Loans are my only option and moving to an incredibly expensive city

[sevyn731]

I've received my budget from the school I will be attending this fall and I have not been offered ANY aid besides federal loans (and I'm still close to $40k away from what I'll need).

Calling financial aid wasn't much help as it turns out I'll have to resort to private/ gradPLUS loans to pick up the slack.

I'm moving to Boston and from my research the cost of living is outrageous there. It really doesn't help that for the first summer in years I am unemployed (in the past I've had a decently paying federal internship in D.C, but there was no budget to hire us back this year), trying to find a decent paying job(s) is proving most difficult and I am running out of time.

Worst case scenario, I'm thinking of taking out a small loan to cover moving expenses, etc until my school disperses my refund (which could take up to 6 weeks after the first day of class). I absolutely hate the idea of having to finance my graduate education with loans, even if it's just my first year until I can find an alternative source of funding.

I'm in a position where I need to earn an advanced degree in my field if I want to make a decent living doing what I love. Sadly my undergraduate program cut a lot of corners as the major is being eliminated leaving me terribly unqualified for a lot of available jobs.

Would anyone have any helpful advice? I can use all the help I can get.

[Usmivka]

I'm sorry, this seems like a bad situation. Are you sure the cost of the degree will pay itself back and is worth pursuing? If this isn't the top program in your field, perhaps you should look into post-grad employment rates and talk to some current and recently graduated students. My partner didn't get into any funded programs her first round of applications, but ended up in a great job that made the second round a breeze two years later. This could be worth thinking about. Not to discourage you if you are set on this program--if this is right for you, great, go for it, it just seems you are not so sure this is the case if you are posting this.

Also, Boston is hideously expensive and getting more so. That is a problem in a city that is 30% students, many of whom are 'independently' wealthy or are funded. Your loans stand to become a bit larger every year given the high annual rent increases if you plan to live in any of the cities immediately adjacent. See the Boston forum in the city guide. You could live cheaper out in the burbs, but then transportation costs go up.

Edit: Why did you post this in two different forums? You should ask the admin to merge these posts.

Edited May 25, 2012 by Usmivka

[HowNowBrownCow]

I agree with the above poster. It might be worth considering if this degree at this time and at this school will pay itself back, or if you'll be mortgaging your future for it. I was in a situation like yours before and ended up transferring schools, which was the best decision I could've made. But I have a few other suggestions to add: transfer schools after a year, see if there are any paid TA or admin positions available, consider working PT while in school, rent a shared room or a place further away, wait and apply again next year to more schools in cheaper cities, apply for outside scholarships, and consider the government loan forgiveness program for 10 years of non-profit work. Whatever you chose, I hope it works out for you.

[PrattIAFF]

For all of those concerned with the mounting cost of higher education and the rising necessity of student loans to finance it, please sign this petition:

http://signon.org/sign/support-the-student-loan

Since 1980, average tuition for a 4-year college education has increased an astounding 827%. Since 1999, average student loan debt has increased by a shameful 511%.

In 2010, total outstanding student loan debt exceeded total outstanding credit card debt in America for the first time ever. In 2012, total outstanding student loan debt is expected to exceed $1 Trillion.

In short, student loan debt has become the latest financial crisis in America and, if we do absolutely nothing, the entire economy will eventually come crashing down again, just as it did when the housing bubble popped. Reasonable minds can disagree as to the solutions, they cannot, however, disagree on the existence of this ever-growing crisis, as well as the unsustainable course we're on towards financial oblivion.

As a result of more than 30 years of treating higher education as an individual commodity, rather than a public good and an investment in our collective future, those buried under the weight of their student loan debt are not buying homes or cars, not starting businesses or families, and they're not investing, inventing, innovating or otherwise engaged in any of the economically stimulative activities that we need all Americans to be engaged in if we're ever to dig ourselves out of the giant hole created by the greed of those at the very top.

Now for the good news: there's finally hope on the horizon! Representative Hansen Clarke of Michigan has just introduced H.R. 4170, the Student Loan Forgiveness Act of 2012, in the House of Representatives - legislation designed to lend a helping hand to those struggling under massive amounts of student loan debt.

For a brief summary of H.R. 4170's main provisions, please copy & paste this URL into your browser: http://tinyurl.com/7akydbk

To read the full version of the actual bill itself, please go here: http://tinyurl.com/6txure8

To read answers to some of the most frequently asked questions about the Student Loan Forgiveness Act of 2012, please go here: http://tinyurl.com/8xh4csd

Student loan debt has an undeniable and significant suppressive effect on economic growth. The Student Loan Forgiveness Act of 2012 directly addresses this enormous boot on the neck of the middle class and represents a glimmer of hope for millions of Americans who, with each passing day, find that the American Dream is more and more out of reach.

Therefore, we, the undersigned, respectfully request that Congress bring H.R. 4170, the Student Loan Forgiveness Act of 2012, up for consideration and commit to holding a straight, up-or-down vote on it this year. Thereafter, we, the undersigned, respectfully request that President Obama sign this legislation into law.