Changes to Federal Student Loan Rules: Be afraid, be very afraid...

Athariel · Oct 11, 2013

I have nearly thirty thousand in student loans now. Have an associates degree from another school in what might as well be underwater basket weaving for all the good it has done me. What I have learned to do is to live on very little. I drive a two hundred dollar white crap-mobile and I intend to live this way after graduation. I may have it easier as a guy who is into other guys and has no kids; with roomies I can survive off six hundred a month. Assuming I make it out of school and bust my tail, if I do wind up making 30 dollars an hour then I can pay my loan off in one and a half years.

One thing I highly suggest is, take advantage of that six month grace period on the loan. Throw big money at that thing early, before the percentage charge kicks in (because that is based off the total loan, so if you hammer that loan down during the six month grace period, that makes the overall increase from the interest smaller, right?)

Nursing school allows for no other side work, but I would plan to live frugally, if possible. Seems the best approach to me.

Starting Over... · Oct 12, 2013

Hmmmnnn.... The best advise I can give would be to still seek out as many scholarships as possible in addition to the student loans. Communication is always key- in the event one loses a job or cannot find a job once the 6 month grace period is over and it's time to start paying back the loan, request the deferment because it is impossible to pay on a loan until you have income coming in to pay for it. The loan offices are very understanding and will grant deferments. Just make sure that you are diligent on your job search even if it means accepting a lower career/pay then what you really want.

Register for automatic payments- the interest is reduced by doing that (can't quite remember how much).

If you manage to find extra money from school refunds- put that money into 6 or 12 month CD's so that you can earn interest on that money. Do not touch the CD's until they have expired and you need the money to pay back loans. If the CD's have expired while you're still in school, renew to continue earning interest on them.

JessiG · Oct 12, 2013

Any info/hints on how to find/search for scholarships? I am in my second BS degress (first Psych, second nursing) and am about $35,000 in debt with loans and still need some more funding. I don't want to go the private loan route. You end up paying back double to triple what you borrowed. Scholarships would be amazing! but I always get bogged down by the sheer number of them and then I get let down after I search and search and I can't apply for any of them because they are for ethnic minorities, or single mothers, or students in Arkansas, or well.... you get it.