School and loans?

Question

I want to go to cosmetology school but it's from 7-5. I don't know what to do for income in the meant time. Do you think it wise to take out a loan to live on for a year? Has anyone had experience with this? I am also getting married about the time that I would graduate and am worried about having to pay a loan. HELP!!

Answer 1

It's good that you're weighing the pros and cons of taking out a loan.

About 2/3 of U.S. students borrow loans in order to attend college. Of these, the average student graduates with about $20,000 in debt. Most students are willing to make this sacrifice in order to obtain a college degree which, studies show, will make you a lot more money in the long run.

With cosmetology school, the statistics *and* the benefits might be a little different. You should look at how much the benefits of getting your degree/certification will outweigh the burden of some extra debt. I recommend taking the following steps:

1. Do a little research to see what your salary will be after you have finished school.
2. Figure out how much loan money you would need to borrow in order to obtain your degree/certification
2. Go to this website -- http://finaid.org/calculators/loanpayments.phtml -- and calculate what your monthly payment will be. It is recommended that your monthly student loan payment not exceed 8-10% of your income.

If all of these numbers look OK -- and if you feel that borrowing to cover your living expenses is the best thing for your future -- go for the loan. Try borrowing conservatively and don't get into the habit of relying on loans to get by. To many students see student loans as "free money" but, as you know, it's money that must be repaid -- with interest!

Answer 2

get a job at a bar for money...
a weekend job..
loans are rough, but necessary
are you sure that getting married by the time you graduate is smart???

Answer 3

Yes . Because you've got to give up something in order to get something.