I have an opportunity to become a pro scout for the a professional team, but i had to pay for school myself and it was not easy. I do not know a whole lot about debt re-consolidation or anything of the matter. My credit is ok, and the debt does not have to start being paid back until 6 months after i graduate, i have 8 grand in the bank, but i dont think its smart to blow it all on my debt since i dont really own anything!! any suggestions?? anyone been in a similar situation?
2007-10-17 06:55:22 · 5 answers · asked by Joseph W 1 in Business & Finance ➔ Personal Finance
Yes, paying for college on your won sucks big time!!! Talk to your student loan lender about consolidating your loans to lock in the interest rate and also about the different repayment plans they offer. Some lenders let you pay a low payment for the first couple of years and then they increase the payment later on b/c they assume that you will be making more money and can afford it then. The good news is that the interest you are paying on your loans each year is tax deductible. Good luck with the cool job opportunity!
2007-10-17 07:00:24 · answer #1 · answered by Michelle 3 · 0⤊ 0⤋
The first problem was going into debt in the first place. Many times, employers do not care what college you went to, they only care about the degree you got so you may have been okay going to a cheaper college. Next, you probably should have been working, or if you were working, attempting to pay off the debt while you were still in school. The next thing to do is to start a budget and just keep plugging away at the debt, whether that means you need a second or third job for a while, or if your scouting job is enough. DO NOT FALL FARTHER BEHIND.
2007-10-17 07:02:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
if you consolidate - you'll probably owe more because the int rates will probably be higher than the loans you have if they were school loans - which usually come with a very low int rate - better get used to making payments for a long time - start as soon as you start working and pay as much extra each month as you can afford
2007-10-17 07:35:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋
$60.000.00 isn't really owing anything?!!
I would leave $1,000.00 in the bank and put 7 on the debt. Just because you dont have to pay for six months doesnt mean it isnt collecting interest. Pile as much cash on the debt and pay it off.
2007-10-17 07:04:35 · answer #4 · answered by heybulldog 5 · 0⤊ 0⤋
Pay your college loans on time, and if you get in a solid financial situation you might consider paying them off early, but with $8K, I'd hang onto that for emergencies and just pay off the loans when they're due.
Good luck.
2007-10-17 07:04:47 · answer #5 · answered by Judy 7 · 0⤊ 0⤋