Student loan taking forever to pay off... - page 4

by brian Admin | 17,489 Views | 49 Comments

How many are currently paying on their student loans? Do you feel like it's taking forever to pay off? Please feel free share any tips on how to pay student loans quickly. LOL, I'm sure many of you agree with the... Read More


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    This worries me so much! I graduate in a few weeks, I went to a small private school, for the entirety of my Bachelor's degree and I had to take out private loans and federal loans the entire time! I have about $90,000 in student debt and of course I don't have a job lined up yet. My school raised tuition prices each year, cost for parking each year, and even with me trying to cut costs by buying books that were older editions, sharing with other students and working 30-40 hours a week at a serving job, I was perpetually broke. I have no idea how I am going to pay down this debt, and I had been hoping to go back to school within the next five or ten years to get my Master's degree, but I don't even know If I'll be able to afford that.
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    What upsets me the most is that while I worked my butt off through high school to maintain stellar grades, knocked my ACT out of the park, and had almost EVERYTHING covered by scholarships, I didn't get a penny from my FAFSA because my parents, who weren't supporting me whatsoever, made too much money. I wanted to get emancipated, but I couldn't really afford to do that either.

    Oh, the reason I was upset: I think that federal money for school should include both need and MERIT based. I don't think it's fair that I had to take out loans even though my life revolved around my education most of the people I knew at college got a couple grand back every semester from their grants... and they used it to buy booze and maintain their C average in Art Appreciation and Beginning Math I guess I'll keep paying 6x the amount owed and just drive my '96 Ford Escort.
    SopranoKris and azcna like this.
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    Quote from ANagyRN
    What upsets me the most is that while I worked my butt off through high school to maintain stellar grades, knocked my ACT out of the park, and had almost EVERYTHING covered by scholarships, I didn't get a penny from my FAFSA because my parents, who weren't supporting me whatsoever, made too much money. I wanted to get emancipated, but I couldn't really afford to do that either. Oh, the reason I was upset: I think that federal money for school should include both need and MERIT based. I don't think it's fair that I had to take out loans even though my life revolved around my education most of the people I knew at college got a couple grand back every semester from their grants... and they used it to buy booze and maintain their C average in Art Appreciation and Beginning Math I guess I'll keep paying 6x the amount owed and just drive my '96 Ford Escort.
    I'm going to have to disagree with this. If federal student aid were to be need AND merit based, the standards would have to be so high that very few would qualify. There's already plenty of merit based options out there. It's called scholarships. Yes, it may require a bit of legwork what with finding them and then filling out the applications, but there are quite a few opportunities out there, some specific to nursing students. Heck, with my high school grades, I was offered a $5000 scholarship at one school, a half tuition one at another, and a one third tuition scholarship at the school I chose.
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    Quote from ANagyRN
    What upsets me the most is that while I worked my butt off through high school to maintain stellar grades, knocked my ACT out of the park, and had almost EVERYTHING covered by scholarships, I didn't get a penny from my FAFSA because my parents, who weren't supporting me whatsoever, made too much money. I wanted to get emancipated, but I couldn't really afford to do that either.

    Oh, the reason I was upset: I think that federal money for school should include both need and MERIT based. I don't think it's fair that I had to take out loans even though my life revolved around my education most of the people I knew at college got a couple grand back every semester from their grants... and they used it to buy booze and maintain their C average in Art Appreciation and Beginning Math I guess I'll keep paying 6x the amount owed and just drive my '96 Ford Escort.

    I agree with you and not just because I was in the same boat. I had a 3.9 gpa as well in high school and worked hard to maintain a stellar image..thinking I might get something..anything but was only offered half of tuition at the local community college. Now you might think I should have jumped on it..but when you have your teachers telling you to stay 100ft away from that place you don't go because you believe them. Some people do not realize that there millions of kids starting college this year and because of the good ole economy many scholarships that have been cut. Not all of those going qualify for a scholarship and even if they did not all of them are going to get them. I taught high school and some college classes and I know the majority will pull a good grade and have the merit but the money is just not there anymore. You can apply but that doesn't mean you will get it even if you have the requirements. I know you probably did apply for many scholarships as I did and there probably wasn't any state programs at that time like when I went. Some people are just not willing to realize it is much harder to go now than before and when you finish it is much harder to get employed. 5,000 is not enough to even cover the tuition anymore and that is how much you get if you are a junior or senior. 3,000 used to cover everything for me and that was in 2000..that same school's tuition is now 6,000 for the semester..not including books, dorms, food or anything else and the news has been reporting that tuition is insane and the amount you can borrow or pell grants has not changed since 1999. Going to one of the cheapest universities in the states will set you back at least 20k for the year. 11k at a community college. I think I might include that the average price of a science text now is 270.00 with a 190.00 lab manual. You can buy used but you will still spend 300 for just that class and if the teacher requires that you purchase the key to access homework online then you must purchase new or find someone who never did theirs.
    I am not saying that parents must and have to pay for their children's education but when they make over 100k each then it would be nice if they would help at least with the books--I mean it is their child and this is just how I see it. Most 18 year olds do not know how to go about getting emancipated from parents so they can get aid from a school and it is 100x harder for a student to pay for and go when their parents knock them out of all available assistance because of how much they make. I don't think the government believes that they are not helping but they don't. My dad was even claiming me on his taxes until I was in grad school and I didn't know until I was making money from the university as a grad assistant teaching so the IRS rejected my return saying I was a dependent. I was shocked he was cheating the system like that. Not all parents have their children's best interest at heart and I am not whining but I am relaying that I understand. My complaint is only that it is hard to pay them off and be very careful how much you borrow. Borrow if you have to and try to pay off as quickly as possible. I am also saying I completely understand how hard that is to do when you make very little money ..people do what they have to. If you can't pay then look into forbearance but never stop paying them because you will never rid yourself of them. I believe in paying what I owe and I do it every month but it would be nice if they would just go away or be a little easier to pay down so all in all...I feel ya!
    eatmysoxRN and emcadams like this.
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    If you file your taxes independently (that is, state on your taxes that no one can claim you as a dependent), then you may not need to put your parents finances on it. There are several factors that go into determining your financial status on FAFSA. If your parents truly don't help out with your expenses (you don't live with them except for summer, and you are taking out $$$ in loans for your dorm, food, tuition, etc) then you are probably considered independent anyway (and your over 18!). I learned all this the hard way, but hope this info helps someone make the right choices when filling out FAFSA!
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    holli- my mom did the exact same as your dad! Claimed me as dependent when I was in 4 years of college. We all lived with my grandmother, and my mom worked part-time, so really my grandmother supported everyone. It wasn't until I tried to go to grad school that my Aunt, a CPA asked me why I hadn't been filing independent because I lived at the college dorm for 9 months out of the year. Part of claiming someone as a dependent is that they live with you more than 1/2 the year.

    Also, try not to borrow more than 2x the amount of money as your would earn if things didn't work out and you end up back at the mall or McDonalds or wherever. I borrowed too much...almost 80k! and my payments are almost $900 a month. My husband borrowed 30k and his payments are $400 a month (I think his repayment period is shorter than my 30 year education mortgage though).

    I am not a fan of forgiving student debt, but there is a lot that can be done to minimize the impact. The student loan interest deduction could be raised. There could be more programs geared toward helping repay private and federal loans when working in the public sector (right now only federal are part of that program).

    I just hope that I can get a good job after nursing school (I'm going to community college and paying cash since the tuition is so low and I don't want anymore loans) so I can afford my other payments, like my job, and get on with my life.

    Its funny...when I was in 4 year college, I made B's and C's. But now that I am making conscious decisions about my future, I am making A's. I just don't agree that everyone *should* go to a 4-year school. It's sad that many jobs "prefer" it, just to make sure the pool of applicants is smaller.
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    Quote from emcadams
    If you file your taxes independently (that is, state on your taxes that no one can claim you as a dependent), then you may not need to put your parents finances on it. There are several factors that go into determining your financial status on FAFSA. If your parents truly don't help out with your expenses (you don't live with them except for summer, and you are taking out $$$ in loans for your dorm, food, tuition, etc) then you are probably considered independent anyway (and your over 18!). I learned all this the hard way, but hope this info helps someone make the right choices when filling out FAFSA!
    Maybe there is a way around it now, but when I was in school a few years ago you were not considered independent if you were under 24. I worked, filed my own taxes and was not financially supported by parents, but was required to list their tax info on my FAFSA and of course they made too much. I think I would have been considered independent if I had a child or was married regardless of age. I think that really sucks.
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    Im getting my associate rn at a communityy college for about 18k, and every bit of it is a tax deduction. My hope is that I will get a job at one of the two large local hospitals that will pay for me to further my education to eventually attain my masters. I say hope with a great deal of emphasis as I havent even been accepted into the program yet. But on my pre-reqs I have gotten back every penny I have paid for books, scrubs, tuition, anything school associated. At least where I live you can also claim everything you pay in school loans.
    SopranoKris likes this.
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    I feel the same way


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