student loans

[dis4harley]

I would like any information you have on student loans. How they work, what you think of them, anything that might be useful.
TIA

 

[EsmeraldaX]

I think, if you don't have to borrow that much, they are probably okay. But unless you know you will most definately have a high paying job when you graduate, they are not always worth it.

I know a lot of people who are still deeply in debt from loans way into their 30s.

 

[Aimeedyan]

For us, they are a necessary evil... we make ends meet using them, and pay for my schooling. I am offered both a subsidized and unsubsidized each semester from the Gov. There are private party loans, as well, that you can take out if not awarded enough from the Gov...

DH has loans out from his undergrad, we have consolidated them and are paying on them. I am accuring some from my graduate work right now...

Each school is different. At mine, every student requesting any kind of aid is requred to complete the FAFSA, then the Student Aid Report is mailed to the school of your choosing, they put together your financial aid offers, and you can accept or deny whatever you want. This also includes any grant offers you might get (which of course graduate students don't receive). DH received some grants in undergrad from his FAFSA info.

We often take out a generous amount, stick it in the savings account, and if we dont need it, then it accrues interest and can be used the next year. Since you get one offer for all of one school year, we try to make sure we won't be short for both fall and spring semesters...

I'm not sure that helps much, but just our exp. Feel free to ask any questions you might have =)

 

[The Mystery Machine]

We will be paying for college well into our 40's, when dd goes to college. DH had no help and that was the only way for him to go to school.

If he were to go to college today he would not be able to because it is mandatory that parents fill out the FAFSA.

http://www.fafsa.ed.gov/

(At least to the best of my knowledge) If you know how to get around it, let me know. My BIL & SIL REFUSE to fill it out for their son, (my nephew).

As far as DH it was his lifesaver. I feel sorry for the kids today who cannot go to college because of that.
I do not have a kid in college yet so that is all I can offer.

 

[Dan Murphy]

I highly recommend this book, now, and a current copy each year (it is updated each year, as rules, some minor, some major, DO change, year to year) once the kids are at the college time. Very well worth it, very helpful.


Not to be taken as financial advice