Your Student Loan Expieriences

[Oilngo]

Originally Posted by texas

being in west jordan what colleges are you looking at?

Exactly what i was going to ask... SLC has a few rocket facilities, they make a few things for NASA up there. Only places i can figure is Utah or BYU, but assuming he will have to go out of state after the four years.

[jeg2315]

As a possible alternative to save money:

I forget if it's too late now, but if viable, you might consider a junior/community college for your first two years. The breadth courses are the same almost anywhere, and you will likely end up saving at least $10,000 or much more depending on the relative tuition and fees of your preferred 4-year universities.

I completed two years at a local community college, then transferred to Berkeley for my last two. It saved close to $20,000 this way, compared to starting there right out of high school. (Catch is, you really need to stand out at community college to get a good shot at transferring.)

Didn't borrow at all, as my parents helped me cover what I couldn't from my job at the time. Very grateful, and they just wanted me to earn it through my performance. Paying my own way through grad school (nights) right now at a better job, fortunately.

[Whodatiz]

They actually told me about the repayment jargon before I accepted. It's a gradual increase every few years and you start paying on it when you start back and they actually send you the layout in the mail. You must have gotten the Gomer Pyle CSR when you called.

Originally Posted by sooslow

If you can get Federal loans, do it. Stay away from Sallie Mae. Please, please heed my warning. They are bloodsuckers and limit you to nothing in terms of repayment (Going back to school is the only option for deferment). All of my federal loans were deferred by simply asking them to be (for 12 months) while I looked for a job in the state of the economy two years ago. The people at Sallie Mae literally laughed at me. I tried talking to numerous customer service representatives as well as managers and one told me he found it hard to believe I couldn't find a job. He then told me he had two jobs and it's pretty bad if I can't get out there and find at least one (basically calling me lazy). Their interest rates are insane compared to the Federal loan rates but I had no choice at the time. They also have a "smart option" loan that you begin repayment immediately (in the fine print, they make it easy to miss). Who the hell wants to begin repayment on a loan while I'm still in school? The whole reason I borrowed money was because I had none.

I'd be interested to hear about scholarship tips as well as I'm applying at William & Mary next fall for my MBA.

[AKHMERICA]

Originally Posted by Oilngo

Exactly what i was going to ask... SLC has a few rocket facilities, they make a few things for NASA up there. Only places i can figure is Utah or BYU, but assuming he will have to go out of state after the four years.

I plan on going to Utah State University. It's the only decent aero space school in Utah. And not to mention it's sent more student projects into space than any other university. I plan on going out of state to a more "well known" school after my few years at USU.

I have to stay in state for my first few years if I want to use one of my scholarships. I'm should be able complete my Associates degree and graduate from high school at the same time. By doing that, I'll get $1,250 every semester for two years.

[jmarascojr]

Is it true that if you work for a not-for-profit organization for 10+ years and make less than a certain amount, you can get your student lines wiped out?

[AKHMERICA]

I'm going to bump this thread up. I got my financial aid info just a second ago and instead of helping me feel better about school, it made me realize something.

College is f*$#ing expensive!

So if anybody has anymore tips to throw in I'd be grateful!

[ssbledsoe]

Originally Posted by AKHMERICA

I'm going to bump this thread up. I got my financial aid info just a second ago and instead of helping me feel better about school, it made me realize something.

College is f*$#ing expensive!

So if anybody has anymore tips to throw in I'd be grateful!

I accumulated a significant amount of loans (~$80k), but I knew upon graduation I would be able to afford repayment. Look at what you will accumulate in pursuit of your degree, look at expected payment plans, and then look at what that will take away from your monthly income.
This takes a lot of forward planning, but you should think about where you want to live, what car you want to drive, etc. Really do an analysis of what your degree is going to get you monetarily. I had a buddy jump around majors and finally settle on Meteorology and found out the fresh jobs payed less than $30k to start and his offers were in BFE Nebraska. He went back to Grad School and got his MHA. Turns out there were no entry level jobs open other than in nursing homes. Suffice it to say, my buddy makes more money as a tool and die programmer and is actually making parts for the Ares Rocket system for Project Constellation/Orion Missions.

I know it's a ridiculously long paragraph and not exactly the most coherent, but think about what you want your future to look like and the degree of your choice's ability to make that dream a reality.

[nuccionino]

Are you getting any help at all from fasfa? One of the nice things about coming from a very poor family, I get a chunk of college paid for with no repayment. I ended up only needing to take out 2K through fasfa for the whole year at Central Michigan University (26 credits). Not sure how your family situation is.

I also agree with going to community college to start. People think it is only for the people who couldn't get into the big school. Bullshoot. It is a great way to save money. You will have to get general eduction stuff done, why spend 1K for 3 credits at a University, when you could spend $200 at a CC for the same, exact, credit/class.

[fullmetal]

Once I finish my master's in December I will have borrowed just shy of $200,000 for my two degrees. Fortunately I almost finished paying off my undergraduate loans since my 2002 graduation.

[nuccionino]

Originally Posted by fullmetal

Once I finish my master's in December I will have borrowed just shy of $200,000 for my two degrees. Fortunately I almost finished paying off my undergraduate loans since my 2002 graduation.

That is rough. My goal is to have 20K in loans. I paid for CC out of pocket, and I have about 3 semesters left (already owe 8K). Being poor has some positives haha.

[AKHMERICA]

Originally Posted by nuccionino

Are you getting any help at all from fasfa? One of the nice things about coming from a very poor family, I get a chunk of college paid for with no repayment. I ended up only needing to take out 2K through fasfa for the whole year at Central Michigan University (26 credits). Not sure how your family situation is.

I also agree with going to community college to start. People think it is only for the people who couldn't get into the big school. Bullshoot. It is a great way to save money. You will have to get general eduction stuff done, why spend 1K for 3 credits at a University, when you could spend $200 at a CC for the same, exact, credit/class.

Yeah they offered me somewhere in the neighborhood of $1,500 in subsidized and $5k for unsubsidized loans. I'm not sure if I got any Pell Grants (which, to be honest, kind of surprises me). Anyway if you throw in scholarships I've earned plus the loans, I have about $10k, but attendance costs about $17k. So would the extra 7k have to come from a third party lender? Kind of need help there.

On the bright side, I have taken your advice with the CC tips (kind of). I go to a charter school that is paired up with my local CC. This allows me to take college courses from the CC without paying for tuition. I'll be getting my AS in May, so I kind of saved some money already I'm also getting a 2k scholarship out of it since I'm graduating with an AS and a high school diploma, so I'm pretty happy about that.

[Ooosh]

Originally Posted by Ooosh

I currently owe $21.5K

Just tootin' my own horn a little The above was posted 09-11-2012... I now owe $7K.

[nuccionino]

Originally Posted by AKHMERICA

Yeah they offered me somewhere in the neighborhood of $1,500 in subsidized and $5k for unsubsidized loans. I'm not sure if I got any Pell Grants (which, to be honest, kind of surprises me). Anyway if you throw in scholarships I've earned plus the loans, I have about $10k, but attendance costs about $17k. So would the extra 7k have to come from a third party lender? Kind of need help there.

On the bright side, I have taken your advice with the CC tips (kind of). I go to a charter school that is paired up with my local CC. This allows me to take college courses from the CC without paying for tuition. I'll be getting my AS in May, so I kind of saved some money already I'm also getting a 2k scholarship out of it since I'm graduating with an AS and a high school diploma, so I'm pretty happy about that.

You already know what college you are going too? Talk to their financial aid people and see what they say. Is that 17K and all that per semester or year?

[jp98]

Im so glad Im getting a free ride thanks to basketball. I have a financial apps class and my teacher says to stay away from student loans at all costs, if that helps. College is in fact, f@#king expensive.

[ToppsCollector1]

if youre eligible for financial aid Id say stay away from loans. I didnt apply for them because my family doesnt have the money to pay it back. I know we might be living in different conditions though. I will tell you that I only paid $95 (Aside from books)for 2 semesters at college. Financial aid without loans is the way to go. At least in my opinion

[nuccionino]

Originally Posted by jp98

Im so glad Im getting a free ride thanks to basketball. I have a financial apps class and my teacher says to stay away from student loans at all costs, if that helps. College is in fact, f@#king expensive.

Um... obviously. Is teaching that easy now? Stay away from almost any loan if you can haha.

[jp98]

Originally Posted by nuccionino

Um... obviously. Is teaching that easy now? Stay away from almost any loan if you can haha.

Well youd be surprised how many people still get loans and are in debt there whole lives. Not trying to point out the obvious, just trying it help.

[nuccionino]

Originally Posted by ToppsCollector1

if youre eligible for financial aid Id say stay away from loans. I didnt apply for them because my family doesnt have the money to pay it back. I know we might be living in different conditions though. I will tell you that I only paid $95 (Aside from books)for 2 semesters at college. Financial aid without loans is the way to go. At least in my opinion

What type of loans are we talking about? Sallie Mae yea stay away from, but loans through fasfa for example aren't bad.

[nuccionino]

Originally Posted by jp98

Well youd be surprised how many people still get loans and are in debt there whole lives. Not trying to point out the obvious, just trying it help.

People have to take loans out to go to school. My parents combined make 28K a year. No way they can pay 15K (more than half of their income), for me to go to school. Hence loans. People take out loans because they want to go to school but have no money.

[AKHMERICA]

Originally Posted by Ooosh

Just tootin' my own horn a little The above was posted 09-11-2012... I now owe $7K.

Way to go ooosh! *High five!*

Originally Posted by nuccionino

You already know what college you are going too? Talk to their financial aid people and see what they say. Is that 17K and all that per semester or year?

Yeah, the 17k is the FAFSA "estimate" for attendance the entire year.

Originally Posted by jp98

Well youd be surprised how many people still get loans and are in debt there whole lives. Not trying to point out the obvious, just trying it help.

You kind of have to think about it though. When you take out a loan you're usually investing in something right? So if you take out a loan for college, you're kind of investing in yourself (if you're picking up what I'm laying down).

Not everyone can get a full ride. I mean I'm pulling a 3.7 high school GPA with a 3.5 College GPA to boot, and I'm getting an AS degree before I graduate (I actually get my degree 3 weeks before my diploma ), and I didn't even get all that big of an entrance scholarship ($2,200).


EDIT: Has anybody tried Pickett and Hatcher Educational Fund, Inc.? It seems like a much better alternative than the PLUS loans. I saw it doing some research on CNN but wanted to see if anybody had any personal experiences with them.

[tikitomoka]

Originally Posted by jp98

Well youd be surprised how many people still get loans and are in debt there whole lives. Not trying to point out the obvious, just trying it help.

The vast majority of college applicants can't not take out loans. With the cost, it's just not realistic. Yes, obviously taking out loans creates debts, but for those people who don't want to stay at home at a community college, and would rather go off to school for the "college experience," it's just an unavoidable thing.

[fullmetal]

Originally Posted by jp98

Well youd be surprised how many people still get loans and are in debt there whole lives. Not trying to point out the obvious, just trying it help.

That was the only option I had. Most people I know do not have $100-$200K to pay for college in cash.

Fortunately, I consolidated my undergraduate loans at a rate less than 2%. Since interest is a tax credit and my rate is so low I don't overpay. My graduate school loans are much higher rate. Once I graduate I will try to consolidate all loans.

If I can obtain a job at the median rate of past graduates I should pay off all my college debt in 3-4 years. The ROI is worth it.