i am debating whether or not to go to school and the only way i can is to take out a student loan for like 24,000. It's a design program of four 11 week quarters. and the loan would cover all my tuition and housing....
2006-12-10 15:49:22 · 9 answers · asked by Starry Eyes 5 in Education & Reference ➔ Higher Education (University +)
There's a number of factors to consider. The main thing that you really need to look at though, is to look 10 years out. If you take into consideration the loan payments, will your quality of life be better having completed the education (but with student loans) or not having gone to school. My economics professor told us my freshman year that whenever he did this analysis with someone, they almost always discovered that it was better to go to school, because even with the loans, it ended up being a better deal, and when the loans were done, it was good to go.
2006-12-10 15:55:09 · answer #1 · answered by Bob W. 2 · 0⤊ 0⤋
If its the only way you can go, it may be worth it. Check the starting salaries for the career it will prepare you for (and in the area you plan to reside). There's an old joke you want to avoid, many law students live like lawyers, many lawyers live like law students. It means that the students are taking out so many loans to live in style, but then when they become employed they are under heavy debt causing them to lead a students life. There are various repayment programs. The tough ones are social sciences which start out and remain notoriously low. One example is a social worker. Does great things for humanity, does horrible things to a budget. The government offers long term repayment schedule for some of these positions. If you do decide to go for it, just avoid the temptation to take out more than you need, and TRUST me its tempting. Good luck.
2006-12-10 15:55:14 · answer #2 · answered by Wendie H 2 · 0⤊ 0⤋
Depends. Are you going to graduate from college and then go work at the bank anyway? Or are you going to actually use your degree? College isn't worth it for a lot of people who's dream job doesn't require a degree. So figure out what you want to do, and then figure out if it having a degree to do it with will result in enough extra money a month to pay off your loans.
2016-05-23 04:09:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
yes, if you are sure you want to go on to school. Never take a personal loan. Intrest on a student loan is cheaper. And if you don't get a job within either 6 wks. or 6 mos. (can't remember). You can get them defered for 6 mos.
2006-12-10 15:53:18 · answer #4 · answered by ruth4526 7 · 0⤊ 0⤋
Well if it is from a private company make sure you check out their terms. All the ones I've ever seen have a 10% interest rate which would turn your 24,000 into like 50,000.
2006-12-10 15:51:40 · answer #5 · answered by mojo2093@sbcglobal.net 5 · 0⤊ 0⤋
Be very careful how much you take out. If you can get scholarships, then go for that first.
I wasn't careful about it, and I think I blew most of the money on buying stupid crap. Now, I'm paying it all back with interest, and it sucks. I wish I'd known more then.
So, only take out as much as you actually need.
2006-12-10 15:51:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋
let' see... that's about $220 a month for 20 years. Would you make enough money with that education to pay the $220 a month?
2006-12-10 15:57:13 · answer #7 · answered by geek49203 6 · 0⤊ 0⤋
if you feeel like you will pursue a career in art for a long period of time, and if you know you have the talent to do so, you should take out the loan....
2006-12-10 15:52:27 · answer #8 · answered by velveeta00 2 · 0⤊ 0⤋
I found some good info here.
2006-12-11 05:39:33 · answer #9 · answered by Anonymous · 0⤊ 0⤋