School Loans

iVillage Member
Registered: 04-30-2003
School Loans
12
Mon, 08-16-2004 - 5:13pm

I was wondering what you think is the best course of action for me.


I am going back to school, at the local community college.




my pet!

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iVillage Member
Registered: 05-30-2003
In reply to: cherbear017
Mon, 08-16-2004 - 5:27pm
Are the classes more of a 'continuing education' kind of thing? Will they be offered next term, or is a once a year deal?

If they will be offered next term, between now and then, save as much as you can and pay for it. I go to school with a guy who is taking one or two classes per term, paying as he goes. If he can only take one class that's ok, too.

I do get financial aid, and last year I had a job as a notetaker to help out as well. It was not a work study job, just something that I was offered.


If the classes are a 'must do now' deal, I think you can defer your loans, but check to make sure!

Good luck-

Lisa

iVillage Member
Registered: 04-30-2003
In reply to: cherbear017
Mon, 08-16-2004 - 5:31pm

Okay, to answer your questions.


One class I want is a "this semester only" type. It's not really continuing as it is starting over. Also, I checked with Sallie Mae, I can defer my loans as long as I'm attending half-time.


I'm thinking I should've REALLY planned this out better. But at the time, per unit cost was only $11, not $26.





my pet!

iVillage Member
Registered: 03-31-2003
In reply to: cherbear017
Mon, 08-16-2004 - 5:41pm
I am in school now, but haven't started paying on my loans yet. My thought was, if you defered your loans, do you still have the option to pay on them if you can during deferment? If so, you could still pay whatever you can toward them while you're taking classes now, but if things were too tight to send the payment you would not be penalized. Correct? Just an idea...
iVillage Member
Registered: 04-30-2003
In reply to: cherbear017
Mon, 08-16-2004 - 5:55pm

I think you can. I'd have to double check. I guess my thought was, if I put was in school and got them deferred, I could ideally pay off ALL my debt in 2 years using that extra payment....instead of 3 years. Maybe I can defer them and make the interest payments? I dunno.


Not sure what to do. I just hate seeing the interest accumulate.


More thinking to do. BTW, I just found out that if I register for school part-time, they'll notify my loans and they'll get deferred. I THINK if it's school deferred, interest doesn't accrue. need to do more research.


Thanks though. I do appreciate the ideas. Keep them coming. I'm sure something I see I will like. =)

~Cher




my pet!

iVillage Member
Registered: 03-31-2003
In reply to: cherbear017
Mon, 08-16-2004 - 6:03pm
I was wondering about that - my understanding was that if you were registered at least half-time that you are not required to pay on student loans, even if they were from previous degrees. Navigating the financial aid system can really be challenging. Good luck working it out!
iVillage Member
Registered: 04-30-2003
In reply to: cherbear017
Mon, 08-16-2004 - 6:21pm

Thanks. I think I'll have them deferred, get as much debt paid off, then when I'm all clear, make triple payments to my school loans. I don't think interest will accrue.


More research. Joy. lol.

~Cher




my pet!

iVillage Member
Registered: 05-30-2003
In reply to: cherbear017
Mon, 08-16-2004 - 9:03pm
I so hear you on the "should have planned better"! That is pretty much why I am back in school too.

I work as a junior librarian at my town's library. When the subject of me taking over when the current librarian retires came up, I was informed that I needed a 2 year degree. Weeeellll, I had been about 10 credits short of graduating with a 2 year degree when I was 20-long story short, the degree was in Accounting, but I woke up one day and realized that although it is a gift of mine, I did NOT want to get up every day for the rest of my working life to be one, lol. (It was my mom's dream, not mine)

Fast forward 13 years...So, I go to the local college to see how long it will take me to get through if I transfer everything I have. A year and a half, the nice lady says. I said, "Neat," along with some unprintable things...

Wouldn't it have been nice if I could have gone back to my 20-year old self and said, "Self, finish it NOW. Doesn't matter if you ever become an accountant, you're gonna need that 2 year jobbie for other things." Or, been smart and consulted my Magic Eight-Ball to see what I should do,lol.

Ah, it's all good-you have lots of fun with school! (I go back next week.)

Lisa :)

iVillage Member
Registered: 04-28-2003
In reply to: cherbear017
Tue, 08-17-2004 - 8:42am
I'm not positive on this but I believe that even if you defer your loans, interest will still accrue but you can make interest only payments on them - which is a lot less than the monthly payment. However, it depends on what type of loans they are. You have to contact your loan provider and ask them how the deferment will work. I do know that as long as you are in school part-time, you can defer the loans.

If I were you - I would take the easier road in terms of finances. When I went back to school three years ago, I wasn't prepared financially and it was tough. I would go with option A - at least for this semester until you adjust to the extra strain on your finances.

Hope this helps a bit. Also try posting your deferment/interest accrual questions on the Paying for Education board.

med12

Avatar for zaboz
iVillage Member
Registered: 03-26-2003
In reply to: cherbear017
Tue, 08-17-2004 - 8:48am
I could be off here but I think if the loan

is subsidized, you don't pay interest during

deferment. But if it's not subsidized you do.

At least that's the way I remember it.
iVillage Member
Registered: 04-30-2003
In reply to: cherbear017
Tue, 08-17-2004 - 1:51pm

Oh man. I'm laughing over here. Only cuz I'm with you. "Self, do this, Self, do that". lol. If only we could. Kinda like Bill and Ted's Excellent Adventure, huh?


Jeez. Although, I DID finally finish my degree. lol. Just want another one now. hehehe. Ugh. Like you, wrong choice, but I forced myself to finish. Just took 10 years. lol.


Good luck with your two year degree. What are you going to finish up in? Accounting? Or why not liberal arts? lol. Good for you go get it! Better late then never, right?

~Cher




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