Today I'm thinking about student loans. I'm pondering the fact that for the next...I don't know 5 years or so it will always be there. Like a string tied to my finger I can't get off. Always there in the back of my mind. The looming debt. Just thinking about it has made me realize that I am NOT going to grad school until I can finance it. It will be worth the wait. I can't imagine having a 5+ figure loan hanging over my head. I can hardly handle my little one. The only problem with this plan is....the career I want to get into requires a Masters Degree 90% of the time....thus my current dilema.
What I wish someone would have told me about student loans:
1. They have INSANE interest rates.
2. They are easy to get, but hard to get rid of!
3. DO not get one unless you ABSOLUTELY need it!
4. Most lenders front load the interest. Meaning they want you to have to pay your interest so they put most of it up front! It's HARD to pay off any of the principle balance.
So what does one do when they have to start paying off loans and they don't have a job that allows them to pay it off quickly? One option is to accept the fact that you are going to be paying a LOT of interest and that student loans will be a part of your life for a while.
Another option is to find a silver lining. Student loans aren't all bad. They help build credit, if you pay it back consistently on time, which will help one get a lower interset rate on things like car loans or mortgages.
If you've been thinking about your looming student loans, or are considering taking out a loan to finance your education here are some sites I've found with great info! Check them out!
Student Loan Benefits
Student Loan Hero
Save UP
College Planning Services
Student Debt...A Good Thing?
1 comment:
I know how you feel about being graduated! it's nice to not have the homework, but I miss the environment, the friends, and the schedule. :) Hope you are doing great Linds!
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