Has anyone ever taken out a major loan to attend college?

Question

I am 19, live in arkansas, am male, and want to go to college. I graduated two years ago, and I really want to go. I took my act, scored a 20,and not good enough to get a scholarship. anyways, has anyone ever taken out a major loan to go to college? and how do you go about taking out a loan to go to college? is it a good strategy if you cant afford it??

Answer 1

Depends on what you mean by major. I have $40k from undergrad and am looking to get $60k more by going to law school.

Are there no public universities you can go to in Arkansas? Try going to a community college for 2 years and transferring to a public university in your state.

From my own personal experience, I would seriously advise against taking out giant loans for undergrad. The bachelors degree is way too common these days and you can't get a really good job with one unless you a) know someone or b) have a bachelors in the right field. These days, a graduate degree is better to have! PhD, masters, etc.

I say minimize the loans as much as possible so that you can keep your doors open. You never know what you want to do in the future.

I am so lucky that I got a near full ride (covers tuition, will have to pay living expenses) to a great law school or else I wouldn't be able to go due to my stupid $40k undergraduate loans! Don't be like me!

Answer 2

This is very complicated. First of all, you have to consider why you want to go to college. If you think you will get a much higher paying job that way, then you can afford to pay back the loans.

Taking out loans for college is really easy. You have to apply to college first though. You will need to submit a FAFSA to them. It's a form that explains how much money you and your parents have. If the school accepts you they will offer you a financial aid package. they will give you some scholarships and some grants (free money) depending on how much they thing you need. They will offer you government loans, which are so cheap you should always take them. They will offer you other loans too. Take those if you need them. If you can't afford the difference, you need a private student loan or other type of loan to make it up. depending on your credit history, you might want to get a cosigner, usually your parents. Since you are 19, you don't need a cosigner, but you will get a lower interest rate if you do.

Be careful how much money you spend though. I owe over $95k. You should probably go to a cheaper school. Basically, if you want to go to college, you can get all the money you'll need. I just hope you can afford to pay it back after graduation.