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319671
How did you guys do it? 🙁
Current rate is just under 7%. This will give you a monthly payment of about $800.
Total amount payed back....just under $300,000!
- Joined
- Aug 16, 2006
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- 1,152
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Took out a lot of loans. Perkins and Stafford are your friends. Luckily I didn't have to go elsewhere for extra money. SCO gives out a lot of scholarships, too. Previous poster is right, interest rate is 6.8%. Stafford unsubsidized accrues interest while you're in school. Stafford subsidized and Perkins loans don't accrue interest until after you graduate. (If I remember correctly)
Work-study jobs also helped me out too.
Work-study jobs also helped me out too.
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319671
what is the diff b/w work study and regular job?
- Joined
- Apr 5, 2010
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Work study is where you work for or at the school and are paid on a hourly or stipend basis (depends on school). So they may say "you get $1500 applied to your tuition this semester" or give you a check every 2 weeks..The only "work study" job i know of at my school at least, is tutoring, which is on an hourly basis. Only second years and up can do this ( i tutor 2 classes, but the money helps for food and gas...etc)
A regular job is just a regular job...haha
- Joined
- Jan 7, 2004
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I don't think subsidized loans exist anymore... correct me if I'm wrong.
Correct.
Starting this year, I believe all graduate programs lose the deferred interest benefit.
For the average optometry student, this means your student loan bill will be several thousand higher.
- Joined
- Jan 27, 2006
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- 432
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Even harder for all types of medical/graduate students to make it.
Why is the government punishing those who want to better themselves?
Why is the government punishing those who want to better themselves?
- Joined
- Apr 10, 2010
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- 2,335
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Well, its actually a bit complicated. Firstly, anyone can still get unsubsidized student loans for their whole tuition and possibly more. But they are 6.8% and accrue interest immediately. Now they are all directly through the Federal Government because they have to fix their budget issues so they made a law that it has to just be through them.
Secondly, the fact that federal loans were and are handed out like candy gave people that would normally not be able to afford a professional education the chance to attend and learn. However, since the schools know that anyone with a pulse can get loans they can just jack up the tuition as exemplified in this chart:
You can see tuition inflation completely outpacing regular inflation (consumer price index) by almost three times.
(I like that housing bubble from 2004-2009 🙂)
So on the one hand you give more people the opportunity to study but on the other hand those same people become debt slaves to the Federal Government for the next 10, 20, 30+ years. The only way to fix this is to eliminate easy cash hand outs and that's the only way tuition will remain the same and let the median income catch up. But of course we know this will probably not happen unless by some odd shot Ron Paul gets elected and even then not likely. I say its best to have a free market economy but not everyone agrees, especially the bureaucrats that love exploiting loopholes in the system to their own advantage.
Further reading: http://www.mymoneyblog.com/charts-college-tuition-vs-housing-bubble-vs-medical-costs.html
- Joined
- Jul 2, 2011
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Use loans to finance your OD education.
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319671
really? thanks. i thought i'd sell my eggs or plasma 🙂
