Student Loans

__patiently_waiting · Dec 6, 2013

I'm in my second year of pre-reqs. I have had to take out student loans as well, not for school, but for living expenses. I would honestly tell you to only take out a loan for the amount you need. Don't go overboard with it. Keep in mind that you will still have to pay it back after graduation so it needs to be a manageable amount.

Say you're going to a 4 year school. Make a set amount that will be your max for all 4 years, hm say 10k (just an example). Take out a set amount each semester if needed, but remember not to go over your limit because once you do it's going to be hard for you to stop. You don't want to graduate with 100k in loans--trust me, it is possible. For me, I will be working next semester so I won't have to take out anymore loans AT ALL.

llg, PhD, RN · Dec 6, 2013

Most experts recommend that your total loan amount for your entire program should not be more than the salary you will earn per year in the first few years after graduation. If you take out loans much bigger than that, you will have lots of trouble paying them back and could hurt your financial future for decades.

Compassion_x · Dec 6, 2013

After 4 years of school I'll roughly have $20,000 in student loans, excluding interest. The way I look at it, I'm not thrilled, but it's a lot less than state universities (in my state anyway). I go to a community college.

You may want to double check the sub/unsub loans though because I have always been told unsub loans start charging interest when it's dispersed. Sub loans don't start charging interest until you're done with school and the grace period.

ant2cory · Dec 6, 2013

Unsubsidized loans actually accrue interest from the time they are dispersed. I would be carefully with how much you take out. Try all other avenues first, grants, scholarships, family help etc... before loans. Also loans from the government have a maximum that you can take out per year. For juniors and seniors it is $12,500 per year including subsidized and unsubsidized loans. Here is just a little information on them.

Here’s a quick overview of Direct Unsubsidized Loans:

Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

C[/size]]Subsidized and Unsubsidized Loans | Federal Student Aidheck out this website, there is a lot of information here. Good luck!

Esme12, ASN, BSN, RN · Dec 6, 2013

here is a site to figure your payment when you finish school.....be very careful with loans. You will find yourself over your head quickly.

Student loan repayment calculator

elkpark · Dec 6, 2013

I would recommend only taking out loans as a last resort, after exhausting every other possibility, and don't take out a dollar more in loans than you actually need to get by. Cut back on every possible living expense you can and embrace the "starving student" lifestyle. Best wishes!