Hi,
I am a first generation college student and don’t have anyone in my family to ask for help.
I am hoping that what other college students or parents have gone through with loans and repayment can give me a sense of what it is and how it works. The financial aid office was not very helpful and I ended up more confused.
My scholarship and grants ended up covering all of my tuition and fees and I have some extra money left over from that that I am putting towards housing and meals. In total, I am paying around $2,500 a year for housing (meals included) while tuition and fees are covered. I am thinking of taking out a loan of $3,000-$3,500 (this would cover my housing and meals plus textbooks and other supplies I may need). If I take out this loan, will I be able to start paying it off over the summer? I am thinking of working all summer and I know I won’t pay it all off, but I want to know if it is possible to start now rather than wait it out until I graduate. Something is better than nothing!
Any advice/tips would be extremely helpful. My family may be able to contribute to some of the housing costs, but I think I am on my own for textbooks and supplies. All in all, however, I am probably looking at $2,500-$3,500 in loans for my first year. Is this too much? I am scared I will not be able to pay off my loans in time and I initially did not want to take any out, but I guess I have to because money is kind of tight right now. Thanks in advance!