Monday, September 24, 2007
Student Loans
Are student loans a necessary evil or just plain evil? When you speak to other students or graduates about student loans, they will usually tell you it was their last resort. I am trying to avoid it at all costs. I have so many friends and co-workers that struggle to make their monthly payments for years. A few have defaulted and are now in “student loan bondage.” My question to you…Is a student loan worth the hassle or should you put off school until you can secure other means to pay?
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29 comments:
I agree that it would be better if there was some other way.. But I think in some cases it's a necessary evil. Especially if you're going to a more expensive school than GPC. The interest rates are pretty low and you don't have to pay while you're attending full time. I know that some of my friends and family wouldn't be able to get by without them! But no one wants to have debt looming over them.
The idea of a student loan is great but when a prospective student goes to apply for one they don't really realize that they will be paying for it for half their lives. I am doing online so I can have a job and afford to pay for my classes so I don't have to get a loan.
If you’re not rich, student loans are definitely a must. I am 20 and I already have $28,000 + in student loans. I went to a private university prior. My credits did not even transfer. Since attending GPC I have been receiving government grant and my internship employer, UPS, pays for my tuition.
When it comes down to paying them back you have to plan ahead. I don't have to make any payments till February 2011 so that gives me about 3-1/2 years to pay them back. So, I set up a savings, bought some bonds, and now that I am on salary it is a little easier to pay it off in as little as 3 years. So don't fret you will pay them off. It is just a matter of finance management.
I remember on Oprah there was lady with $180,000 dollars in credit card debt. She was divorced, had 5 children (toddler to teen), and worked endless hours to pay of her debt within 3 years and manage her money better. If she can do it I know you and I can.
Student loans are evil, but in some cases it is definately a necessary evil. If you dont have the money to pay for tuition out of pocket then its a not a bad option. Unless you can get scholarships or grants, thats pretty much the only choice you might have. If you dont have proper money management it will take you forever to pay the back though.
The loans are an evil made necessary by a bigger issue. The cost of higher education in our country has skyrocketed in the past couple decades above and beyond inflation. Private schools are always going to be premium priced but even public schools have been going higher and higher. Before coming to GPC I was at the most expensive (well the top 3 fluctuate) college in the nation. I was only able to attend because I was given a full academic scholarship for the A. A. program. Awesome school but because it's very young (~40 years) and private it has no endowment and has to charge the students 100% of all their operating costs.
So why has this happened and what can we do about it?
Vaughn, I agree with you. My sister attends the Savannah College of Art & Design. After HOPE ($3,000/yr for private schools), her SCAD Scholarship and the Pell Grant, she's still left with $8,000+ in tuition per quarter! It's great if you're rich.. But who has the money for tuition that expensive? She wouldn't be able to attend that school if it weren't for student loans.
I agree there is a better way, and I happen to have found one of them. The problem is, what are you willing to sacrifice to not deal with Student Loans. Being in the military I get paid to go to school, and I agree that may not be your cup of tea, but it works for me.
On the other hand my husband has a student loan from a private college, and they are overwhelming; and there are times I feel they are both mine and his looking at the payments.
My biggest advice to anyone is keep up your payments. If you fall behind and default, the total amount due can almost double.
I feel if you can avoid a loan and get your education do so. However, in the event your eductaion is the means to getting to the next phase in your life, get the loan in the amont needed vs wanted and do what is necessary to move forward.
I don't think loans are evil but definitely necessary for some, if not all. My parents went to college and they both did it differently. My dad stayed out of school (after high school) for two years and worked so he could then afford school. My mom worked summers and during school to pay for her tuition and had smaller loans. I know this was a long time ago when tuition wasn't as high, but it was relative to the cost of living. The one thing I don't see anyone mention is to look for scholarships. There are more scholarships out there than just for sports or music or academics. There are scholarships for minorities, for women, and for men. The list is endless on where scholarship funds come from and who they're intended for. Many scholarship funds go untapped. There is a book in the reference section of any library that lists scholarships. They're there just waiting for the taking.
Student Loans do help those with nothing to begin with and want to have an education, but i have also seen friends to make it through med school pulling double jobs to pay their way through life. It really does depend on how bad you want it, and what scales you'll go through to get it. Financially speaking, I personally do not feel getting a degree is a smart way of doing things. you spend around 15,000 a year for 4 years for undergrad and then around 100,000 more for grad school 160 plus the 6 to 8 years you've invested in it, while you could have done a business right out of high school and made 50-200,000 easy per year.
Education/advanced skills training is the main ticket that opens doors--and job competition is tough "out there"! Yes..there can be trade offs re: getting saddled with a loan to pay back but I think the benefits outweigh the costs if more education/training in a field you desire opens doors to accessing that field. Life is too short really--and often things postponed get waylayed into a "never-got-to-it" pile of good intentions. You can also hope for governmental help down the road with"loan forgiveness" programs--it's happened before--a few times! One can also explore every possible student asisstance funding option ($ AVAILABLE TO PPL WITH ORANGE CATS...ETC..). You'd be amazed at some of the scholarships and help programs out there!
Does anyone have any links to possible funding sources other than student loans?
I had trouble getting approved for a student loan because I "made too much money" (I'd like to see it!)
I unfortunately had to put it on a credit card, low interest atleast but I don't see a realistic way for me to pay off almost 2000.00 a semester...it's all very frustrating.
I believe student loans are a necessary evil. School is expensive and the cost of attendance rises with each year. It is hard trying to get an education without some sort of scholarships and/or loans. They are evil because once you sign up for a student loan--let alone look aroundfor any--you will be harassed by other organizations and the company that lends you the money sets the payment schedule so that you will be stuck paying them back for years to come.
Ah! Another big issue, "You're too rich for financial aid" There's a rather large range where you don't qualify for any good/reasonable aid, but in reality don't have much or any available funds to simply pay for tuition outright. The main cause is they simply look at gross income, and no other factors like debt, alimony, etc.
It really should be a last resort as debt is too easy of an option while education is crucial. For me, Debt is not an option. Obviously, discipline is needed to be consistent in paying off a debt. Does the real need for discipline not start in trying to avoid the debt in the first place. I think credit cards and loans will always be a temptation. It is only the capitalist market after you the consumer. They succeed. Anyone calling their loan an investment should be cautious and never rush into it. Their just a trap that most of America has fallen into.
Why is it that we aren't saving our money. Instead, people are spending money they don't have and paying more for the value of their purchase. I read that to be among the richest 2% in the United States, all one needs is $10,000 in the bank.
I know that a loan is usually more of a gamble than an investment. This especially applies when compared to something as simple as a money market savings account.
I apologize for the punctuation errors and other confusion in that last post. I should have proofread it.
They really are a necessary evil in my eyes. If I was in a position where I couldn't pay regularly for classes, I would wait till I had the money. I'd rather wait a semester or two than have to pay those for a good part of my life.
Yes, a student loan can go from a great opportunity to a living nightmare. The only advice I can give is...Be afraid, Be very afraid.
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