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?
2006-12-11 22:47:47 · 4 answers · asked by JudasHero 5 in Education & Reference ➔ Financial Aid
So basically you enter college with zero savings and zero assets and your parents are in the same situation.
Yes, most likely you will get a financial package that will allow you to go to school. It will likely be a combination of loans and grants. You will probably be eligible for more grants than the typical student because of your financial condition. But you will likely have a lot of loans.
The X factors are to which schools you are applying and whether you get scholarships. For instance, Harvard is a ridiculously wealthy school and, like most Ivies, will find a way to cover the costs for most students. It can afford to give students more money than another school. The more scholarships you receive means fewer loans for you to take out as well. So apply for every conceivable scholarship you can!
Loans, well, suck. They can cost a pretty penny and you have to start paying them 6 months after you graduate assuming you do not defer them or go back to school. It is an annoying fact of American education that a lot of students graduate in debt. You will pay it off eventually but the best thing is to get as much "free" money as you can. It definitely helps for when after you graduate.
2006-12-11 22:55:25 · answer #1 · answered by sothere! 3 · 2⤊ 0⤋
First of all, it depends on what state (if your in the USA) you live in. Some states have higher colledge acceptence rates then others. (Arkansas is one of the lowest by the way). Second getting a scolorship depends not on how much money you or your parents have but how well your grades are, or if you fit cirtain catigories, such as racial, or medical. Third, getting a student loan isn't too tough, the good thing about student loans is that you dont have to pay them back until you graduate, and find a job. I had a friend that went to school for 12 years exclusivly on student loans. By the time he was on his 12th year the government hired him to be an astrophysisist for the military, and they payed his student loans of, and now he is making six didgets a year. In the end it all boils down to how hard you are willing to work. Success comes to those who are willing to push harder, and go farther then everybody else.
2006-12-11 23:01:03 · answer #2 · answered by Anonymous · 1⤊ 0⤋
It all depends on where you go to college. Go to the good local state school over the overpriced private school. Employers only care if you have a diploma - most really don't care where you get it from.
Good Luck!!!
2006-12-11 23:03:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
10 yrs but if your unlucky and your loans snowball , your entire life.
2006-12-11 22:55:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋