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 22:48:55 · 1 answers · asked by JudasHero 5 in Business & Finance ➔ Careers & Employment
It's very broad, I know, so even just one or two answers would be fine, as long as they are informed.
2006-12-11 23:05:26 · update #1
Also, let's say my grades were good. From a 3.5 to a 4.0 average.
As for field of interest, whatever I was aware could net me a good income.
2006-12-11 23:06:33 · update #2
Your hypotheticals are way too broad. Chances of getting an academic scholarship depend on your grades, your field of interest and your ability to find and apply for scholarship money. There are not many opportunities.
Getting a loan is relatively easy. Get accepted to a college and you are almost certain to get a loan.
If you graduate from college in the US, the chances are very good that you will get a job, especially if you have a degree in some specific field like accounting or engineering.
Your ability to pay back the loan depends on the amount of the loan, the interest rate, the salary that you earn on your job, and your ability to manage your money.
If you go to a community college or state college and are able to live at home, you will have to borrow the least amount of money.
If you graduate at age 21 or so, you will have 45 years to pay off the loan then start saving for retirement.
2006-12-11 22:58:42 · answer #1 · answered by regerugged 7 · 2⤊ 0⤋