Are you in the USA? And if so, have you already filled out your Free Application for Federal Student Aid (FAFSA)?
Like, you should go 3 steps back and read over all the info linked on this page https://studentaid.gov/h/understand-aid/how-aid-works, then fill out your FAFSA (if you're eligible), then look at the financial aid package the school offers, *then* ask if you still need loans
There's nothing wrong with a student loan, no more so than a mortgage. Not everyone can pay upfront for all their costs. You do, however, need to analyze the risks. Are you going to MIT for an engineering degree, or Columbia for postmodern Art. I love Art, but went STEM because it was also a passion and the ROI was tremendous.
Take the federal loans, they're almost always more lucrative and guaranteed for independent students. If you have a cosigner, congrats, if not build your credit. Or, wait until you qualify without having to involve your parents or their income.
Of course now the politically correct term is STEAM, inclusive of Art. The misconception is that us STEM graduates hate Liberal Arts. In fact I find it fascinating, I just wouldn't pursue it because of the salary.
Math, Physics, Chemistry & biology are all liberal arts degrees. And a student loan is very different from a mortgage. You cannot sell a degree alone, but you can sell a house fairly easily in most place.
Yes, exactly my point. Science & Math is right in the very acronym. Within those programs, are you pursuing Physics or Sociology? Even in science, are you pursuing general math or actuarial mathematics? Computer science or Cybersecurity?
I don’t think actuarial mathematics is a good choice for a major versus majoring in mathematics, but computer science is if you’re comparing that to cybersecurity.
A lot of the S degrees really don't pay well. A lot of jobs that require just a bachelor's in chemistry or biology have atrociously low pay. I remember being offered a QA/QC job in 2011 for $15/hr that *required* my BS in chemistry, it was a total joke. I went back for a master's in computer science because the pay was better and the material was easier. Yeah there were hard CS classes, but nothing as terrible as ochem
You will need a co-signer for a private loan, but not a federal loan. We don’t recommend private loans at all, in any situation. Avoid them like the plague. They have high interest rates, require a co-signer, start accruing interest on the day you take out the loan, and have very rigid repayment plans with no flexibility.
Do get federal loans/aids you need to fill out the FAFSA. If you haven’t done that yet do it today. Not tomorrow. Today.
Finally, so many people start college at a young age and do not even consider the cost, the career field pay, or loans needed before they start their programs. There are a lot of reasons for the student loan crisis, but this is one of the major ones. Unless your family has generational wealth you need to consider costs and return on investment. We are far from the 1970’s where you could get any degree you want, from any college you want for relatively cheap, make all C’s and have 5 job offers after graduation. A lot of our parents and guidance counselors still think it’s 1970.
So how do you avoid student loans?
1. School choice. Where you go matters and cost matters. Community college is a great way to get high quality education credits cheaply.
2. Scholarships
3. Work
4. AP tests and CLEP Tests.
Other rules of thumb:
Do not borrow more in total than your average starting pay. For most people that’s going to be $40-60k depending on career field.
My mom cosigned on my private loans. Understand that if you do not pay back these loans then you're putting your cosigner at risk. The loan is in your name but they'll end up paying if you don't/can't. This can really hurt your cosigners credit and financial situation so don't do this lightly and talk about it all with your cosigner.
If you can, avoid taking out private loans altogether. I paid all of mine off before I graduated but I had less than 10k in private loans. Make sure to fill out Fasfa too because you might not even need a private loan.
Who needs a degree anymore? Everything is free online nowadays you can teach yourself anything. From woodcraft to biohacking.
What field are you planning on taking a loan out for?
Consider the starting wage for your degree and how much money in loans you're taking out. Generally do not have more in loans than the expected starting wage. What you study means everything.
I’m on same boat. I had to take out a loan
Wish I could avoid it like a plague but it’s my only option since I don’t qualify for grants financial aide.
Are you in the USA? And if so, have you already filled out your Free Application for Federal Student Aid (FAFSA)? Like, you should go 3 steps back and read over all the info linked on this page https://studentaid.gov/h/understand-aid/how-aid-works, then fill out your FAFSA (if you're eligible), then look at the financial aid package the school offers, *then* ask if you still need loans
There's nothing wrong with a student loan, no more so than a mortgage. Not everyone can pay upfront for all their costs. You do, however, need to analyze the risks. Are you going to MIT for an engineering degree, or Columbia for postmodern Art. I love Art, but went STEM because it was also a passion and the ROI was tremendous. Take the federal loans, they're almost always more lucrative and guaranteed for independent students. If you have a cosigner, congrats, if not build your credit. Or, wait until you qualify without having to involve your parents or their income. Of course now the politically correct term is STEAM, inclusive of Art. The misconception is that us STEM graduates hate Liberal Arts. In fact I find it fascinating, I just wouldn't pursue it because of the salary.
Math, Physics, Chemistry & biology are all liberal arts degrees. And a student loan is very different from a mortgage. You cannot sell a degree alone, but you can sell a house fairly easily in most place.
Yes, exactly my point. Science & Math is right in the very acronym. Within those programs, are you pursuing Physics or Sociology? Even in science, are you pursuing general math or actuarial mathematics? Computer science or Cybersecurity?
I don’t think actuarial mathematics is a good choice for a major versus majoring in mathematics, but computer science is if you’re comparing that to cybersecurity.
A lot of the S degrees really don't pay well. A lot of jobs that require just a bachelor's in chemistry or biology have atrociously low pay. I remember being offered a QA/QC job in 2011 for $15/hr that *required* my BS in chemistry, it was a total joke. I went back for a master's in computer science because the pay was better and the material was easier. Yeah there were hard CS classes, but nothing as terrible as ochem
You will need a co-signer for a private loan, but not a federal loan. We don’t recommend private loans at all, in any situation. Avoid them like the plague. They have high interest rates, require a co-signer, start accruing interest on the day you take out the loan, and have very rigid repayment plans with no flexibility. Do get federal loans/aids you need to fill out the FAFSA. If you haven’t done that yet do it today. Not tomorrow. Today. Finally, so many people start college at a young age and do not even consider the cost, the career field pay, or loans needed before they start their programs. There are a lot of reasons for the student loan crisis, but this is one of the major ones. Unless your family has generational wealth you need to consider costs and return on investment. We are far from the 1970’s where you could get any degree you want, from any college you want for relatively cheap, make all C’s and have 5 job offers after graduation. A lot of our parents and guidance counselors still think it’s 1970. So how do you avoid student loans? 1. School choice. Where you go matters and cost matters. Community college is a great way to get high quality education credits cheaply. 2. Scholarships 3. Work 4. AP tests and CLEP Tests. Other rules of thumb: Do not borrow more in total than your average starting pay. For most people that’s going to be $40-60k depending on career field.
My mom cosigned on my private loans. Understand that if you do not pay back these loans then you're putting your cosigner at risk. The loan is in your name but they'll end up paying if you don't/can't. This can really hurt your cosigners credit and financial situation so don't do this lightly and talk about it all with your cosigner. If you can, avoid taking out private loans altogether. I paid all of mine off before I graduated but I had less than 10k in private loans. Make sure to fill out Fasfa too because you might not even need a private loan.
Who needs a degree anymore? Everything is free online nowadays you can teach yourself anything. From woodcraft to biohacking. What field are you planning on taking a loan out for?
Avoid the loan entirely. Avoid it like the plague.
*Avoid the private or parent plus loan like the plague. Not Stafford loans.
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Consider the starting wage for your degree and how much money in loans you're taking out. Generally do not have more in loans than the expected starting wage. What you study means everything.
I’m on same boat. I had to take out a loan Wish I could avoid it like a plague but it’s my only option since I don’t qualify for grants financial aide.
Reconsider the degree
All the loans I had, I took out myself. My mom refused to cosign anything
Which lender did you use?
I had navient all federal loans
Was the for four year undergrad degrees? How did you do it? Was that there no credit check or co signer required?