How Are YOU Paying For School? - page 3
I am just about ready to go back to school but the problem I am facing is money. We live paycheck to paycheck and when I applied for the FASA, it came back offering me nothing :o We owe alot of... Read More
Jan 20, '07Joined: Jan '07; Posts: 124; Likes: 3I liked turtlesoup's term "weathly poor," and I think it describes much of middle class America, myself included! Often, even when we are living at our means and going into debt, we still do not qualify for assistance anywhere. When it comes to being a student, purely from a financial perspective, it is better to be "dirt poor."
When I finished my BA I was an unemployed single-parent. Don't get me wrong, I am not saying life was easy, but I was eligible for many free services. I got a BA from UC for free, free money through FASFA, completely subsidized childcare, social services, ect, ect. At the time, I thought things couldn't get harder.
Now that I am married to a husband that has a decent salary (and we live in one of the most expensive parts of the country) we are just getting by. I am definitely nervous about going back to school more than I was before. I know we are going to go into major debt.
I think it is important to weigh all options and make a list of "what ifs" so you can properly prepare for any fork in the road. Not having back up plans is like getting into a car without brakes.Last edit by BerkeleyMom on Jan 20, '07
Jan 20, '07Joined: Feb '06; Posts: 391; Likes: 9Quote from LucyintheskyIf you look at the original post you will see they already tapped out their home equity line of credit. And if they are living paycheck to paycheck, how will they add yet another payment?Another option: Instead of getting a student loan (which I did for my first degree) I took out a home equity loan for school. It is tax deductible and the interest was lower than the student loan. You are given a checkbook so it makes paying for tuition, books and supplies very easy. The only downside is it is not all a deferred payment and you have to start paying on it right away. The payment is small but for some may be too much. Once you are working try really hard to plunk as much money down as you can on it by living below your means and not just making the minimum payment. It is worth it eventually.
Jan 20, '07Occupation: Registered Nurse Specialty: Geriatrics, Cardiac, ICU ; Joined: Aug '05; Posts: 1,721; Likes: 160Perkins loans can be cancelled if you are a nurse or teacher.
There are many programs, including the military that will pay off loans for you.
The VA hospitals add a few hundred dollars to your paycheck to assist with repayment.
In my area, one hospital gives you a $250 a month to assist with loan payback after you pass NCLEX.
Heck, you can work an extra shift and take thousands off repayment by just adding $50.0 a payment.
Are you guys, serious that you didn't know about these opportunities?
People pay $1,000's for a mortgage for 30 years and then turn around and get a home equity loan, so what is the difference?
A degree is an investment in you.