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Post by bamadancer on Jul 24, 2007 11:10:39 GMT -5
Well, as a lot of you know (because I bitch about it a lot), I hate my job. I'm going to be a senior in college this year, and have made it through so far on scholarship and supporting myself. However, I'm starting to have some serious issues. My job is completely not working out with my schedule anymore, not to mention the fact that I'm risking my sanity pretty much every time I step into this place (I get yelled at every time I get up from my office chair, I can never get time off, etc, plus the rumor is that the position I'm in runs people off...no one has ever done it for longer than a year). I am really involved on campus, including an organization that is considered the highest honor on campus to be selected to. I can't balance both at the same time, and something has to go. I am considering quitting my job and taking out a student loan to support myself for a semester, then starting work again in the spring. I have worked since I was 15 (never been unemployed since then) and I would love to take some time off to focus on myself, school, and getting into law school next fall. Problem is, I don't know the first thing about student loans. Can anyone give me advice about them/where to get them/the best rates/etc? Any help (including advice on whether or not I should quit) would be greatly appreciated!
Post by strumntheguitar on Jul 24, 2007 11:13:36 GMT -5
Man... Wish I could be more help, but all I can say is I think you're making a smart decision to focus solely on school for a semester. Unfortunately, I don't know a darn thing about student loans... I fill out something called a FAFSA student aid every year, but I'm not gonna lie I don't really know what it does... my dad just told me to do it going into my first year of college. www.fafsa.ed.gov is the website, so browse through there and hopefully you can get some good info from that maybe. Best of luck to ya getting into law school!
Talk to peoples at your student financial aid center, see if there is a job on campus that you may be able to do. Given that you're a senior, it might be easier to find an on campus job - and those should definitely work better with your schedule.
Talk to someone in career services to see if you can find an on campus job. I'm sure you have a lot of resources there - use em! talk to someone in your schools' financial aid about a loan. Loans are a bit tricky so I don't know if you'll qualify for one unless you're living on campus (for living expenses to be covered).
typically schools require you to file a fafsa to see if you qualify for government aid. then they can file for gov't student loans.
We treat mishaps like sinking ships and I know that I don't want to be out to drift Well I can see it in your eyes like I taste your lips and They both tell me that we're better than this
well - I can tell you - I am $50,000 in debt with student loans
The guaranteed student loans are at a fixed interest rate - the gov't does that. Think long and hard about whether you want to incur debt at all - I think so far -you have been really smart about not doing it - BUT - if it will keep your sanity to have a semester off of work and just worry about your studies and acedemics - then do it
As other people have said, go the the FAFSA website. The application pretty well guides you step by step, so that it is pretty simple to follow. The FAFSA is the application for Federal Student Aid. It will determine whether you qualify for any grants, need-based scholarships, or loans. I think that, usually, the only time you have to be living on campus to qualify for a loan is during your first couple of years. (I know for sure that I didn't have to be on-campus, but I was not in undergrad, so I could be mistaken). There are three main kinds of loans. Perkins is the lowest interest, and has the longest grace period after college (mine was 9 months, I assume that is the same for everybody), but it is harder to qualify for a large amount on it. (I think I only qualified for like $500 a semester). The Stafford Subsidized Loan has a slightly higher interest rate, and shorter grace period (6 months). It is subsidized, which means that interest will not begin to accrue until after your repayment begins. Again, you will only be able to qualify for a certain amount. Then, there is the Stafford Unsubsidized. It is the same as the Subsidized except that interest accrues the entire time you are in school, through your repayment. You can pay the interest as it accrues, or you can wait and pay it at the same time you begin your regular payments. Generally, there will be a certain amount that is designated as what a student will need for a semester, and you will qualify for the Stafford Unsubsidized in the total amount minus the Perkins amount minus the Stafford Subsidized amount. You can take any combination of whatever you qualify for, but obviously, you would want to take the Perkins first, Stafford Subsidized second, and anything else you need in the Unsubsidized.
What portion of each that you will qualify for will depend on your personal income. I am not sure at what point your parents' income will stop being a factor. Obviously, if they claim you as a dependant, you will have to submit their financial information as well as your own. I know that for grad school, assuming they don't claim you, you do not have to submit their info.
If, by chance, you need more than what you can get from the Federal loans, there are private loans available through organizations like SallieMae and Loan2Learn. Stick with the federal loans to the extent you can because they will almost always have better interest rates. With the private loans you are likely to need a cosigner unless you have already established credit.
All of that said, I am with Meg. Think long and hard about whether or not incurring debt is worth it to you. But even more, if you do decide to take a loan (and sometimes that is the best thing to do), only take what you really need. (In retrospect, I realize I took a lot more than what I actually needed to get by.)
As a side note, I don't recommend working your first year of law school, so loans are probably going to be necessary then, too. If ever there is a time that you want to focus on school, that is it. (I worked, but only about 10 hours a week, and I had a job where I could study at work.)
As a side note, I don't recommend working your first year of law school, so loans are probably going to be necessary then, too. If ever there is a time that you want to focus on school, that is it. (I worked, but only about 10 hours a week, and I had a job where I could study at work.)
UMMMMM - most law schools will NOT allow you to work your first year and then limit your hours the second year
My law school allowed us to work (even in our first year), but we did have to certify that we were working less than a certain amount (I think limiting the amount students work is an ABA requirement for accreditation actually). Also, you can get permission to work more than what is generally allowed.
edit: It is a requirement. Students can't work more than 20 hours per week, but as far as I can tell, there is nothing in there about first years. Like I said, I know for sure that I worked, and I would not have if it wasn't allowed.
Last Edit: Jul 24, 2007 12:28:28 GMT -5 by hilari - Back to Top
Wow, this is the PEFECT question for me . . . . . i work for a Student Loan Company.
Ok, before I begin, DO NOT GO TO SALLIE MAE. . . . go non-profit. Go with someone who wont sell your loans, like Sallie Mae just did.
Quick question before i go into specifics about whats best for yo . . . .. . . are you going to Law school this fall or next fall, and what is your status now . . . undergraduate?
Post by bamadancer on Jul 24, 2007 12:24:52 GMT -5
Well, it's coming down to a matter of having too much to do, and not doing well on my LSAT and having to drop Ambassadors (the really prestigious organization) or quitting my job. That's the problem, and why I'm deciding to quit. I really, really appreciate any advice you guys are giving me.
Another question: What are the better places to get a private loan?
Since everyone has already given you the technical details, I'll just put in my personal view. Like you I worked full time from 15 on and worked full time through college. I found that's the best way. Student Loans stick around a loooong time. I found that the Financial Aid Office was always a BIG help with these things and they may know if you qualify for any grants also.
Strangely I got my lowest grades when I quit work for a semester and lived on loans (not a drastic drop but a drop still). I had enough time to go out with friends and over did it. I immediately went back to work and my grades went back up. It might be a good idea to see how you react to not working before you get in Law School just to acclimatize yourself to it.
My advice is to borrow as little as possible and be disciplined about the slack that you're not used to.
Good Luck!
PS Just about any bank will give you a student loan as they are government backed. If you can't get financial aid, just use your normal bank (assuming you like them.)
Last Edit: Jul 24, 2007 12:28:56 GMT -5 by troo - Back to Top
Bamadancer. . . . my question to you from my previous post i think you missed when posting yours . . (look up)
Quick question before i go into specifics about whats best for yo . . . .. . . are you going to Law school this fall or next fall, and what is your status now . . . undergraduate?
My law school allowed us to work (even in our first year), but we did have to certify that we were working less than a certain amount (I think limiting the amount students work is an ABA requirement for accreditation actually). Also, you can get permission to work more than what is generally allowed.
edit: It is a requirement. Students can't work more than 20 hours per week, but as far as I can tell, there is nothing in there about first years. Like I said, I know for sure that I worked, and I would not have if it wasn't allowed.
wow - cuz when I looked into going to law school that is what made me decide to wait - I just could not deal with no income - at the time was married with 2 children and my salary was more then his, plus my employment history was alot more stable then his. wonder if it is because I was looking at a private law school.
It is entirely possible that private schools would be more restrictive in what they allowed. I went to the University of Tennessee, and I didn't seriously look into anywhere else. Also, they allowed you to work, but they certainly did not encourage it.
In all honesty, at my job, working 20 hours a week was really only good for experience and to supplement financial aid. I can't imagine trying to live off of what I made working that amount in school.
Well I finished school before the new millennium so I don't know the current stuff, but when i bonded with my financial aid advisor (like went by to say hi, found out he liked the same restaurant my sister worked at and got him a coupon), suddenly I was eligible for grands and scholarships I never knew of before.
I worked through most of college, and also took loans so I could get "the college experience" and live away from home. I am still paying them, and I don't regret them in any way. I had Perkins and Stafford and Plus loans, the Plus loan was absolved when my dad passed b/c it was in his name. The rest I consolidated post-school and are owned by Sallie Mae right now. I pay about $120/month and still ahve 25K to go.
I don't regret them AT ALL. Yes it's debt, but it's not the very worst debt - I haven't had trouble getting credit cards, buying a home, still have a good credit rating, yadda yadda.
I remember in high school we toured a local college. my English teacher (who I idolized) told me she was 55 and still paying on student loans and she has no regrets at all.
The semesters when i worked like a dog and took on full-time school were miserable. I hated work, i hated my classes, i hardly remember what I learned. I fought with my roommates, broke up with my nice BF and partied way too hard sort of as an escape from the heck that was my life. It sucked. I would take on 30K more debt to re-do those couple of years... maybe then I would have continued for my grad degree, gotten more involved on campus, done an internship and would be a famous writer instead of cubicle wh*re.
Somehow I thought it was okay to get a new car, but not okay to get another student loan. The car is gone, the education lasts forever.
I wish you much luck. This is a tough decision, I am sending you edumacation and financial ~~~vibes~~~ your way!
Post by bamadancer on Jul 25, 2007 10:18:51 GMT -5
alieblue, thanks so so much. Your advice made me feel 100 times better.
Looks like I am going to have to quit. Yesterday I decided that I was going to go back to part-time and stick it out....I e-mailed my boss about it, and she pretty much told me that that schedule wasn't an option...which means this job isn't an option any more. My school and my involvement on campus is way more important.
So anyway, keep up with the advice! Every little bit I get helps me tons!
alieblue, thanks so so much. Your advice made me feel 100 times better.
Looks like I am going to have to quit. Yesterday I decided that I was going to go back to part-time and stick it out....I e-mailed my boss about it, and she pretty much told me that that schedule wasn't an option...which means this job isn't an option any more. My school and my involvement on campus is way more important.
So anyway, keep up with the advice! Every little bit I get helps me tons!
ya know - I have to agree - if they do not want you there part-time - then they can go to hell. I would quit also
