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Should i take out student loans?

I need more money to pay for school because my parents will not pay for my schooling so i am doing it on my own and I need a way to pay so would loans be a good idea? #loans #college #financial-planning


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Michael’s Answer

Hello Kysha, great question! College is expensive and you will need a source of finances ... loans are fine, but remember ...you must pay them back, so minimize, minimize, minimize them. Loans from the government via FASFA is one source, friends and relatives are others. Myself, I worked and did not take out loans (this was many years ago though!), my 4 kids (two have graduated and two are still in college) have all taken out loans and one had a grant ... but all have worked to keep loans down. It may take longer to work your way through, but when there is a will there is a way. Don't get discouraged!

Michael recommends the following next steps:

Check out FASFA (https://studentaid.ed.gov/sa/fafsa), check out grants on line (http://www.collegescholarships.org/grants/federal.htm), VISIT you school's college center!!!
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Also, if you family can't pay for college because of available funds, that's one thing; but if they can assist and just elect not to assist .... then I suggest you talk to them about signing a promissory note with them show you will pay them back then maybe that could be another source.
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Eileen’s Answer

Before you go to school, please make sure you know what you want to do after you are done with your schooling. This is a investment. It is kind of like buying car or house. You don't want to stuck with a lemon. Going to Community College is great place to start. If you can still live at home it is helpful. Before you take any loans out, check your future career to see if your salary is going to cover your future debt. There are students who have over 30,000 in students loan debt. They are not able to make their $319-$360 monthly pay.

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Keith’s Answer

Although it was a long time ago I did take out a loan to go to school; however, I also worked while going to school. I did this because I did not want to be saddled with a large debt when I graduated. I would suggest you apply for every scholarship and grant and I do mean each and every one for which you may qualify. Additionally, keep in mind the starting salary for your chosen profession, how difficult or easy it is to get a job and balance that against the payments you will need to make to pay off your loan.

Keith recommends the following next steps:

http://www.collegescholarships.org/financial-aid/
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