What to do about too much student loan debt?
I am in my second year of undergraduate studies during the open university. we am profitable out of state fee only by tyro loans,
most of which have been private. My parents’ income places me out of strech of many
government sponsored loans, grants, as well as scholarships though they will not compensate for
my college expenses. They do cosign for my loans though the fulfilment which I
will be nearby 0,000 in debt upon graduation has been weighing some-more as well as more
heavily upon me. we am not certain of how singular my incident is though I
feel similar to we have the miss of options. we am really wakeful of scholarships as well as have
been posterior multiform by sites such as Fastweb. What do we do? Do we have any alternative options? Thanks for any advice.
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Comments
My advise is simple and practical.
If that expensive school can’t offer you enough grant/scholarship money that you can’t attend without taking out mounds of student loans (private loans are evil, and anyone can qualify for federal Stafford Loans regardless of parents income) then you need to find a cheaper school.
Federal loans have limits for a reason. Borrowing 100,000 for a bachelors degree is NOT NORMAL. Anyone who tells you otherwise is likely still in college and hasn’t started making those 1,000 a month payments. You will doom yourself to never being able to afford a house or a decent car.
The thing about your situation is….student loans pile up, as you already know. Once you graduate, you will have to work quickly to repay those loans on a montly basis. It’ll be a very huge hassle, for sure. And youa re already stressed out on this so I don’t think that you should go on student loans any further.
What you can do is keep applying for scholarships. What you can also do is talk to your financial aid advisor and discuss htis situation with them as they will have more options for you. I know your stiatuio is hard because your parents income may be too high and they won’t pay for your expenses. Discuss this situation with them and next year file FAFSA as an independent if you are working. If you are not working, then it’ll be a challenge. Talk to your advisor, that’s what they are there for. I wish you lots of luck!
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