financial issues

[oncegreek]

Justme, you have gotten some really good advice. Be cautious about taking on debt. I was lucky- i did not have debt as an undergrad, but I had to borrow to get my teaching credential. For what it is worth, I ended up leaving my sorority. I, too, worked while I was an undergrad, and it got really tiresome having to pay all of the expenses associated with being in a sorority. If it is worth it for you, then go for it... but think before you rush!

P.S- This is for all undergrads (or grad students)- there are programs out there that will forgive some, or all of your loans, if you are in certain fields. (my loans were forgiven because I taught in a Title 1 school) Also, apply for any and every scholarship that you are even vaguely qualified for. I did not do this an undergrad, but as a grad student, I got a "Leadership Award" scholarship based on my sales awards in my prior job. College is so expensive...leave no stone unturned in the quest for funding!

[Blue Skies]

Originally Posted by oncegreek

Justme, you have gotten some really good advice. Be cautious about taking on debt. I was lucky- i did not have debt as an undergrad, but I had to borrow to get my teaching credential. For what it is worth, I ended up leaving my sorority. I, too, worked while I was an undergrad, and it got really tiresome having to pay all of the expenses associated with being in a sorority. If it is worth it for you, then go for it... but think before you rush!

P.S- This is for all undergrads (or grad students)- there are programs out there that will forgive some, or all of your loans, if you are in certain fields. (my loans were forgiven because I taught in a Title 1 school) Also, apply for any and every scholarship that you are even vaguely qualified for. I did not do this an undergrad, but as a grad student, I got a "Leadership Award" scholarship based on my sales awards in my prior job. College is so expensive...leave no stone unturned in the quest for funding!

I teach in a Title 1 school as well, and I was never able to qualify for the loan forgiveness program. Ditto my friend with the $60,000 debt. I think it's a great program when it applies, but it doesn't always do so.

Another point to consider is that college costs can go up dramatically while you are in school. My initial budget for my master's degree was $16,000. Costs ballooned over the 2 1/2 years that I was in school, so that my final bill was $32,000. Ouch!

Graduate students don't get the same sweet deals on loans that undergrads do. Graduate students should absolutely look into getting a T.A., G.A., or similar position because that can dramatically lower your costs.

Also, beware of thinking that you can automatically qualify for in-state status if you're independent and have been residing in your new locale for a year or more. I read, thought I understood, and followed the rules for in-state status and I still got shot down. Why? "Because student loans don't count as income for determining in-state status." Gosh, it sure felt like income to me at the time.

Oncegreek gave some great advice about scholarships. If you are agressive about applying for them, you can do quite well.

[Munchkin03]

Originally Posted by oncegreek

P.S- This is for all undergrads (or grad students)- there are programs out there that will forgive some, or all of your loans, if you are in certain fields. (my loans were forgiven because I taught in a Title 1 school)

People seriously overestimate what loan forgiveness can do for them. Some of the idiots I went to grad school with INSIST that if you get a job with the federal government, that they will "forgive all your loans." That's not exactly true. After a certain amount of time, an agency, IF THEY HAVE THE FUNDING, can choose to forgive your federal loans, but not your private loans. The only 2 federal agencies that tend to forgive total loan debt are State and Justice, because they have it like that. Most of my classmates want to work for the Parks Service, which doesn't have that kind of money. They will be sadly mistaken.

It seems that there are only a few ways to get your debt forgiven--work at a high risk school, join the Peace Corps, etc. But this isn't true for the vast majority of people.

A lot of the top law schools can forgive your debt if you go into non-profits, but you shouldn't take out loans with the belief that they'll be forgiven.