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student loans?

Discussion in 'Off Topic [BG]' started by xcental34x, May 8, 2006.

  1. xcental34x


    Feb 28, 2003
    Memphrica, TN
    This fall I'm hoping to go back to school at a local community college, but doing so will mean I'll be forced to quit my current full-time job. I reapplied with UPS, and I have an interview tomorrow afternoon. Its a part time job, and I am fairly sure I will be rehired. This will, of course, mean that I will have to take a cut in income. Several friends have encouraged me to look into taking out a student loan through FAFSA and private lenders. From what I understand of the terms, I will not have to start paying back the loan until after I graduate, unless I withdraw from school. What are the important things I should know about taking out a student loan?
  2. 1) Don't blow it on stupid ****. 2) If you do withdraw, they will find you and start the billing.

  3. xcental34x


    Feb 28, 2003
    Memphrica, TN
    I'm smart enough to know that this money would have to last me awhile. I'd plan on spending it on a new computer, tuition, books, and rent only. That's it.
  4. I didn't mean to imply that you weren't intelligent. People do stupid things with money when they get a lump sum. Even smart people. I have a friend that can think circles around a considerably large portion of the population that put himself in the situation I described. Sometimes you think you've got it nailed when the curveball comes. Make sure you have the money ready for the curveball.

  5. Justin V

    Justin V

    Dec 27, 2000
    Alameda, CA
    As a college student who has a bad habit of getting into the situations that mike is describing, take his advice. Just be careful with the loan money and maybe hide it from yourself (like I'm gonna do when my next loan comes around in August).
  6. guy n. cognito

    guy n. cognito Secret Agent Member Gold Supporting Member

    Dec 28, 2005
    Nashville, TN
    Back when I used student loans, there was no repayment until 6 months after you graduated. It's a decent option if you have no other choice. Use the money responsibly and only borrow the absolute minimum you need to survive during college.
  7. LiquidMidnight


    Dec 25, 2000
    First take all the "free" money you can get from grants and scholarships, then take the miminum amount needed from the loans. Only spend loan money on school expenses (whether those are direct or indirect expenses).

    Luckily, I go to a rather affordable college, so grants pretty much pay for everything. I always apply for a Stafford and sign the promissory note, but I always just cancel the dispersement after I know that I have enough grant money to cover costs.
  8. jkritchey


    Jul 23, 2002
    Northern Va.
    Any chance you can cover rent with your job, leaving loans for Tuition and books only? Oh, and don't forget the Ramen....
  9. Yeah, student loans are a great thing, paying them back isnt!
  10. dlloyd

    dlloyd zzzzzzzzzzzzzzz

    Apr 21, 2004
    I wouldn't have thought you would have paid anything back yet.

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