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Why is the cost of living for a college student so high?

Student loan to cover college AND cost of living?? ?

  • I live in Michigan. I would love to go back to school full time and get into a career that would bring joy to my life (unlike my current high stress job). I have about 1.5 years of school left to complete for a bachelor's. Problem is, I have a mortgage, car payment, and some small loans, and I can't downsize right now (especially with the economy and housing market in the state). I am willing to give up a lot of things (cable, shopping, nights out), but I can't become a dirt poor college student at this point. My husband is already in school full time, and I am the main bread winner for us. (and that's ok - he makes dean's list every semester) I have heard of people taking out student loans that cover their tuition AND their cost of living, in order to go to school full time and expedite their education time-line. Is this true? How does one get a student loan that covers not only college, but bills and cost of living, too??

  • Answer:

    You should just go part time, it won't take that much longer. I am not working right now and I am taking 10 credits, which is 3 classes. I have PLENTY of time to potentially get a job (which I will have to in a few months when unemployment runs out :) ) Don't get loans to pay cost of living, you are underestimating how much you would potentially borrow. This could be like $2000 every month - times 12 months. PLUS the cost of tuition, books, parking, gas to drive to school, etc. Just go part time, the community colleges and universities offer night classes, as well as lots of day classes depending on your schedule. My school even does weekend classes.

Principe... at Yahoo! Answers Visit the source

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Your college should have a financial aid department that you can talk to. They can point you in the direction you need to go in order to get some loans. Be sure to ask them if there if the school provides any discount for married individuals. I know that in certain states, married people pay 1/2 price on their tuition. Oh, and just so that you know, animals were put on this earth for us to EAT!! :)

WalksInTheSky

I think it's a huge mistake to stack on additional debt at this recessionary time that many experts say may take a decade to dig out of now, unless you want to risk bankruptcy in the next 5 to 10 years. Ask Suzy Ormand the financial expert and I bet she would tell you "NO, NO, NO!!!" P.S. If you ever do have to declare bankruptcy, make sure your state allows you to claim your primary residence as an exemption or you will lose your home too. Florida and Massachusetts do allow you to keep your primary residence if it comes to that some day, and don't think it can't happen to you, it can and does happen to many average people, regardless of how hard they work or how much they make or how well they have always paid their bills!

Carl

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