Schools Managing College Loans: Tips for Paying Off Debt and Planning for Grad School

[duke_nemmerle]

I intend to declare bankruptcy when I graduate. My credit will be wiped clean after seven years which is better than trying to pay off the loan over twenty.

Hopefully you'll realize that there's NOTHING you can do to get out from under college loans, short of dying or sneaking out of the country. They will take your income taxes without taking you to court, take your social security, whatever they have to do.

Spend some time at creditboards.com to see what I mean :)

 

[brett812718]

I am going to Penn State this summer (summer semester) and will probably end up borrowing about 34000 per year . I plan on studying astronomy and astrophysics. I met with the person in charge of their undergraduate astronomy program and she said that all students who wanted to go to graduate school had their full tuition paid and were given an average stipend of 14000. I figure it will take me 3 years to complete my BS degree after I apply credit I have earned with AP tests and college classes. Does anyone think it will be possible to pay back 102000 over 25 years If I decide to go for a Phd (As far as I understand it anyone who wants to work as an astronomer/astrophysicist has to get their Phd)?

 

[Poop-Loops]

Depends on what kind of job you get. Still, I'd apply to as many scholarships as possible, because $34k/year is a LOT of money.

 

[Laura1013]

Does anyone think it will be possible to pay back 102000 over 25 years If I decide to go for a Phd (As far as I understand it anyone who wants to work as an astronomer/astrophysicist has to get their Phd)?

Of course it's possible. There are a lot of people who do just that, some even quicker than 25 years. I agree with Poop-Loops that you should look into scholarships and fellowships to help ease your burden.

 

[Benzoate]

Of course it's possible. There are a lot of people who do just that, some even quicker than 25 years. I agree with Poop-Loops that you should look into scholarships and fellowships to help ease your burden.

what is a fellowship?

 

[Greg Bernhardt]

what is a fellowship?

A study grant of financial aid, usually awarded to a graduate student.

 

[undrcvrbro]

The FAFSA really screws over those of us who belong to families that aren't either rich or extremely poor. I know a girl who's total family income is about $50,000...she got about the total tuition...in LOANS! Absolutely NO grants at all from FAFSA. It looks like she's going to be paying off student loans for quite a while..because God knows her parents can't help her.
It is truly ridiculous that education should cost this much. At least for most of us.