NEW COLLEGE STUDENT

[dafuturesurgeon]

---

Members do not see this ad.

As a brand new, straight off the conveyor belt, still hot high schooler, im naive and have no clue what im talking about but thats how we learn things and then pass on our knowledge to the next fresh batch of noobs..

Student Debt is my biggest fear in life..

As far as the first 4 years of college, i'll have it covered with jobs scholarships and financial help from the parents. BUT... sooner or later im going to need to start doing this on my own. I dont want to have my parents stuck with paying loans b.c. things are kinda tight now.

Where do i start. Whats the best way to get good loans w/out high interest rates? best way to manage a job or 2 while working my butt off in school?

Can i do some investing to help out? I've always been interested in investment and "playing the stock market" yet i never actually played around with real money.

Main point: I dont want to be paying student loans well into my late years of life.

(btw i am planning to go into medicine, but as far as my declared major, its B.B.A with an emphasis is Finance.. i have yet to figure out how to manage that while pre med reqs and etc)

I just ask that the answers be legitimate and no bs from those that feel the need to put us noobs down. Like i said, im not sure on exactly what im talking about, and if i have something wrong or unclear please ask in a respectful way, as i will respect answers from those of you that are helpful.




Sent from my iPhone using SDN mobile app

 

[mvenus929]

Get federal loans if you need them after you finish college. There are a number of benefits you get in federal loans, including multiple repayment options, that you don't get with private loans, even if private loans have a lower interest rate.

 

[dpmd]

Second the federal loan thing. There is a reason that pretty much everyone that needs loans uses them. Later you can look into refinancing and other options. As for investing, too much risk involved for any gain that would be worth it so I wouldn't get loan funds to do it with (and probably not a good idea to use any extra fund you have now for it. Congrats on the scholarship. Not having undergrad debt will be helpful for your financial security in the future.

 

[dafuturesurgeon]

Is there a big difference between private and fed loans?


Sent from my iPhone using SDN mobile app

 

[mvenus929]

Is there a big difference between private and fed loans?


Sent from my iPhone using SDN mobile app

Yes. Again, the repayment options are huge with federal loans... You can keep paying them out to 25 years if you need to, and you shouldn't be in a position to not be able to afford your monthly payment. The interest rates are not so great, especially for grad school, but if you manage your money well, that shouldn't be much of an issue.

Private loans may require you to make payments in school, may require a higher payment given limited repayment options (though generally, you can work something out with the bank if you can't afford it), and don't have the public service forgiveness options available if you go federal. Plus, private loans generally require a consigner, so if something happens to you, your cosigner will be responsible for your debt.

 

[QofQuimica]

Best advice I can give you is to take things one step at a time. Right now, your focus should be on doing well in college. You will also want to take the MCAT after you finish the prereqs and do well on that. Live cheaply and be frugal while you are in school, both now in college and later while in medical school. If you can handle working PT while going to school, sure, do it. Other option: work FT for a year or two after college to save money for med school.

Finally, be aware that your interests and priorities can change. I dabbled with premed while I was in college but wound up falling in love with organic chem. (That's what my PhD is in.) I also met my ex-husband in college, and he didn't get accepted to grad school anywhere in FL. So we went OOS, and I went to grad school and then went to med school later, in my 30s. Be open to other experiences and options while you're in college, because those are years of tremendous personal growth for most people.

Best of luck, and hope you enjoy your time in college. 🙂