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 22:48:20 · 2 answers · asked by JudasHero 5 in Business & Finance ➔ Personal Finance
This is a hypothetical question, so it's not about me. So quit with the "good luck" crap! lol
2006-12-12 02:59:08 · update #1
If your grades are good you should be able to get a scholarship. Talk to the financial aid department at the college. There are grants that are available based on your income and they do not have to be paid back. A typical student loan will have a low fixed interest and they give you 10 years to repay it. You have 6 months from the time you graduate until you have to start repayment. Theoretically, you should have time to find a good job after college and your income should increase over the 10 years of the repayment. But do look into scholarships and grants first as they do not have to be re-payed. Some colleges also have work programs which are jobs that are only available to students. Good luck, no matter what your beginning, if you are willing to work for it, you can go to college. I did.
2006-12-12 02:26:56 · answer #1 · answered by kat 7 · 1⤊ 0⤋
Way too many variables, just remember that you don't repay the loan until you finish school, so if you an't find a job keep going to school :)
2006-12-12 06:57:30 · answer #2 · answered by Craig 4 · 0⤊ 1⤋