaud you on your courage to wait things out this year and perhaps what you do this year in the meantime will make repaying the student fees next year a less bitter pill to swallow. good luck!
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Old 12-26-2016, 04:28 AM
rjsabbir rjsabbir is offline
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Default Re: Student Loan Advice Needed

I also need loan
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Old 12-26-2016, 08:13 AM
mkimkimki mkimkimki is offline
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Default Re: Student Loan Advice Needed

It is very hard system.
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  #9  
Old 03-20-2017, 12:50 AM
laktruitt laktruitt is offline
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Location: Texas
Posts: 15
Default Re: Student Loan Advice Needed

When you are looking at student loans make sure you are aware of how much you will have to payback during each payment. After college, you won't be making a lot of money and often the payments start around 300.00 if you want to make progress on paying back.
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