I am a college student, and I already have about 40k in student loan debt. I am in a situation where I really need to move (its stressful where I live and I need a new environment). There is no one that I can live with, and I only work part time (its hard to go to school full time, work full time, and keep grades up). Is it a dumb idea to take out 15K in private student loans to get an apartment and pay the rent for a year and utilities? Also, I don't have any credit card debt or anything, and I have someone who is willing to put his name on the loan application as well. What are your opinions???
2007-02-18 06:58:41 · 4 answers · asked by Mary Rashelle 2 in Education & Reference ➔ Higher Education (University +)
An extra 15K over the course of your lifetime is not a lot if it means finishing school. Personally I think you should stay and try to deal with the issues rather than run away, but if they cannot be dealt with and you simply HAVE to move then there's not really a dilemma is there? Just be prepared to sacrifice more for longer once you get a job and start paying back the loans. It will be all the more rough for you the first 5 years.
2007-02-18 07:04:19 · answer #1 · answered by ZenPenguin 7 · 0⤊ 0⤋
Don't worry about the 40K, its just money, worry about good grades and a good job will follow and the 55K will be easy to pay off.
My opinion on the loan is that "less is more" - the 15K loan is a good idea but accelerate your college (take more classes) and then spend your time getting a roomate not trying to float an apartment - which will become a distraction.
2007-02-18 07:07:49 · answer #2 · answered by zenmaster55555 2 · 0⤊ 0⤋
You NEED to move because it's stressful?
Give me a break!
Life is stressful at times. You won't always have the option of running away from your problems. Stick it out for however many years you have left of college.
Also, I suggest attending junior/community college if possible and simply transferring the credits over to your school. It will save you a lot of money! In most schools, you only need a certain amount of credits from THAT particular school to earn a degree from it. Check your catalog to see your school policy on this.
Whatever you do, keep your part-time job, even if it IS only part-time! Some income is better than NO income.
If you're really in a financial bind, your options are either
a.) take fewer classes and work more
-or-
b.) continue doing what you're doing, stick with it, and finish it out
No credit card debt is awesome! If you have a credit card, keep paying it off every month! Credit card interest rates are probably a lot higher than student loan interest rates.
Good luck!!!!
2007-02-18 07:11:22 · answer #3 · answered by Brandon 3 · 0⤊ 1⤋
I am all for you moving if you are miserable where you are. If you dont, your grades and general emotional health could be in jeopardy.
I worked 40 hours a week and went to school full time, so I know that it's not entirely pleasant.
I think this all depends on what field you will be working in. If you will be making a decent salary after graduation then it might be worth it to take out the extra money now.
You have to decide if it's worth it to take out the extra loans. It will make your payments higher.
2007-02-18 07:10:39 · answer #4 · answered by jenniferaboston 5 · 0⤊ 0⤋