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Thank you gunnerz for actually answering my question! You are the only one so far!
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Gunnerz is a young student. Young students often do NOT understand the huge risks involved with such debt… That’s why THEY are not permitted to take on those loans without a qualified co-signer.
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I am well aware of this slippery slope of too much debt. I am currently looking for a different job that will provide me a higher income so we don’t have to take out other large loans. I would have had one last month, had not the employee decided at the last minute to stay.
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There’s some other things you may not have considered…
It sounds like you’re thinking that if you get a job that pays $20k more per year, then you won’t have to borrow.
If you do suddenly earn $20k more per year (and that would be quite a jump for a low income person), then you would likely suddenly find that you will now have to pay a bit more in taxes…and you may have to pay into a health insurance plan. In other words, you won’t be netting anything close to $20k per year additional.
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My daughter knows that she may have to leave this school and go to the instate state school if I don’t achieve this goal by December.
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does this mean that if you don’t get this new MUCH higher paying job by Dec, she will have to leave her school?
If so, this is such a risky path. If your DD has to transfer out of her school, she will not get much aid at her new school. Transfers get lousy aid in most cases. You may find that at her transfer school, you’ll be handed a $20k+ per year bill…then what???
What will you do if you don’t qualify for this private loan that you need for Fall term?