View Full Version : Don't take out school loans...
ST1llmatic
12-08-2008, 09:56 PM
unless you can pay them off as you go to school. its worth it in the long run if you get done with school but make sure you spend that shit wisely. dont go spending it on dumb shit.
MCPIII
12-08-2008, 10:43 PM
be wary of any type of loan or credit
go into debt responsibly or don't go into debt at all
ST1llmatic
12-08-2008, 11:58 PM
i dont even fuck with credit cards. if i dont have the cash for it i dont need it. i have established credit through paying rent, having a landline, and once i pay my school loan (hopefully it goes without a hitch) i should have good credit going into my 30's
Although I took more money than I should have, I didn't do too bad in comparison to other ppl I know. If I knew now what I didn't know then, would have only taken what I needed and given the rest back no matter how enticing a few thousand looked over a bowl of ramen noodles and cheese toast.
I knew a few ppl in school who used to used to ball all the time taking trips, shopping all the time, eating at all the good restaurants, going to all the shows, etc. I thought that they had the $$ like that. I later found out that they owed close to 100gs in student loans and credit cards as they were living solely off it. Makes all those nights studying with screaming kids jacked on caffeine at the merchandise counter at Chuck-E-Cheese worth it.
What I learned from my experiences... PAY THEM BACK OWN YOUR OWN. If you show them you are responsible, they will most likely create a payment plan that works for you but you have to communicate with them. Don't listen to that, "Oh you can just keep deferring them", mess. All that deferment crap is a trap that will lead to owing back more money eventually. Deferments have a life span and when it's over they will send you letters or call and tell you, your time is up and you will NEED to pay X amount every month or we will garnish your wages. If they garnish your wages, it will be almost 10% (perhaps more) of your GROSS (before taxes) income EVERY pay day until you start sending those checks for X months. Credit card Cos are more ruthless as they will not hesitate to place a judgment against you to get their money back.
Jazcobar
12-09-2008, 01:12 AM
man im lucky....i dont need no sort of student loan....rents paying it all for me
Zaleel Larka
12-09-2008, 09:54 AM
Loans aren't that bad but there has to be a limit on it....for example I took out 20k to pay for my college and the monthly payment comes out to 123 a month.....not so bad considering I did a lot of other shit with that money.....It's all about discipline with money.....At the end of the day college loans have a VERY VERY LOW interest rate....and it's better to take out a college loan rather than lets say pay for books and other things with credit cards and add up debt like that.....because the interest rate will be thru the roof and that shit is definitely not the right path to take....
wacho mouth
12-09-2008, 10:39 AM
do you think fafsa would be a good choice? ive always been scared of student loans and paying them back
Zaleel Larka
12-09-2008, 11:08 AM
wtf...fafsa is student aid program....you dont have to pay back that stuff....
T-rade
12-09-2008, 11:23 AM
My card makes me unavailable to take out more money than in my account, I feel responsible
ST1llmatic
12-09-2008, 12:54 PM
well yeah i have a check card so im not plasticless, but its not a real credit card.
I never needed students loans for my first 2 years (only for a summer semester) these last two I do need loans to supplement what my grand doesnt cover...its subsidized and the interest is pretty low...
fafsa is just an aid program the helps you get grants and such....
you should apply for that regardless...
ElCount
12-10-2008, 02:39 PM
do you think fafsa would be a good choice? ive always been scared of student loans and paying them back
You should ALWAYS file FAFSA. And you should always file FAFSA on January 1st.
Get all the documents ready right now so you can do that shit.
The earlier you file, the more money you will get.
They start dishing out money early in the year, so if you apply for FAFSA late as fuck, their funds will be lower, and you will receive a smaller portion that you normally would have.
And like most people said FAFSA is grants although they also tell you how much in loans you are allowed to take.
ElCount
12-11-2008, 02:07 PM
I'd also disagree with the idea of NOT taking out student loans.
If you really can't afford to go to a private university or out-of-state university then you should just go to a public university in-state.
Because other-wise you are just throwing down thousands for something of equivalency.
And if you're still coming up short in-state then taking loans isn't all that bad because tuition is so much cheaper anyway that the loans won't be over your head.
Even if you do take out loans to finance your way through college, as long as you work hard in school and have a plan and know what the fuck you're doing, chances are you will have a job by the time you graduate, and you'll have a steady stream of income that can knock off your debt.
The interest rates on student loans (from the government) are very low compared to the private ones made by banks (which I'd strongly stay away from).
It's really hard to finance your education without loans unless you're relying solely on scholarships which to me is similar to playing lotto without the extremism.
I'm $7K in student loans right now and can't say I'm worried. I'll probably be $10K in the hole after I finish undergrad which isn't bad. After that it's grad school.
I'd always stay the fuck away from car loans, home loans, and credit cards though.
Luse_Fiasco
12-11-2008, 02:37 PM
how do you qualify for fasfa??
ive always been skeptical about that, never really known the truth behind it
someone school me
ST1llmatic
12-11-2008, 06:07 PM
I'd also disagree with the idea of NOT taking out student loans.
If you really can't afford to go to a private university or out-of-state university then you should just go to a public university in-state.
Because other-wise you are just throwing down thousands for something of equivalency.
And if you're still coming up short in-state then taking loans isn't all that bad because tuition is so much cheaper anyway that the loans won't be over your head.
Even if you do take out loans to finance your way through college, as long as you work hard in school and have a plan and know what the fuck you're doing, chances are you will have a job by the time you graduate, and you'll have a steady stream of income that can knock off your debt.
The interest rates on student loans (from the government) are very low compared to the private ones made by banks (which I'd strongly stay away from).
It's really hard to finance your education without loans unless you're relying solely on scholarships which to me is similar to playing lotto without the extremism.
I'm $7K in student loans right now and can't say I'm worried. I'll probably be $10K in the hole after I finish undergrad which isn't bad. After that it's grad school.
I'd always stay the fuck away from car loans, home loans, and credit cards though.
i didnt say avoid them at all costs. im just saying unless you start paying them off as you are still going to school you should avoid them. im 20k in the hole but have started paying them off now so its actually less. im in grad school now and am done with loans all together. its just that a lot of people take them out waste money on stupid shit then pay for it in the long run. 20k is a lot of money but it is manageable. some people put themselves way fucking deeper in debt and dont spend it on anything useful. i used my money to pay books and tuition, buy a car (i go to a commuter school so not having a car was out of the question. i didnt get anything fancy just a mode of transportation), bought a laptop cuz i didnt have a computer when i moved out, then used the rest to supplement my income so i could pay rent, phone/internet bill, food, etc. also finding a job with just a ba is tough now so you shouldnt just assume you'll get a good job instantly
how do you qualify for fasfa??
ive always been skeptical about that, never really known the truth behind it
someone school me
You dont qualify for it per say....Fafsa determines how much you are eligible for in grants and determins how much you can get in subsidized loans, its a government program. Theres nothing to be skeptical of, it just determines how much you can get depending on your needs.
Of course you dont HAVE TO accept the money if you dont want to, it just makes it available to you if you do want it.
I tried to avoid Studen Loans as much as I could...my first two years of Community College were paid for by the Pell Grand plus I had about $600-800 leftover every semester after buying my books for whatever I wanted to spend it on, its money you dont pay back....now I have to get into loans b/c its just not enough at the school im going to now
Luse_Fiasco
12-11-2008, 10:07 PM
do you have to be a citizen?
^^I'm not really sure....
check out their page at www.fafsa.ed.gov I'm sure they have a faq section, they also have a number you can call for questions....it doesn't hurt to apply anyways...the worst that can happen is that you aren't eligible for free money....
ST1llmatic
12-11-2008, 11:32 PM
your citizenship should not matter. as long as you are going to school here you are a resident (right?) which should be enough. in fact you may be eligible for other grants and scholarships seeing that you are an international student.
Luse_Fiasco
12-12-2008, 12:15 AM
yea im a resident
i want to save my parents money man, i feel like they sweating so much when all this could be paid in the future, i mean i consider myself lucky but id rather have them not suffer as much ya know
but il find out thanx for the info
samrawet
12-12-2008, 01:01 AM
nice picture
ElCount
12-12-2008, 09:29 PM
Uhhh I'm 99% sure you have to be a citizen to file the FAFSA...
And St1ll, I got a question for you since you're in graduate school and I haven't found out the answer to this...
1. All the student loans you took out were through the government right (Stafford, Perkins, etc...)? Not private ones through banks?
2. Also if you apply to graduate school and get accepted and you decide to go after you finish undergrad. Do you still have to start paying your undergrad loans 6 months after graduation (if that's the terms of your loan)? Or does the repayment time start 6 months after you finish grad school?
ElCount
12-12-2008, 09:30 PM
i didnt say avoid them at all costs. im just saying unless you start paying them off as you are still going to school you should avoid them. im 20k in the hole but have started paying them off now so its actually less. im in grad school now and am done with loans all together. its just that a lot of people take them out waste money on stupid shit then pay for it in the long run. 20k is a lot of money but it is manageable. some people put themselves way fucking deeper in debt and dont spend it on anything useful. i used my money to pay books and tuition, buy a car (i go to a commuter school so not having a car was out of the question. i didnt get anything fancy just a mode of transportation), bought a laptop cuz i didnt have a computer when i moved out, then used the rest to supplement my income so i could pay rent, phone/internet bill, food, etc. also finding a job with just a ba is tough now so you shouldnt just assume you'll get a good job instantly
Gotcha but if the alternative at any point is to not go to school, then I think being in debt but in college is still the better option.
ST1llmatic
12-13-2008, 12:05 AM
as long as your in school you dont have to pay your loans back. i should qualify that. not that i tried or care to do it but if i finished grad school then registered for some pottery and pe classes that it would keep me from having to pay. however, at the moment i dont have to pay as long as im going to school full time.
DA_LOW
12-13-2008, 01:24 PM
I wish I only owed 7k. I'm 50k in hole right now. Get private loans if possible. You can get rid of private loans via bankruptcy.
Bankruptcy is the worst thing you could ever do, it should never be an option
If anything avoid private loans....and you cant get rid of student loans through bankruptcy anyways
ElCount
12-14-2008, 12:18 PM
as long as your in school you dont have to pay your loans back. i should qualify that. not that i tried or care to do it but if i finished grad school then registered for some pottery and pe classes that it would keep me from having to pay. however, at the moment i dont have to pay as long as im going to school full time.
Aight, thanks for shedding light on this. It helps alot.
...and LOL at filing for bankruptcy being a good option.
if you ain't fucking with the FAFSA. . . .
lolz, ya really slackin in the game.
But go file em eeeeeeeearly, January 1st peep it.
When I filed my first one my senior year in hs I did it on like the last day (smh), DON'T BE THAT DUDE. second year I filed it within the first weeks and it showed in what they hooked it up with.
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