Advertisement - Members don't see this ad
Hey ya'll. I find myself with a particularly complicated problem and figured it was time to get some input. I'm starting vet school this fall and need to figure out my loans. I was blessed to have had a fabulous scholarship to pay for my undergraduate education, so I'm currently debt free.
Situation: I will have access to about $70k for vet school (I KNOW this puts me at a happier financial advantage, but the money is because my father is soon passing away and this is his retirement...back off the "lucky" comments, I'd rather have my father).
Concern: A variety of people, my father included, have voiced concerns that there will be fewer and/or smaller amounts of federal loans offered to grad students in the future due to the fact that the US is trillions of dollars in debt and they might be cut. (FYI I was offered a Federal Ford Direct Loan, unsubsidized).
Questions:
1.) Is that seriously going to happen? It seems like such a fanciful idea to cut away opportunities for the future of America, but who knows these days? Moreover, if it happens, is it going to happen in the next four years?
2.) Let's say they start offering smaller loan amounts (which I obviously hope isn't the case). Should I take the large loan they're offering now when I know I can get it, and pay the later years of vet school?
OR
Should I just pay my way through and when I run out, take out loans, from the government or from banks?
Obviously, I'll be pragmatic and not take out more than I need and leave some money for emergency funds, etc. But the bottom line is: are these concerns valid, and what would you do in my shoes?
I've been reading up on federal loans and have found details about loan forgiveness, raising interest rates, and new unavailability of subsidized loans for grad students. However, I've found NOTHING on hints that the government is flat out cutting funds. I'm starting to wonder if this is just my father's conservative-minded paranoia...
Situation: I will have access to about $70k for vet school (I KNOW this puts me at a happier financial advantage, but the money is because my father is soon passing away and this is his retirement...back off the "lucky" comments, I'd rather have my father).
Concern: A variety of people, my father included, have voiced concerns that there will be fewer and/or smaller amounts of federal loans offered to grad students in the future due to the fact that the US is trillions of dollars in debt and they might be cut. (FYI I was offered a Federal Ford Direct Loan, unsubsidized).
Questions:
1.) Is that seriously going to happen? It seems like such a fanciful idea to cut away opportunities for the future of America, but who knows these days? Moreover, if it happens, is it going to happen in the next four years?
2.) Let's say they start offering smaller loan amounts (which I obviously hope isn't the case). Should I take the large loan they're offering now when I know I can get it, and pay the later years of vet school?
OR
Should I just pay my way through and when I run out, take out loans, from the government or from banks?
Obviously, I'll be pragmatic and not take out more than I need and leave some money for emergency funds, etc. But the bottom line is: are these concerns valid, and what would you do in my shoes?
I've been reading up on federal loans and have found details about loan forgiveness, raising interest rates, and new unavailability of subsidized loans for grad students. However, I've found NOTHING on hints that the government is flat out cutting funds. I'm starting to wonder if this is just my father's conservative-minded paranoia...
