I want to go back to school full-time. I don’t want to work full-time and crawl through school part-time. I will shoulder any high interest rate to make this happen. Is it possible? School and living on credit – study intensely now – pay it all back later.
08 February 2010 at 4:47 am
9 comments
Answers
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08 Feb 10 6:12 am
Do not try to go through college on Credit Cards. In the long run this will not work and you will have some financial issues.
The first thing you need to do is talk to the Financial Aid office at the college you are looking at. They will be able to look at your situation and see if you would qualify for any Aid. If so this would lower the amount you need to borrow.
If you do have to borrow money, then look at a Student Loan for only the amount you absolutely need. That is don’t look at is as free money to keep living your current lifestyle. You will probably need to sacrifice some things in order to do this. The goal for you is to get out of school with as little debt as possible.
08 Feb 10 12:50 pm
You would still have minimum monthly payments you would need to make, and the intense amount of debt when you graduate. Are you sure you want to take all that on?
08 Feb 10 5:10 pm
Why would you want to! That is a financial disaster!
08 Feb 10 10:48 pm
It can be done, but it’s hard. Better to look for some grants. Depeonding on your age, gender and ethnicity, you may be elligible for grant money from several different sources.
Paying with credit cards is really tough. You have to make minimum payments, and the interest rates are truly enormous. You could get a deferred student loan, where you don’t have to make payments until you graduate…but again, you are stuck with big interest fees. be prepared for that. It makes applying for a grant (funding you DON’T have to pay back) more appealing.
09 Feb 10 5:07 am
sorry to bust ur bubble.
should u do this. u’ll be looking at bankruptcy in 5 yrs from graduation.
BLS statistics.
get second job live cheap and have budget.
generations before you have done so and succeeded.
credit slavery is still under educated slavery.
visit dave ramsey.com to learn ur hard lessons from others bigger mistakes .
it is cheaper easier faster and smarter.
09 Feb 10 8:25 am
You could but that would be an absolute financial disaster……please please do not do this…..
09 Feb 10 10:26 am
yeah you can… you’ll just be SCREWED down the road!!!
why would you want to live off of a credit card paying 15-30% more than you really should.. I’m 22 and when I got my first credit card at 18 y/o my interest rate was 24% and my bill was an average of $100 a month and i paid it off in full and on time each and every month.. now my interest rate is only 8%.. i still pay everything off in full but i refuse to pay extra when i dont need to..
example: paying for $100 pair of jeans on credit card….pay the minimum or don’t even pay at all… next month those “$100 jeans” are now “$124″ (with 24% interest).. pay the minimum or dont even pay at all.. the month after that pay “$153.76″… pay the minimum or dont even pay at all.. and the month after that pay “190.66″..
do you see my point? the jeans that you initially paid $100 for.. 4 months later you end up paying nearly $200.. so the question is, do YOU think it’s worth it? if so, go for it.. if not.. don’t.. it’s simple.
09 Feb 10 5:03 pm
WOW that is an ENORMOUS amount of debt you want to take it. You still need to make minimum monthly payments on your credit card. However if you get student loans you might be able to defer them until after you get out of school. Be aware, I had 1 loan for six thousand dollars and i’m slowly paying it off month by month but its going to take me years. That was only one loan. I would consider alternative means to pay for school.
09 Feb 10 9:52 pm
If you’re going to pay for school with a credit card, you better make real sure that the education is going to provide a major return in the form of better earnings capability.