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I need advice Savings Advice Friends

September 21st, 2012 at 06:08 pm

So i've been sitting at my desk pondering this question. I am currently a college student and of course get financial aid but fall short each semester needing to take out a loan. I need to know your thoughts on borrowing enough loan money to cover most of my debts. If I do this I will need to still use $1,000 of my cash flow from work to pay every one in full. On one end i'm thinking wooohoo i'll be able to satisfy my obligations to every one now. But on the other end i'm thinking this is creating a new debt so to speak. I've only giving it a second thought because i'm figuring with all the interest I am paying between the various credit cards etc.. My student loan money carries an interest rate of 6.9%. Please share your thoughts you guys are the best when it comes to advice!!!!

Posted in Debt | 4 Comments »

4 Responses to “I need advice Savings Advice Friends ”

  1. creditcardfree Says:
    September 21st, 2012 at 07:42 pm 1348256534
    1348256534

    Sounds like you are basically restructuring debt. You need to tell us more details for us to give you any advice. Not sure how much 'new' debt you are taking out and what you are paying off. What is the difference in interest rates and payments.

  2. wowitsawonderfullife Says:
    September 22nd, 2012 at 01:19 am 1348276740
    1348276740

    I think that investing in education is acceptable. The loan rates are low and if you are taking classes that will give you a good job opportunity then it's worth it.

  3. FrugalTexan75 Says:
    September 22nd, 2012 at 03:12 am 1348283560
    1348283560

    Well ... the main difference between credit card (i.e. unsecured debt) and student loans debt is that in the event that life circumstances spiraled in such a way that you had to declare bankruptcy, your cc debt could be reduced or written off, but your student loan will stay with you til you die, or pay it off. So, that might be something you want to take into consideration, even if you think you would *never* need to go the route of bankruptcy.

  4. Jerry Says:
    October 8th, 2012 at 02:00 pm 1349704821
    1349704821

    Will your school let you do something like Work-Study (or research, or something) to lead to some extra money during the semester? I knew some people in undergrad who had great experiences with that, and I met a pre-med this weekend who is getting paid for neurosurgery research with an attending doc at his university's medical school. Nice to have for insurance when he applies! Good luck finding options for yourself...
    Jerry

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