Loan Question

[MatthewBaker]

Anyone have any thoughts on whether I should go with an unsubsidized gov. loan first or try a private loan out? That is after I borrow the maximum amount I can through a gov. subsidized loan. I am going to Boston U and I am looking to borrow around 50-55000 for fall '07 (yikes).

~Matt B

[rising_star]

I don't quite understand why you'd need 50K just for one year...

Why not do a combination of private and government unsubsidized? The government loans may have a lower interest rate...

[Shockley]

All the advice that I have gotten has stated to avoid private loans altogether..

[atlas]

AVOID private lenders as much as possible!! Go with the unsubsidized loans. Only go with private loans if you are desperate.

[kahlan_amnell]

Keep away from private loans until you have taken all you can in government ones. I'm also wondering why you think you need so much money. I know Boston is expensive, but I think you might be overestimating the amount you need.

Think about it this way:

How much is tuition? How much is your rent? How much do you think you'll spend on food? (Cut down on restaurant dining to save lots of money.) How much do you spend on entertainment? Can you cut that down?

[aginath]

I'm thinking Matt B likely found his answer and is either in a lot of debt or re-evaluated his situation...two years ago.

[kahlan_amnell]

I'm thinking Matt B likely found his answer and is either in a lot of debt or re-evaluated his situation...two years ago.

Ah, good catch! I didn't read the date on the original post. I wonder why someone decided to revive this thread?

[Shockley]

Ah, good catch! I didn't read the date on the original post. I wonder why someone decided to revive this thread?

I'm guilty of reviving the thread. Just gettin a little stressed about Post Grad Debt right now and doing research about it.

Ill be 30k in the hole soon from an MA program that I took to redeem myself for low undergrad numbers. I am now debating PHD or Law School and am going to try to stay in state for either in order to mimimize debt...

RA and GA positions are getting tougher and tougher to come by these days..

[aginath]

I graduated from my masters program with roughly 80K in debt (both undergrad and grad). Through rebates and monthly payments, that's down to 40K. Unfortunately my doctoral program is feeling the economic pinch this year and it's the first time in more than a decade that they haven't provided funding for all incoming students (in fact, they're scrambling to find support for returning students). I decided to take the plunge and go the federal loan route for this first year. Thankfully I found a little known waiver in the Unviersity's policies that will net me in-state tuition. That will save me 20K in my first year (I'll only have to borrow 10K instead of 30K). I do have a part-time job offer that will help me pay the rest of my bills while loans pay school and rent. If I absolutely have to, I'll borrow my way through my doctorate, putting me right back where I was straight out of school. However, I'm hopeful that I can find my way into an assistantship SOMEWHERE in the university after my first semester/year.