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Yellow Journalist
RealPoor Sensei
Joined: 20 Oct 2002
Posts: 1973
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 Posted: 12/05/04 - 06:53 Post subject: Student Loans????????
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I was thinking about getting a student loan..
Whats it like paying back on student loans?
Im sure some of you have some. In a way I see them as being locked into debt. So Im naturally a little precarious about it.
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ATM Banana
RealPoor Master of Posts
Joined: 02 Jan 2003
Posts: 8575
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Posted: 12/05/04 - 08:12 Post subject: Re: Student Loans????????
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| Yellow Journalist wrote: | | locked into debt |
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r00typooh
RealPoor Master of Posts
Joined: 11 Oct 2002
Posts: 5178
Location: Miami, FL
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Posted: 12/05/04 - 10:08 Post subject:
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i don't know the figures off the top of my head, but there's some crazy percentage of people who never repay student loans. in some occupations, you can get your loans waived or partially waived, and if you're going to work for a decent company, and you're worth it, some companies- as an incentive, will repay your student loans for you.
why are you thinking about getting a loan? usually it's more like- shit i need money for school, let me get a loan. Not, wow, i like money, maybe i should get a loan1?
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Yellow Journalist
RealPoor Sensei
Joined: 20 Oct 2002
Posts: 1973
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Posted: 12/05/04 - 11:51 Post subject:
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Was considering going to lawschool .
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Luturb
RealPoor Guru
Joined: 11 Oct 2002
Posts: 4042
Location: Livermore, California
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Posted: 12/05/04 - 13:29 Post subject:
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Assuming you actually finish school in a field that you can get a decent job in, student loans are nothing to worry about. If you are going to spend 3 years smoking dope in college, get 3 credits total, and then go back to your job at McDonalds, student loans are gonna kick your ass.
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stickynutz
Luke Warm
Joined: 25 Oct 2002
Posts: 498
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Posted: 12/05/04 - 15:31 Post subject:
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Just make sure your parents have your back when you apply, if your under 24 that is. I tried doing it on my own and fafsa loans only gave me $1300 a semester, which payes for tuition ( i go to a cheap school) not even books or living expenses for 1 semester. I had to get my mom to take out a "parent +" loan just so i could reapply for this upcoming semester.
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lauren000
RealPoor Guru
Joined: 21 Oct 2002
Posts: 3510
Location: colorado springs
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Posted: 12/06/04 - 01:19 Post subject:
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subsidized isn't as bad, they pay interest while you're in school and you don't have to make payments untill you're out. Unsubsidized is the f*****g suck, which is what I have, because I'm so "privilaged".
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lauren000
RealPoor Guru
Joined: 21 Oct 2002
Posts: 3510
Location: colorado springs
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Posted: 12/06/04 - 01:22 Post subject:
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| stickynutz wrote: | | Just make sure your parents have your back when you apply, if your under 24 that is. I tried doing it on my own and fafsa loans only gave me $1300 a semester, which payes for tuition ( i go to a cheap school) not even books or living expenses for 1 semester. I had to get my mom to take out a "parent +" loan just so i could reapply for this upcoming semester. |
that's a fafsa grant. That means you don't have to pay back that money. Get a f*****g job to pay for your living expenses and books like everyone else you mooch.
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Manuva
Banned
Joined: 12 Oct 2002
Posts: 2536
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Posted: 12/06/04 - 08:55 Post subject:
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| stickynutz wrote: | | Just make sure your parents have your back when you apply, if your under 24 that is. I tried doing it on my own and fafsa loans only gave me $1300 a semester, which payes for tuition ( i go to a cheap school) not even books or living expenses for 1 semester. I had to get my mom to take out a "parent +" loan just so i could reapply for this upcoming semester. |
Don't you have to start paying the PLUS loans back immediately? I've been looking into one lately and I can't find any info on not paying it until I've graduated.
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r00typooh
RealPoor Master of Posts
Joined: 11 Oct 2002
Posts: 5178
Location: Miami, FL
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Posted: 12/06/04 - 09:34 Post subject:
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| Manuva wrote: | | Don't you have to start paying the PLUS loans back immediately? I've been looking into one lately and I can't find any info on not paying it until I've graduated. |
that means you're getting raped.
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Manuva
Banned
Joined: 12 Oct 2002
Posts: 2536
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Posted: 12/06/04 - 09:58 Post subject:
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u r so helpful
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Qienn
Luke Warm
Joined: 13 Oct 2002
Posts: 182
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Posted: 12/06/04 - 10:35 Post subject:
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I had 5k in subsidized loans when I graduated. Its at about 4%(based of prime) and I pay about $58 a month. I've been paying it about 4 years and I am down to about 2 grand. Didn't do the real math, but I am guessing in a couple years it will be gone. Though, I am in no hurry since the interest rate is so low compared to my credit card I am trying to pay off.
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Gethy
RealPoor Master of Posts
Joined: 11 Oct 2002
Posts: 5595
Location: Tallahassee, FL
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Posted: 12/06/04 - 11:45 Post subject:
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| Luturb wrote: | | Assuming you actually finish school in a field that you can get a decent job in, student loans are nothing to worry about. If you are going to spend 3 years smoking dope in college, get 3 credits total, and then go back to your job at McDonalds, student loans are gonna kick your ass. |
Wait, you don't need a degree to work at McDonalds? Hot shit!
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principessa
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3149
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Posted: 12/06/04 - 13:29 Post subject:
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I had 60K in loans but I paid half off in one lump sum out of the settlement from my ex. So, I am still paying off 30K which is like a small mortgage 
Right now, I am paying 175. a month until some other bills get straightened out, but I want to double that payment at some point--soon.
I chose to take the loans out while I was still married since my ex was b******g about having to pay MY tuition at the same time we were paying for our son's at MIT. We only qualified for unsubsidized loans.
My loans are consolidated now, and I'm paying about 3.77 percent interest.
I took the loans with me when I divorced because I still considered them "mine" but FYI, school loans are not considered marital obligations so, if I had I decided to try to stick him with them, likely I would not have been able to, anyway.
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Yellow Journalist
RealPoor Sensei
Joined: 20 Oct 2002
Posts: 1973
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Posted: 12/06/04 - 16:25 Post subject:
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that sounds horrid princi
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Vekril
RealPoor Guru
Joined: 15 Oct 2002
Posts: 2525
Location: Jersey
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Posted: 12/06/04 - 16:34 Post subject:
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110k in outstanding loan debt
*weeps*
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Nictathan
RealPoor Master of Posts
Joined: 11 Oct 2002
Posts: 5531
Location: here... where I am... not with you
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Posted: 12/06/04 - 16:34 Post subject:
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| Vekril wrote: | 110k in outstanding loan debt
*weeps* |
That just sucks...
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Manuva
Banned
Joined: 12 Oct 2002
Posts: 2536
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Posted: 12/06/04 - 17:02 Post subject:
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| Vekril wrote: | 110k in outstanding loan debt
*weeps* |
Holy f**k man, law school hit you that hard?
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principessa
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3149
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Posted: 12/06/04 - 17:09 Post subject:
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Vek, we need one job just to cover loan payments:p
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Leilu
Sir Postalot
Joined: 12 Nov 2002
Posts: 1164
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Posted: 12/06/04 - 17:12 Post subject:
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Get a scholarship. One year I had $500 left over after tuition and books.
All you have to do is apply. And write them a little story or something.
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principessa
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3149
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Posted: 12/06/04 - 17:25 Post subject:
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Heh, Leilu, we're done with school...we're just paying the bills now....well, I'm done--unsure about Vekril, though, cause I think he restarted somewhere along the way
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Vekril
RealPoor Guru
Joined: 15 Oct 2002
Posts: 2525
Location: Jersey
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Posted: 12/06/04 - 22:51 Post subject:
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Full loans at NYU law in 1997-1998 and 1998-1999 school years was roughly $48,000 per year - tuition, room, board, books and moderate living expenses. I completed 3 semesters and took my leave halfway through the 4th, leaving me on the hook for the full 2 years. Add in a few years of interest while on hardship deferments, forbearances and the like and you get 110k
I put myself in a big hole by not dropping out after my 1st semester when I knew I hated it.
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Overon
RealPoor Guru
Joined: 14 Oct 2002
Posts: 3602
Location: PLANE OF PIXIES
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Posted: 12/06/04 - 23:12 Post subject:
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and no financial aid what so ever?
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Vekril
RealPoor Guru
Joined: 15 Oct 2002
Posts: 2525
Location: Jersey
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Posted: 12/06/04 - 23:50 Post subject:
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You don't get grants for law school, just loans.
Most schools have programs for partial or full forgiveness of your loans if you spend a few years in a low paying legal job, and if you go into a larger firm you make enough cash to pay it back without much trouble. Starting salaries at the big NY firms for my class were about $140,000 per year. You work like a slave for a few years and make the cash, then either continue on the partner track or move to a smaller firm or different field.
My problem was I dropped out, so all I have is the debt.
me = made some stupid choices while severely depressed
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principessa
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3149
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Posted: 12/07/04 - 11:57 Post subject:
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Vekril, what are you doing with yourself now? I thought you had reentered school ??
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NickPSH
RealPoor Master of Posts
Joined: 11 Oct 2002
Posts: 5680
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Posted: 12/07/04 - 12:12 Post subject:
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GOOD THING YOU GOT LEVEL 60 THOUGH.
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Dyers
Sir Postalot
Joined: 26 Oct 2002
Posts: 1269
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Posted: 12/07/04 - 12:15 Post subject:
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Can't claim bankruptcy on all that debt, Vek?
No idea if it would apply to loans. /shrug
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Nuldaan
Sir Postalot
Joined: 07 Nov 2002
Posts: 1179
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Posted: 12/07/04 - 14:52 Post subject:
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Nope, bankruptcy doesn't apply to student loans. And it doesn't help your credit rating either...as I found out when I went to buy my first car after getting out of school. So be sure you make your payments.
Anyway, just to reiterate what Luturb (I think) said, student loans are great if finish school and get a job. If you don't finish or don't find a decent job, you're in for a world of hurt. If you need to get a loan for school, you need to be very sure that this is what you want to do.
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Dyers
Sir Postalot
Joined: 26 Oct 2002
Posts: 1269
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Posted: 12/07/04 - 15:03 Post subject:
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Well, that bites. Had no idea that you could not claim bankruptcy on student loans. Never did the bankruptcy thing here but know people who do it every time they can... 
edited: Because I have no idea how often a person can file. Did a quick search and found that you can every 6 years for a chapter 7.
Might be a good thing I don't know to much about bankruptcy...but really, I never gave a shit.
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Leilu
Sir Postalot
Joined: 12 Nov 2002
Posts: 1164
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Posted: 12/07/04 - 15:12 Post subject:
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| principessa wrote: | | Heh, Leilu, we're done with school...we're just paying the bills now....well, I'm done--unsure about Vekril, though, cause I think he restarted somewhere along the way |
My post was directed to YJ, not you! Sorry atari! Your story sounds especially sucky though. Hope it all works out ok for you schweetie. And Vekril too.
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