According To Most People I Speak To, Student Loans Are

2288 WordsJan 5, 201710 Pages
According to most people I speak to, student loans are a nightmare to pay back. I was more fortunate than most while in school, receiving a number of scholarships and grants to pay for my education; however, even with all the scholarships and grants, I still had high college expenses that forced me to take out loans. From the incredibly high cost of living in and around universities, to the cost of food, textbook costs, and additional college fees, I had to borrow $45,000 over the course of 4 years. Not getting a job right after graduation, I had to look for various ways to make as much money as possible to pay all the bills flowing in through the mail. I opened studioinvisions.com, my own web development business, but even with having a…show more content…
Getting out of debt is the ultimate goal, and no one wants a student loan looming over their head the rest of their lives. Many college students get lured in the sexy world of taking out more loan money than they need. It is so sad to see a first-year student take out $9,500.00 worth of federal Stafford loans and have less than 30 credit hours at the end of an entire academic year. How does it happen and why is it a crying shame? A first-year dependent student can take out $3,500.00 in either subsidized (which means the government pays the interests) unsubsidized (which means you 're responsible for paying the interests) Stafford loans. The total amount a dependent student can take out in Unsubsidized Stafford Loans (minus subsidized amounts) is $31,000. If the parents are denied the Parent Plus Loan due to poor credit than the student can take an additional $2,000.00 for a combined $5,500. (A dependent student is twenty-four years old or less, is not married, does not have any dependents, and is not in the military or a ward of the state.) An independent student can take out the $3,500 and an additional $6,000 totally $9,500.00. The total amount of loans an independent student can take out in Unsubsidized Stafford Loans (minus subsidized amounts) is $57,500.00 Here is "Jennifer 's Story," of how she got to $9,500.00 in Federal Stafford Loans in her first academic year. Jennifer is a 19
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