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Should I take a student loan?

Should I take out a $1,000 student loan? Please be honest?

  • For summer semester you can get $2750 max in subsidized student loan. Half already went toward paying for my 2 college classes this semester along with pell grant. The other half comes in July due to federal regulations. I'm a very hardworking student, I did well this past semester. I work an on campus dead-end job (answer phone calls and mail papers) that pays for rent & cell phone bill & utility bill. I have no connections to family/relatives (unhealthy, abusive & oppressive relationship) I'm on my own and my friends/bf/teachers are my mental support. I have 12G in subsidized loans. My car seems to have electrical problems. Taking a bus is not an option as in our city, waiting for a bus can take up to an hour. I have a very busy life with work, taking care of myself, bank, etc. I spent the past 5 months applying for jobs left and right. When I find one, I will budget like crazy toward paying back this loan. I need extra money for emergency expenses, dental cleaning + filling, birth control & anemia medication & $120 to get my car checked out electrically for 2 hours. I'm 21, Medicaid is done, and paying for school insurance is $1,000 for three months (eff that).

  • Answer:

    My thoughts: If it means that you will graduate earlier -- or will make your life substantially easier during the academic year -- then get the loan. If it won't change anything, then don't take out the loan and spend your time doing something else (ideally a well-paying part-time job, but if not, take care of yourself so you don't burn out). Because you have subsidized loans, you won't have to worry about interest accruing while you are in college -- nor should you be worried about paying back the loan until you graduate. You will have a period of deferment (when you don't have to pay) after you graduate, and that will hopefully give you plenty of time to settle into a job and get ready to make payments. If you are having financial trouble at that time, you could always ask for deferment on the basis of financial difficulties (in which case, interest will begin to accrue but no payments would be required for a period of time). Nowadays, $12k is a reasonably small debt to graduate college with -- and it is definitely possible to pay it off fairly quickly. So, focus more on taking care of yourself right now. Great job working hard, and keep it up. I know how tough it can be at times, but it will be worth it in the end.

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Yes, do what it takes to get your degree. It is the best way to get a decent paying job. The amount of money that you owe seems overwhelming now, but since you already know how to economize, you will be able to fit the repayment into your budget. Just make sure that you actually complete your degree, and in a few years, it should start to work out. I have lived through several recessions, at least 3 as a working adult. They are alarming, but they do end.

Beth

Do not pull out loans! I know someone that pulled out too many loans and he's 30 years old and he's still paying them back!!!! Do yourself a favor and apply for fasfa aid. That way you don't owe anyone any money.

coolskater16

I have two years worth of student loans and I have three more years of college to look forward to. I regret the loans EVERY day. It's going to take years for me to pay them all back and that is only if I can get a job as soon as I finish school. If i had been thinking I should of saved up my own money and applied for more grants. I now receive enough grants to make it by but that still does not cancel the two years worth of loans i already have. 20/20 hindsight I guess.

Raya

Yeh, its only a thousand dollars, that's like 6months of part time work...

Mee

If you are REALLY and TRULY in need of help, you may want to apply for government assistance. ONLY IF YOU REALLY NEED IT! Look for jobs left and right, check the newspaper, also search for any jobs there may be on the internet. If you are already $12,000 in debt then KEEP GOING!!! Most people make the mistake of quiting college, DON'T THIS IS HOW YOU WILL GET A GOOD JOB. Just REALLY schedule your Days and Weeks. When you finish college look for a GOOD JOB, ONE THAT YOU CAN GET NOW! Do you have any friends that you can move in, since you can't go back to your family? DON'T GET INVOLVED IN ANY RELATIONSHIP, People can be Discourage you going to college, WHICH YOU NEED TO DO! If you have any friends move in with them. LOOK FOR A JOB IN THE PAPER AND ON THE INTERNET! when you finish college GET A GOOD JOB and quit your old job, if you have one. AND DON'T GET INVOLVED IN ANY RELATIONSHIPS, because people can be Very discouraging, towards you going to college, or something (pregnancy, discouraging person, etc.) may happen! AND DON'T QUIT COLLEGE THIS FAR IN! ALSO GO FOR THE LOAN, YOU CAN PAY IT BACK LATER IN LIFE. BUT DON'T IF YOU ARE GOING TO OWE AN ASTRONOMICAL AMOUNT OF MONEY LATER. I hope this helps, AND GOOD LUCK!

GuardByYourSide

Wow. You've certainly analyzed this! lol. If you live off campus, maybe you should consider living on campus. It's usually cheaper and you won't use as much gas. Along with applying for jobs like crazy, you should be applying for scholarships like crazy, and make sure you do the FAFSA so you can get grants too.

Yes, you should if it helps your situation. Taking out that lone and paying it back will be a b****, but you can pay if off in no time if you have a job. And with your future degree, you'll be paying off those loans in no time. That's what my advisers tell me anyways.

Saeigara

yes

Pearl L

Yes. Does your city have a metro? Metro lines are quick and pass like every 10 mins sometimes. You can check which bus lines are quicker than others. For example, I know some people drive 3/4 and park and take a special bus that arrives once every hour but is always exactly on time. It costs more than just a regular bus. Experiment with transportation. And yes you could take out the loan if you believe the degree can help you get a higher paying job.

Pawletoe

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