<p>I was wondering if it was worth it to take out about 6,500 dollars worth of Stafford loans for my first semester at a University. Some of it is subsidized and unsubsidized. I already qualified for Pell Grants and I will receive about close to 3,000 worth of pell grant for this semester, but since it's so late in the year and Spring 2014 is my first semester at the school, I missed out on the other need based grants and will be stuck taking out these Stafford loans that I mentioned earlier. Do you think it's worth it? Considering that I come from a very poor background? I would stay at home instead of worrying about room and board, but I don't really have transportation to get to and from University everyday. This is my only option. I'm leaning towards doing this with the hopes of applying earlier next year for grants and other financial aid, so I won't have to take out so much in loans the fall semester. The loans don't really scare me, but the interest rates scare me for the unsub loans, and the fear of not making it in my major of computer science. What do you guys think?</p>
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The interest rate for sub & unsub Direct loans are the same: 3.86% See [Interest</a> Rates and Fees | Federal Student Aid](<a href=“http://studentaid.ed.gov/types/loans/interest-rates]Interest”>http://studentaid.ed.gov/types/loans/interest-rates)</p>
<p>I know, but for the sub loans you don’t have to worry about the interest rates at all.</p>
<p>bump lol. Thanks for the help</p>
<p>Are most college students going to have to get into debt?</p>
<p>It really depends on your financial situation relating to financial aid, your credentials relating to merit scholarship awards, and what college you attend.</p>
<p>^^^ This. It is possible to graduate from college debt-free.</p>
<p>I had chosen to go OOS at first and took out loans for it. Now that I am back in an in-state school, the tuition is affordable and with my scholarships/grants, I can cover the rest out of pocket. I could have potentially been debt-free if I hadn’t chosen to go OOS my first year. </p>
<p>How is your financial situation right now?</p>
<p>There are free ride situations: 1) your parents, 2) high performers who manager to snag full ride merit packages, 3) very low income very high performers who manage to get into colleges that meet full need. Everyone else manages with combination of self pay and loans.</p>
<p>It is definitely possible. Actually, through a combination of good scholarships, co-op, part time work, and other less-than-ideal events, I will graduate from college with about $100,000 in savings. My parents were willing to contribute $40,000 total, but their contribution in total will probably be about half that. And at this point (as a junior) I am making about as much money as my dad, now the only income.
Definitely not the norm, but it is not depressingly futile to graduate without debt. But I had to narrow down my college choices a lot based on finances and then work hard once I got there to fit all the pieces together.</p>
<p>Not very good to be honest. I’m working a minimum wage job right now, and then I’m going to have to leave that because I don’t have the transportation to get to and from work, because school is a distance. I don’t really have too many schools locally.</p>
<p>You will have to worry about the interest on the sub loans if you don’t pay them off within, I believe, 6 months after graduation. They just don’t accumulate interest while you are in school.</p>
<p>I think the big question - one for your financial aid office - is what would you qualify for next year? Are there grants that you will get next year if finances are the same or might you be in the same boat, with $3,000 Pell and $6500+ Staffords for the full year next year? If there aren’t, it might make sense to keep working this semester and apply elsewhere as a freshman for fall. Depending on your stats there might be great deals out there for you, though deadlines for merit scholarships are past or coming up soon.</p>