Anyone recently out of college I need advise about $$?

Question

Planing on going to school next year for buissness management, the class is 50,000 for 4 years. I want to know how much your monthly payments for student loans? and can you survive on your own? I live on my own know, but how will I pay back if I live on my own. Any adivce would be helpfull thanks

Answer 1

My two cents...

Student loans are tax deductible, but most graduating students don't have enough in deductions to make it worth while. If you can swing it, I'd recommend buying a place to live so that you can take advantage of the tax deductions. If you have to buy a small condo, so be it.

Also, abuse the system. Most student loans will allow you to stop paying if you go back to school. When you get out of college, start making payments. After a few payments, go back to school. If your employer will pay for it with a tuition program, go back for another degree. If not, go to the local community college and learn something useful (like auto mechanics) for cheap. Once the payments are suspended, keep making the payments. 100% of the payment should be applied to the principle, thus essentially making the loan interest free.

Answer 2

Two things:

1. Don't go straight back to school. Take about 3 or 4 years off to work. An MBA is much less valuable if you don't have work experience before you do it.

2. Rather than living on more debt, apply to programs that have graduate assistantships available for students in that program. Not all schools do, but it is more than worth moving to a different city if it will save you $50,000 and support you while you're at it. Payments on a $50,000 debt are pretty high, and hard to support unless you get a really perfect job when you get out. Not everyone does.

Answer 3

You get to pay after you finish......