1 answer

What is the best way to pay off university especially when you will be there for a long time?

Asked La Verne, California

I want to hopefully become an OB/GYN one day which is a doctor specializing in prenatal and women's health studies. This career path takes some 12 years of education to even become licensed so I need the least cost burdening method to paying off university. #university #scholarships #student-loans #obstetrics #grants #gynecology

1 answer

Jason A.’s Answer

Updated Boston, Massachusetts

Hi Nada,

The financial aspect of school definitely is very important. It's good to see you planning ahead! Before paying off your loans, I would know when your payments must start (since you are not expected to pay them off while you're in school), and what payment options you have. Knowing when you need to start paying is important obviously, but also what your loan service provider can help you with.

My loan service provider, Great Lakes, allowed me to set-up a 10 year auto pay plan that reduced my overall interest rate. Yes 10 years sounds like a lot of time but I was able to make lump sum payments during this period as well. Go for the plan that works best for you. Planning ahead will help you understand your timeline.

Look around for scholarships, there are so many scholarships out there, and if you take the time to submit applications, you can be receiving a lot of money from those that you can put to your education. Maybe find a job on-campus so you can have some supplemental income. This is definitely an active process and you do want to stay on top of your interest/total amount. It is a lot to take in, but so long as you are diligent, you should be alright.

Thank you for the advice Jason!!