Hello all, I am currently an undergraduate student and have a hefty amount of loans. The situation is my parents both make a good amount of money but simply refuse to give me a cent so my FAFSA did not help me with much. I have taken out a 28K private loan at a ridiculous 8% interest rate so far and assuming I don't get more help later on (I have 2 and a half years left counting the current 28,000 loan for this upcoming year) I am wondering how deep am I digging myself.
By my calculation (approximate obviously) I will have roughly 50,000 in private loans (8%) and another 10,000 in federal stafford (6.8% subsidized) taken out when I am done with my bachelor's. How bad is this situation? I really have no idea what the average is so I am not sure as to how bad of a hole I am in right now?
To further complicate things I am planning on Law School and that will obviously cost even more but by then I will be independent with a lot more federal help and a degree job that pays a decent amount. So, how is my situation looking?
Full Version: How bad is my situation?
I'll be honest with you - it ain't lookin' so hot. $28k at 8% over 10 years is $340 a month. $10k at 6.8% over 10 years is $115 a month. If you add another $56k at 8% over 10 years, you're looking at payments of $680 for that. You'll be looking at over a grand a month for your UNDERgrad.
I would strongly suggest you look into work study and/or find other ways to finance your education because despite what some folks will have you believe, that's not the kind of investment that's going to pay off immediately. You'd have to come out of school making at least $70k a year to be able to pay off those loans and live in a decent apartment in most major cities.
I would strongly suggest you look into work study and/or find other ways to finance your education because despite what some folks will have you believe, that's not the kind of investment that's going to pay off immediately. You'd have to come out of school making at least $70k a year to be able to pay off those loans and live in a decent apartment in most major cities.
QUOTE(TxQuiltGirl @ Jul 9 2007, 09:05 AM) 
I'll be honest with you - it ain't lookin' so hot. $28k at 8% over 10 years is $340 a month. $10k at 6.8% over 10 years is $115 a month. If you add another $56k at 8% over 10 years, you're looking at payments of $680 for that. You'll be looking at over a grand a month for your UNDERgrad.
I would strongly suggest you look into work study and/or find other ways to finance your education because despite what some folks will have you believe, that's not the kind of investment that's going to pay off immediately. You'd have to come out of school making at least $70k a year to be able to pay off those loans and live in a decent apartment in most major cities.
I would strongly suggest you look into work study and/or find other ways to finance your education because despite what some folks will have you believe, that's not the kind of investment that's going to pay off immediately. You'd have to come out of school making at least $70k a year to be able to pay off those loans and live in a decent apartment in most major cities.
Scholarships.
There are a number of sites that offer all of the information for applying WITHOUT paying for it. All of the information is out there if you take the time to search, and it will be worth you while. Just put scholarships in any search engine, and follow the links till you find them.
But like most things, you only get out of it what you put in.
Apply for them, from the 100 ones for an article on Colgate toothpaste to the 5000 ones where you have to spend 4 or 5 hours filling out applications and write up on specific subjects.
The best part; some are allocated for personal expenses and you can apply it to your growing SL debt, while you are in school.
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