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How to pay large student loans?

How can a college student make $30K a year to pay student loans while attending school?

  • Trying to pay for the college of my dreams: Are there any legitimate part-time jobs (hopefully on the internet) that a college student could do to make $30,000 per year? I just got an acceptance letter from the well-regarded liberal arts college of my dreams, but it would strap my family with debt amounting to $25,000 per year. My parents could maybe do $5,000 a year, but the rest is up to me. If I could make $20,000 to $30,000 per year while in college, I could cover my costs of living and my student loans. I'm very hesitant to graduate with huge amounts of debt because I want to go to grad school and do not see myself in a hugely money-making career, at least until I hit my 30's. That said, I would be a full-time student at a rigorous school and can't afford to spend a ton of time at my job, either. I was hoping for a job on the internet because it would give me a level of mobility that might be useful for a college student. Is this possible? Are there jobs out there for someone in my situation, and could you direct me as to where I should focus my search? A quick look through Craigslist made me afraid that my only option would be to become an egg donor--which I do not want to do. I'm open to other college-funding ideas, too! Any suggestions on where to look for scholarships, grants or rewards? Is it terribly hard to qualify for them? Apologies for the long-winded and scattered questions. Thank you in advance for your advice.

  • Answer:

    Since that's enough money for a family to live on (very very frugally), if there were such part-time jobs they'd have a waiting list a mile long. But they don't exist. Unless you're top notch freelance computer programmer? My advice, as someone long since graduated, is to look very closely at why this is the college of your dreams, and see where else you could go that's similar, but cheaper. After your first job, no one cares where your degree is from.

melancholyplay at Ask.Metafilter.Com Visit the source

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If you're sure you want to do grad school, you're generally as prestigious as your last degree, so might be wiser to save up for the grad school of your dreams.

bendybendy

You could try to be a virtual assistant.

jeffamaphone

You can take a year before college, work crazy hard, live at home and save every penny, and give yourself a head start on the college bills.

theora55

So lets start with the basics. You want to make $30K because that is how much you need per year. Current need:$30K 1. You say that the family can pay it all, but would be in debt for $25k/year. I'm assuming this means they can contribute $5k/year without doing too much damage. Current need:$25K 2. You say you have worked full time over 3 mos to yield $6K. Current need:$19K 3. Don't live on campus...and you can save $7K? Wow. Maybe if commuting gets to be a big hassle you can live off campus...which is still cheaper than on campus. Current need: $12K 4. Hey Metafilter...how can I make $12K over 9 mos while being a full time student at SL? Get pretty (sorry...but yeah...) Find a small group of lawyers. Ask to be their receptionist. Read text during your downtime. Collect $15/hour.

hal_c_on

It's possible to make that much waiting tables or tending bar in the city, if you can get work at exclusive, high-end places. For that, you are probably going to have to lie on your resume (unless you already have super-high-end waiting/bartending experience) and be moderately to very attractive. I've known waiters who cleared $50k in NYC ten years ago (mind you, those were better economic times), so it can be done.

willpie

You're going to an expensive liberal arts college at the perfect time. Student loans are **really** different now. If I were going to school I would have little hesitation in taking out substantial loans due to the http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp and the http://studentaid.ed.gov/PORTALSWebApp/students/english/PSF.jsp.

ClaudiaCenter

>>I'm 90% sure I don't want to commute. However, it would lift around $7K off of my yearly total (and that's calculating in the amount it would cost me to travel). Honestly, don't commute. You'll miss *so* much. Nobody likes to carry debt. I put myself in stupid credit card debt when I was very young, and once I paid it off, I canceled all but one credit card. I only use it for emergencies, and for things I know I can pay at the end of each cycle (I gain miles when I use it, and reducing the price of any air travel I might need is an easy plus). I only ever buy what I can afford. I put 10% of any money that comes in directly into savings. I do have school loans, but they are an *investment*, not debt. Look. I'm not trying to encourage you to go broke, though it may sound like it. College is a once-in-a-lifetime gig--there's nothing like it ever again. I'm in grad school right now, and as much as I enjoy it, it's just not that 18-22 college experience. Go for it. Just go for it.>

tzikeh

@Neofelis-- I love that--"Loans: Not As Bad As You Think, Probably." It has a nice ring to it, too. :) Your story is very encouraging. I'm still freaked out by the huge amount of debt, but as a close friend said: it's one thing to go into massive debt for a car, house, or shopping addiction, another to go into debt for your education. The thing about education is that it's one of the only things in life that no one can ever take away from you, so maybe it's worth the investment. Anyway, good to hear from an equally debt-hating person. Thanks!

melancholyplay

For what it's worth, repaying my student loans isn't so bad. Now, I didn't go to a school with $56/year tuition (although it was plenty expensive) but I was always nervous about How Much I'd Have To Pay Back when I graduated. It really, really hasn't been unpleasant. And I don't make a lot of money, by any means. I too hate debt--we don't even have credit cards--but going to the school of my choice seemed worth it, and was. Basically my point is: "Loans: Not As Bad As You Think, Probably" As for working during school, I think the tutoring and violin teaching thing sounds good.

Neofelis

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