I am a college sophomore in attendance a state propagandize but even so I have already amassed thousands in tyro loan debt. I worked 60+ hours a week final summer and which income won’t even final to cover half this year’s rent and utilities! I am perplexing to cut behind spending but unequivocally all I buy have been groceries and the occasional movie ticket. I do not even have any travel costs since the train is free for students.
I have been incompetent to find part-time work which fits around my report since I need to take a lot of credits or I’m not going to connoisseur in time which would meant receiving out even some-more loans. I practical for each grant I could get a reason of but didn’t get a penny, and my monetary assist is positively pitiable since my family is in which horrible dilapidation where their taxation earnings show as well most income to get decent assist but as well small to essentially minister anything. I am nineteen years old, and I am frightened out of my mind which I am digging a hole I’m never going to get out of.
HELP!!
I am in the exact same situation, I have many loans, and they really are necessary. Don’t worry about it, get your education, and in the end, even if you are in debt, you can always get defferals for paying on them, (or in my case, i know i will probably never pay them off). . . or if possible, pay on interest now because you can write it off for taxes! (but i can’t do that either, so basically i only worry about NOW!)
Federal loans aren’t really all that bad. You don’t start paying them back until after you graduate and then at that time you have a 6 month grace period. Once you do go into repayment they make the amounts are very reasonable. I know of student’s with over $70,000 in federal loan debt and their payments are less than $300 a month. Don’t stress out too much about things now. I would suggest talking to your financial aid office to see if there is any help they can give you.
that really sucks. my girlfriend kind of had the same problem, she ended up having to drop out. you should consult someone to help you manage your financial problems, they will give you some good advice. there are people who know a lot about money that can help you get out of that mess.
cut your expenses. . ditch your cell phone. . stop smoking. . cut cable. . . turn off lights when you leave the rooms. . . give up the movies. . the internet is an expense but you probably need it for school. . can you get cheaper connection?
good luck its not good to accumulate debt. . work and pay it off as a priority
I understand where you’re coming from, and I’ve got to give you credit for your hard work and dedication to college and your future. I know that you’re probably not going to like what I have to say, but it is a couple of suggestions that might work.
The first I thought of was to put, even a few dollars a week away and at the end of a semester or year, invest it in a Certificate of Deposit that will earn a bit of interest. It might not be a lot, but when you graduate, you usually have a 6 month grace period before you start paying off your student loans. At that point, you could take the money that you’ve invested and pay down the principle, so that your monthly payments won’t be so bad.
Another idea is to look into government programs where you could work in disadvantaged areas, and the government will forgive your student loans. I’m sorry, but I don’t have a whole lot of information, but I’m sure you can find some on the net.
Lastly, is the military. Yes, they will pay for college, but you have to give them 4 to 6 years. It’s not a bad way to go, especially as you’ll be able to get experience in your field, and can take that to the civilian sector once your obligation is fulfilled.
I want to wish you all the best of luck. I know you’ll be fine in the end.
Warmest Regards