Former and Present College Students

[Guest]

i have a situation and need some help out with it. This is my first real time since i've been in college having my own place to live paying rent and buying groceries and all that stuff without my parents helping a lot since i've lived at home all 2 1/2 years i was at college to save money and health issues(only 25 min drive to my school). Recently i just started a new job and its only weekends 10-6 for 13 dollars and hour

heres the issue. Ever since i had my heart surgery 2 years ago i started to coach football as a way to stay in the game and have fun since i was diagnosed with Post Tramadic Stress Disorder(Dont Really Need To Get Into That) But my doctor said that football was a way to help me become settle and feel better.. I had a job that allowed me to work the days i didn't coach and i had weekends off for my own games and too watch college and nfl games.

I never had to take out loans or anything like that to pay for extra stuff since i then had to work. This job is what's going to helping me buy groceries and pay rent. But also with the job i will work only weekends and wouldn't be able to coach anymore since i wont be able to give it my 100%, and i will miss a lot of football games. Also with school I'm taking 18 credits this semester most all time.

Question

Has anyone else taking out a loan for the main reason of paying for the rent and buying groceries.

[WeLLWeLL]

Re: Former and Present College Students

I am going to school with loans and grants, as well as working four days a week. My grants went toward my tuition and then I took the difference with the rest of the cost and my loans. All in all I have enough money with the loans to cover bills, groceries, gas, insurance, good times, etc. You have six months after you graduate to begin paying them back. The money can go to whatever you want...they don't care as long as you pay them back. You should fill out your FAFSA information and see what you are eligible for.

[deaduck]

Re: Former and Present College Students

What he said....

But from a practical getting ready for the real word view...

It's never a good idea to pay intrest on daily need items. Be that through a loan or credit cards.

Fiscally the way to look at it is... if you were buying a burger at McDonalds, would you be willing to buy it knowing it was the price plus 19% interest over the course of a few years?

[DickDalewood]

Re: Former and Present College Students

As much as it sucks Matt, avoid the loans, seriously... do NOT get yourself into debt when you don't need to.

I was a college soccer player, and then coached for five years starting my junior year (and LOVED it). This year, with work taking up 50 hours a week, I finally had to give it up. Sometimes starting up your life, and earning a living are just more important.

Get your things in order, pay your bills, finish school, and find a good job. Coaching will always be there for you to go back to down the road once you have everything else situated.

I know I plan on doing the same.

[CMH]

Re: Former and Present College Students

My ex-girlfriend was doing this when we dated and I believe is still doing it.

My opinion on this is going to be very biased because there's a good reason she's my ex now and part of that reason is because she was lazy as heck. She refused to get a job because her loans paid for her rent and food.

When it came to the summer and she wasn't getting any summer loan money, she did nothing and just found ways to spend less (overall a good thing, but not so good when a job looks good on a resume - especially since she's trying to get into a specialized career).

Anyway, my point is, if you don't have to get the loan, don't. It's a hamper on you in the future and that could be more painful to deal with than missing football right now. You may find that the job will provide you similar relief.

[fistofrage]

Re: Former and Present College Students

If you have to take loans to pay for necessities, you are in serious trouble. How will you pay for these loans if your income can't cover necessities? You'll be setting yourself up for failure in the future as you'll have a very hard time getting over the debt when you want to save up for things in the future like a house, etc.

[WeLLWeLL]

Re: Former and Present College Students

If you feel confident in the fact that you will find a job after you earn your degree than you should be able to use a portion of your earnings to pay back your loans. It's always likely that you will be paying them back for quite some time, however if you are working and making decent money than it should not be too much of a burden. Hopefully after you earn your degree you will not be working for $12-13 an hour.

[wsu_gb23]

Re: Former and Present College Students

I never had a job in college so I did the loan thing. It made my college days a lot easier. As long as you feel confident in getting any full-time job out of college you should be ok if you really wanna go the way of the loan.

[ryan36]

Re: Former and Present College Students

Well the thing is the monthly payments on student loans, are relatively low...it willaffect your debt to income ratio, and certain types of loans charge interest while you are in school. Actually there're a couple interesting msn articles on the subject

[Herky]

Re: Former and Present College Students

I'm looking into a way to get more money. For some reason the college I go to is terrible about giving loans out. After tuition and books I will get around $2,000 a semester in extra money. I work part-time (full-time until school starts) but I am 32 and went back to college last year. Even when I cut my spending back when I lost my job I still have bills and rent.

Apparently I don't qualify for any grants which I don't understand. Last year I made $21,000 while in school and they said that's too much.

Long story short I would like to get $5,000 more. The college I go to allowed me $10,500 for the year which isn't enough.

[HealyMonster]

Re: Former and Present College Students

holy crap 18 credits in 1 semester. I wouldnt recc. taking loans for groceries. a week after that money is spent, your going to need more groceries and thus an endless cycle begins

[Pared]

Re: Former and Present College Students

Matt, what did you end up doing? There's some good advice here.

[FlyingFinn]

Re: Former and Present College Students

I paid my way through school with grants and loans. I didn't work when I was in college so I used some of my loan money for room and board and some spending money. I did work in 2 jobs during the summers: 1 to pay for my summer room and board and the other to save for school spending money. I had a great college experience and got to venture in to many things I would not have if I had job while in school. I don't regret my decision one bit.

[MattUMD224]

Re: Former and Present College Students

Matt, what did you end up doing? There's some good advice here.

i ended up getting a job making 300 dollars a weekend and i will do that til end of august

i plan on taking off work till december to coach football and work on with school then once december hits work thursday-saturday making the same amount of money

i found out i got more than i was thinking in loans so i plan on using probably 1000 or so for groceries and gas since i commute 10 mins to school from september to december which is cheap since ill split groceries with my brother

[Pared]

Re: Former and Present College Students

Alright man, good luck. Hope it works out for you.