Everyone says student loans are worth it, what do you think for me?

There are two sources for student loans — the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Attention for Federal Student Aid (FAFSA). A college student loan is a sum of money available to full time students, with a minimum level of interest required during the period in which they are registered as full time students. These types of loans rarely cover the entirecost of education, and most applicants refer to other financial aid options in order to meet their needs.In most instances the FAFSA is required for all federal financial aid including federal student loans. Deferment options are available while you are still attending school at least half-time. There are four main federal loan programs.

http://best-loans.awardspace.com/student-loans.htm

Federal loan consolidation is for students who are in repayment status or parents who wish to extend the repayment period on their current PLUS and obtain a fixed interest rate for the life of the loan you can combine all of your eligible federal student loans into one loan with a Federal Consolidation Loan. Consolidating also locks the interest rate you pay on your loan.

I went to school out of state and am now in debt $ 50,000. I always thought while I was in college that loans wouldn’t matter. It’s not simple to find a job after graduation, even with a degree. I look at people like my brother (he has an Associates, makes double what I make and is 2 years younger) and my boyfriend (some college, military experience, makes what I make) and reckon that maybe I didn’t chose the best route. I’m glad I got the degree more for the experience I had meeting new people, making new friends and being on my own than I am for the career aspect. But, I expect you are similar to me and you will do what you want/what is best for you regardless of what others say. And, that is the best thing for you! This is a choice that will affect you for the rest of your life so really weigh your decisions. Oh, another thought that might help you: after graduation I had to live with my parents for over a year because I wasn’t making nearly half of what I had to make to afford my own place, while my brother had went out years before! Excellent luck!

Freshman and soph should really avoid loans if at all possible. Too many of them drop out because its just not for them. It doesn’t sound like that is you, but I am wondering why wait to go in with the folks for your last two years? do it now so you don’t take out as much loans. Stay away from Private student loans, avoid private like the plague and you should be okay. Lifetime limits should keep you down to a minimum. (Never borrow more total than what you would expect to earn your first year out of college).

As for the major, I’m a small skeptical. You’ve fallen into one of those “flavor of the year” degree’s popularized by American TV and will face a ton of struggle when you do graduate. Every kid graduating from high school wants to be a forensic psych major.

They never tell you in the career services office at the college or your teacher that in some states (like mine) there are only 4 or 5 jobs in the ENTIRE STATE that require this degree. WIthout a ton of gumption and the abilty and desire to go far away from any school that offers this degree, you’ll wind up answering calls for some insurance company in a cubicle with an undergrad degree in that field.

Clinical and School Psychology are a really different field than forensic psych. Are you talking about getting a masters in that? Any psychology degree is really a poor field to get into. And honestly, even PhD’s in psych risk getting into the job market and I see them be passed over for jobs because they are overqualified and no one wants to hire them.

Sorry I’m not more help. All I can say is focus on what you are trying to accomplish now… don’t get to ahead of yourself.

Most federal student loans give you a 10-year payment plot. You can make it 5 years, you can probably make it 15 years. It depends on your salary.

It would be up to the school you are trying to attend so you would probably have to wait and see. Because different people get different amounts based on your parents income.

You’ll need to look up your room and board rates as well as the projected amount for books, supplies and computer programs. Living in NYC will be MUCH more expensive than NJ. Potentially twice as much!

When you fill out your FAFSA, it’ll tell you what your expected family role is. My mom made $ 40k a year and FAFSA said that they expect her to contribute $ 12k a YEAR to my education. Yeah right! I had to make that up by working during school to cover my living expenses.

You can get loans for whatever costs exceed your expected family role.

Chances are, you will struggle greatly paying off the $ 150k student loan for at least the first 5 years out of college. The payments will be huge, especially after you consider how much you’ll have to pay in interest. Your payments will be well over $ 1,000 A MONTH – that’s more than what most people pay for their apartment!