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?

Answer 1

if you work hard and get a scholarship (full) then no problem.
If you work hard and get into a good university (say harvard) but dont get a scholarship lets say your fees for a course would come to around i 100000 i suppose. a loan would be easy. come on ur in harvard. lets say that once you got the loan for a 125 thousand (so as to pay for books and all) you pass out with flying colours then there is a very good chance of getting a high paying job. let us assume that you earn 10000 a month and choose a good repayment scheme then you could pay off the loan in within 15 years with decent savings. this is without taking into account savings and likely pay rises.
as you had said it was a hypothetical situation and this is a hyptothetical answer.(facts and figures may not be entirely accurate)

Answer 2

My parents were pretty close to dirt poor. I earned (rather than procured) scholarships.

Finding loan money for college education shouldn't be too hard. It's one of the best investments you can ever make and your chances of being able to eventually pay back a loan out of the higher earnings that you'll receive as a college graduate are very good. Just stay away from generic liberal arts degrees that aren't worth much more than a high school diploma.

I wouldn't be in a big hurry to pay back the loans. Education loans are typically the least expensive loans available and the payment terms are usually small enough that you can get by.

If you go to college, chances are 20 to 50 years from now, you won't be sorry.