Financial help/student loans/bank loans

[Triangulo]

I was wondering what it would be best: financial help through the school, a bank loan or a loan designed for students? Do any of you have any experience with this? It probably would be best if I found a loan that I could pay after graduation...what do you guys think? please help since i want to start college in september...thanks

 

[mpimpin]

You should if you didn't have filled out the FASFA. You might have picked up a pell grant which you don't have to pay back as well as some reasonable loans at 6.8%. You can try to track down outside loans. Most financial help through the school would come through the government and would have required the Fasfa if its a Public school.

 

[Francisco d'Anconia]

You should if you didn't have filled out the FASFA...

www.fafsa.ed.gov

 

[Bible_Belt]

Go to community college for the first two years. Student loans are a racket. With every other type of loan in the world, there is some sort of assessement of your chances of actually being able to pay the money back, but with student loans you can amass a mountain of debt. It's not dischargeable through bankruptcy like almost any other debt, and even if it falls into default for years, they won't settle for less than the face amount. I know law school graduates with over six figures in student loans that they are going to have to pay back with $40-50k/yr jobs. Also, a modern trend is to suspend professional licenses for people whose loans are in default. In my state, you can't be a lawyer, doctor, nurse, or even a school teacher if you have defaulted loans.

College is good. Debt is bad. A little debt is ok, but most students think of the loan check as free money descending from heaven. Paying it back years later is not fun.

 

[mpimpin]

Keep in mind though debt for your education is the best debt to have. Initial debt is not a bad thing. Like Bible said though its not "free money descending from heaven". I talked to a guy a few weeks ago who was all excited about taking out student loans. His plan was to take as much as he could so that he could buy a house with it in a few years. This guy was way off track...

Not to lecture but this is something you should have looked into months ago. I think you can still file the FASFA before the end of the month. That's probably your best course of action right now. Or like Bible said go to A community College or find another school that you might be eligible for scholarships at if your ACT/SAT scores are high enough.

Two months ago I was headed for The University of Alabama. I took a second look at the costs and realized that I was not receiving enough scholarship money and if I stayed I would have to take out some loans. I filed the FASFA got approved for loans and received a Pell Grant. In the end though I was offered a Full ride at another school for my ACT scores. So I took that instead.

 

[Triangulo]

Thanks to the reply guys..Thats what im going to do, get my A.D. in a community college than transfer to a 4 year school...Im guessing my community college will be around 5k a semester...I would still need financial help since i have other bills to pay right now...im going to fill the FAFSA form to see...any other opnions? as of right now i cant get a scholarship, im hoping to do well enough in community college to get a 2 year scholarship in a four year school!
thanks

PS* JUST checked the FAFSA page and the deadline has passed! what now?

 

[mpimpin]

Are you sure your school is 5K a semester! Thats more then the state uni i'm going too. It should only be about 2-3K I know you'll still need loans for that. Thats terrible about the FASFA. You might be able to pick up a scholarship for your second year at the community college through good grades or a Pell Grant if you fill out the FASFA next year. Try to contact your schools financial aid office they might be able to give you some better advice or where to find loans at. I haven't looked to much into it but check out myrichuncle.com their interest rates are slightly higher then the federal govt. but not by much.

 

[armadon]

Whoa 5k for community college? Where the hell are you going to school? I just got done with community college and I only paid 600 bucks for 12 credits which is full time. My tuition for Arizona State University is 2400 bucks a semester and that's a flat rate so I can take 15 credits if I want.

I'm only taking out enough money to pay tuition and that's it. I have 2 more years to go so I'll be in debt 10k. That's nothing when you think about the education i'll be getting.

Get a job and pay for community college on your own. That's what I did and everything is working out perfect for me. Go to school in state to help cut costs.

 

[Francisco d'Anconia]

...PS* JUST checked the FAFSA page and the deadline has passed! what now?

Fill out one for 07/07 through 06/08.