How Can You Pay It Back?

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How Can You Pay It Back?

I know a lot of people that are taking out loans in order to pay for their college bills, but I really don't understand how anyone could pay back all that money. If you work it out, we would have to pay back at least $20,000 - $150,000!! I spoke to some of my friends and they said that a lot of people have different "plans."

First of all, before they take out loans, they try and get financial aid. Which is a cool plans because that is like "free" money, you don't need to pay back anything and there is no interest. For this, or course you need to show that you have no money.

If you have a good grades, interesting hobbies, or you are good at athletics then you have a good chance of getting a scholarship! This I think depends on the school. Like Duke will basically pay for all of a basketball players education because thy want to have an awesome team.

Another option is to go to a school that is cheap. This could be a community college or something like that. Then some people their last year then try to apply for a good school. This way their student loans is cheaper.

Another thing that is on my mind is, how do you get a student loan? Where do we go? What do we say? And do we need a parent with us? I am definitely going to need a student loan, but I don't know what to do about it. My parents are divorced and they really don't seem to care if I go to college or not. So its all up to me. If you can tell me how to go about doing it, that would help me a lot. My dean told me stuff, but I don't understand what she is saying....it was about go look at this...go look at that... Well, I need to know the basics. Please help me.

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	J	05-Mar-03

Taking out a loan through the school is the best way for you to go. Federal loans have a pretty low interest rate and usually never go higher than five percent. My advice to you is to get a good paying job and save your money. Any amount of money that you already have set aside will . I am going to a community college right now and it is still costing me a fortune. I have to spend about 5,000 dollars a school year. By the time I graduate I will be in the hole by about 25,000 dollars. That is just for a community college. So save every little bit of money that you can.

	Connie	25-Mar-02

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	Janine	20-Nov-01

You can apply for private loans through banks, but in order to take one out, you need to have been working at least two years at the same job. If not, then you sign up with a co-signer, usually a parent, and the co-signer is the bank's assurance that they'll get their money back because if you don't pack back the loan, the co-signer will. In order to get federal loans, those are usually given out by the school in your financial aid package. I hope this helps.