Curren't I've got accepted into a school and got grants, but it's only enough to pay for my schooling. So, I've took up a loan, but I'm deciding if I should use it to pay off my credit cards, instead of for housing and I'm thinking if I should take up another loan or not. My parent's aren't going to help me pay for school either, so basically I'm super broke. I have a job, but it doesn't pay well, and I'm also using that money to pay off my car and my cards.
Do you think its a good idea to pay off my credit cards with the student loan or should I just use the student loan for housing? What should I do? I really don't want to be in a lot of debt after I get out of college.
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Money Problems, Please Help.
#2
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Posted 23 May 2009 - 11:11 AM
What kind of loan is it? If it is a stafford subsidized loan, get it and pay off your credit cards first since interest gathers on those cards...and will pull you into deeper debt.
If it is an unsubsidized loan, I would check the interest rate and see if it would be worth it to take the loan out.
My advice is to ask your parents to pay off your cards & schooling, but YOU pay them back after. By doing this, they are basically lending you the money without any hassle/interest payments.
Oh and as for housing, usually the school has a payment plan throughout the semester on housing. You might want to check that out.
If it is an unsubsidized loan, I would check the interest rate and see if it would be worth it to take the loan out.
My advice is to ask your parents to pay off your cards & schooling, but YOU pay them back after. By doing this, they are basically lending you the money without any hassle/interest payments.
Oh and as for housing, usually the school has a payment plan throughout the semester on housing. You might want to check that out.
#3
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Posted 23 May 2009 - 11:33 AM
^ that and how about cut down on credit card spending?
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#4
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Posted 23 May 2009 - 02:02 PM
are you living near campus? do you even need a car? i'd only keep it if i were planning on commuting to school from home.
#5
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Posted 23 May 2009 - 04:20 PM
i'd talk to the fin aid department at your school and see what you're options are. have you been packaged yet? did you get a letter saying what kind of loans, grants, scholarships you're eligible for? cbxjenn had some good advice. don't hesitate to talk to the school before you decide anything. they can be very helpful 
#6
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Posted 25 May 2009 - 11:40 AM
QUOTE (cbxjenn @ May 23 2009, 01:11 PM) <{POST_SNAPBACK}>
What kind of loan is it? If it is a stafford subsidized loan, get it and pay off your credit cards first since interest gathers on those cards...and will pull you into deeper debt.
If it is an unsubsidized loan, I would check the interest rate and see if it would be worth it to take the loan out.
My advice is to ask your parents to pay off your cards & schooling, but YOU pay them back after. By doing this, they are basically lending you the money without any hassle/interest payments.
Oh and as for housing, usually the school has a payment plan throughout the semester on housing. You might want to check that out.
If it is an unsubsidized loan, I would check the interest rate and see if it would be worth it to take the loan out.
My advice is to ask your parents to pay off your cards & schooling, but YOU pay them back after. By doing this, they are basically lending you the money without any hassle/interest payments.
Oh and as for housing, usually the school has a payment plan throughout the semester on housing. You might want to check that out.
I'm eligible for 2 or 3 grants and stafford subsidized loan, but I didnt' take the subsidized loan. The thing is that my parents has to pay off their car and the house. The housing is off campus housing, so I don't think its owned by the school
#7
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Posted 25 May 2009 - 04:59 PM
You should probably take the loan out and then pay off your credit card debt. What % is your credit card debt? Subsudized stafford loans do not accure interest for the whole time you are in college, so you never have to worry about the debt compounding and growing. With credit card debt you have to worry about that. Also, stafford loan interest rates are pretty low. Not extremely low, but they are lower than most credit card interest rates.
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