A hypothetical question?

Question

Let's say I grew up in a dirt poor, lower class family. My parents, for whatever reason, were not able to accumulate any savings. I go through school and graduate, but when I leave I have no money for college. What are my chances of procuring a scholarship and/or loan? Assuming I procure a loan, what are the chances that I will be able to get a job that affords me paying it back in time to accumulate some savings of my own? Assuming I am able to get a job, how long (on average) would it take me to pay back that loan?

Even if you don't know the answer to all the questions even just one INFORMED (sources or logic as to how you arrived to that conclusion) would be helpful, thanks.

Answer 1

Chances are if you are that poor you will get Grants that do not need to get paid back. And, if you have applied yourself during your school years you can probably get a few scholarships. It takes initiative on your part. For every year of college you finish more scholarships become available to you. Organizations want to make sure you are gonna follow through with your education before they invest their money in you.

There are ways to keep your costs lower if you go to college. First, you could pick a local school and live at home. If that is not an option and you find yourself living in a dorm, you could apply for a Residential Aid position. Normally this saves a substantial amount of your dorm expenses.

Apply for Aid positions with the university/college. You can get breaks on class admission costs.

There are ways to get through college without owing your soul to someone. It just takes being creative on your part and expending the energy to do it.

Answer 2

True -- there are grants that will enable you to pay for part of your tuition, and which you will not have to pay back. But realistically, you will probably have to take out some student loans. How long it takes you to pay back will depend on the school to which you go. If you go to an expensive private school, obviously your tuition rates will be greater, and it will take you longer. If you go to a state university, it will cost you less, and you'll maybe pay it off in ten years or so.

Prospects for a job? Well -- that depends entirely on your major in college. If you have a degree in something like Art History, you're likely to have a hard time of it. But if you get your degree in something like Business Finance or Accounting or Electrical Engineering, you're likely to have a much easier time.

Can you do it? Yes. Should you do it? Absolutely. Regardless of the costs and the hassles of paying back loans, your personal ticket out of poverty is that college degree -- and over the course of a working lifetime, your earnings will be more that 200% to 500% higher with it than without it. I say go for it, regardless.

Cheers, mate.

Answer 3

Student loans are guaranteed for any american who meets the income requirements. Poor people get student loans very easily. poor people who study hard and perform well are given scholarships and excellent job offers when they graduate.

Case in point- bill clinton. he was born poor, yet he worked hard and studied and earned a scholarship to Yale University and even got paid to travel to the UK as a Rhodes Scholar. After that, I heard he got a very well paying job.

Answer 4

If you have goods grades and applied yourself during high school, you should have no problems getting a scholorship or grant. Anybody can get a student loan. Make sure the field you go into pays well. Do that and you shouldn't have anything to worry about.

Answer 5

About 30 years.

Answer 6

The rest of your life if you are unlucky.
If you are not , abt 10 yrs wld do.