Need college Advice vol: Loans

[legreyfoxx]

Sup famb, I'm approaching the end of my time in college. I am currently 25 and have above a 3.0 GPA and In Georgia I was milking the hope scholarship until i was ineligible for it (after 7 years of completion of high school you become ineligible for it (I started school late, worked after high school now I'm paying the price "literally")) well I'm in a situation now where the only way I can afford to complete school is taking loans or taking a break from school maybe a semester and then working to save up. I'm leaning towards just taking out a loan, but not sure how they work. Lets just say I owe $500 after financial aid is applied and I only work part-time. My question is I'm not sure how loans work should I accept the loans offered by the school?

"Direct Sub Stafford Loan Offered Fall Semester 2015
$2,750.00


Offered Spring Semester 2016
$2,750.00



Fund Total:

$5,500.00"


"Direct Unsub Stafford Loan Offered Fall Semester 2015
$3,500.00


Offered Spring Semester 2016
$3,500.00



Fund Total:

$7,000.0"

I only owe around 500 this next semester so I'm sure it would be unwise to take the 7,000 loan right?
serious thread, seeking advice on whats the best course of action I should take.

 

[dathbgboy]

Sup famb, I'm approaching the end of my time in college. I am currently 25 and have above a 3.0 GPA and In Georgia I was milking the hope scholarship until i was ineligible for it (after 7 years of completion of high school you become ineligible for it (I started school late, worked after high school now I'm paying the price "literally")) well I'm in a situation now where the only way I can afford to complete school is taking loans or taking a break from school maybe a semester and then working to save up. I'm leaning towards just taking out a loan, but not sure how they work. Lets just say I owe $500 after financial aid is applied and I only work part-time. My question is I'm not sure how loans work should I accept the loans offered by the school?

"Direct Sub Stafford Loan Offered Fall Semester 2015
$2,750.00


Offered Spring Semester 2016
$2,750.00



Fund Total:

$5,500.00"


"Direct Unsub Stafford Loan Offered Fall Semester 2015
$3,500.00


Offered Spring Semester 2016
$3,500.00



Fund Total:

$7,000.0"

I only owe around 500 this next semester so I'm sure it would be unwise to take the 7,000 loan right?
serious thread, seeking advice on whats the best course of action I should take.

If you don't need the extra money, don't take it. And only take the loans if you have no other options.

Also, if this is the only loan you had to take out in school, you'll be good b.

 

[nc23]

^This. You can take as much as you need. Graduating with only $500 in debt would be pretty impressive (granted, I graduated without any student debt, but this isn't a competition haha)

 

[legreyfoxx]

This would be my first loan ever while in college. And I have a car payment and other expenses to pay for which is why I can't really afford a $500 expense. I also only work part time at the moment.

 

[agentorange]

If all you need is 500 for the semester then completely cancel everything except for the subsidized loan ( interest free while you're in school) and reduce that loan amount to the amount you will owe. So in this case $500 a semester or $1000 for the year

 

[Chiron]

I would take accept both loans if you have a thin credit file. They are installment loans and can really boost your mix of credit

Pay for school. Pay the UNSUBBED loan back right away. Put the rest money in savings.  DONT TOUCH IT. Once the SUBBED loans come due.. Pay it back.

You'll have the money you need. And your credit score will profit for the next 7-10 years on credit mix and average age of accounts until the loans fall off. If you have an auto loan with higher interest rate than the student loan I would also consider using the student loan money to pay that down faster.

 

[yeah]

Take the subsidized loan. Don't even think about unsubsidized loans if you do not absolutely need them.

You have a total of $2,750 for fall and $2,750 for spring available to you, but you do not need to take the full amount.

If I were you, I would take $750-$1000 for each semester to cover the $500 cost and provide a little bit of a cushion if something unexpected happens, like you lose a book or your car gets towed. But if you have a job that can cover those types of expenses, take only what you need.

 

[ill steelo]

Don't even trip on them loans dog.

Just focus on getting internships so you can a decent paying job, sign up for graduated, FIXED repayment & that **** will not impact your life at all. Same payments whether you're making 50k or 100k.

Just make that min payment for 25-30 years and then you don't gotta worry about it no more. You don't actually have to pay all of it off my g.

 

[bendover]

Only take what you need.
Take the subsidized one, NOT the unsubsubsidized.

 

[dathbgboy]

Agree on decreasing the Subsidized loan. to $750/semester, $1500 total. That extra can be used for books or even a small commuter plan if you don't live on campus. It could also be applied to graduation fees.

I will say this, since this is your final year, start getting your ducks in a row now in terms of employment so you don't have a long gap in between graduation and getting a full-time gig.

 

[legreyfoxx]

If all you need is 500 for the semester then completely cancel everything except for the subsidized loan ( interest free while you're in school) and reduce that loan amount to the amount you will owe. So in this case $500 a semester or $1000 for the year

bro you just opened up my eyes. . I'm noob at this stuff and was completely skeptical of loans, didn't eem know you can do that. Bro taught me like a cheat code rep'd

 

[legreyfoxx]

Take the subsidized loan. Don't even think about unsubsidized loans if you do not absolutely need them.

You have a total of $2,750 for fall and $2,750 for spring available to you, but you do not need to take the full amount.

If I were you, I would take $750-$1000 for each semester to cover the $500 cost and provide a little bit of a cushion if something unexpected happens, like you lose a book or your car gets towed. But if you have a job that can cover those types of expenses, take only what you need.

good looking out fam.

 

[elecrelaxation]

Just take the subsidized loans if you need it to start. Don't take a semester off just to save up money.

 

[flyny]

Take out the 7000. Use the 500 for school, use the other 6500 and put it in a high risk interest account and double ya money then keep flipping it

 

[crcballer55]

Sup famb, I'm approaching the end of my time in college. I am currently 25 and have above a 3.0 GPA and In Georgia I was milking the hope scholarship until i was ineligible for it (after 7 years of completion of high school you become ineligible for it (I started school late, worked after high school now I'm paying the price

"literally")) well I'm in a situation now where the only way I can afford to complete school is taking loans or taking a break from school maybe a semester and then working to save up. I'm leaning towards just taking out a loan, but not sure how they work. Lets just say I owe $500 after financial aid is applied and I only work part-time. My question is I'm not sure how loans work should I accept the loans offered by the school?


I only owe around 500 this next semester so I'm sure it would be unwise to take the 7,000 loan right?

serious thread, seeking advice on whats the best course of action I should take.

Why not just pick up some extra hours and make up the $500 that way? It's only $500 we're talking about here. Doesn't your school have a payment plan over the course of the semester?

 

[legreyfoxx]

Why not just pick up some extra hours and make up the $500 that way? It's only $500 we're talking about here. Doesn't your school have a payment plan over the course of the semester?

560 to be exact. And im in the process of leaving my current job. 24th is the last day and i start my new job on the 25th, where there will be less hours starting off. My payment due date is August 6th. May be easy for you to come up with 500 but I'm currently in school with finals next week and working part-time with a $340 car payment each month along with other bills.

 

[blastercombo]

Here's some simple advice, use the least amount of loans you can as possible if not at all.

 

[therealrell]

560 to be exact. And im in the process of leaving my current job. 24th is the last day and i start my new job on the 25th, where there will be less hours starting off. My payment due date is August 6th. May be easy for you to come up with 500 but I'm currently in school with finals next week and working part-time with a $340 car payment each month along with other bills.

You have absolutely no savings that you can raid to pay the 560? That's a problem if you've worked and don't have anything put away for an emergency. Why take out a loan if you don't need to? 

 

[legreyfoxx]

You have absolutely no savings that you can raid to pay the 560? That's a problem if you've worked and don't have anything put away for an emergency. Why take out a loan if you don't need to? 

not at the moment. My savings went into my summer tuition where I came out of pocket similar to now but wasn't expecting a 560 fee left over because I'm not making as much at my job and usually financial aid covers a fair portion of tuition. I'm not loaded, hence why I'm currently in school.

 

[legreyfoxx]

I can pay for everything like tuition and bills but that means I would be living check to check afterwards, and that's what I'm avoiding. I do try to keep a set amount in my account for emergencies like if I were to have car troubles or something but I'm probably gonna go with the subsidized loan and take what I need instead of more than what I need.

 

[アミーゴ]

This site has everything you need to know about finance...

supermoney.com

https://twitter.com/supermoney
https://www.facebook.com/SuperMoneyTeam

 

[crcballer55]

 

Why not just pick up some extra hours and make up the $500 that way? It's only $500 we're talking about here. Doesn't your school have a payment plan over the course of the semester?

560 to be exact. And im in the process of leaving my current job. 24th is the last day and i start my new job on the 25th, where there will be less hours starting off. My payment due date is August 6th. May be easy for you to come up with 500 but I'm currently in school with finals next week and working part-time with a $340 car payment each month along with other bills.

I think we found the problem.

 

[capital sb]

Don't even trip on them loans dog.

Just focus on getting internships so you can a decent paying job, sign up for graduated, FIXED repayment & that **** will not impact your life at all. Same payments whether you're making 50k or 100k.

Just make that min payment for 25-30 years and then you don't gotta worry about it no more. You don't actually have to pay all of it off my g.

Graduated and fixed aren't the same. I think you meant to say extended fixed. He wouldn't qualify for extended repayment (must have atleast 30K in loans). But yeah sign up for fixed repayment and only get what you need in subsidized loans.

 

[アミーゴ]

340 car payment and still in school!?

Sheesh, urs is close to double mine and I've been out and making good money for years.

People have no idea what they are doing with their finances nowadays.

 

[capital sb]

340 car payment and still in school!?

Sheesh, urs is close to double mine and I've been out and making good money for years.

People have no idea what they are doing with their finances nowadays.

Yeah I believe the average American car payment is $400/mo. It's ridiculous not even sure why people are going for high car payments.