Comments on: Which is better: Student loans and a quick degree VS Paying as you can and taking longer?

By: Amanda

Amanda — Wed, 15 Oct 2008 22:24:08 +0000

This is not just about money. If you focus on school and go full-time while young, you can generally concentrate better, network better, and get more done academically than if you are going part-time while juggling other responsibilities.

By: OrangeKitten

OrangeKitten — Wed, 15 Oct 2008 01:39:19 +0000

Student loan for sure. The interest rate is low and payments flexible. Unless you’re already independently wealthy, people often cannot dig into paying for an education without increased debt elsewhere. You’re simply transferring debt from one area to another. This is usually in terms of credit card debt today as it’s easy to obtain and universally accepted. Credit card interest is very high, payment inflexible, non-tax deductible, and a very poor choice to get into as you’re highly likely to get into financial trouble down the road.

By: KK

KK — Sun, 12 Oct 2008 23:05:25 +0000

I think student loans are one of the worst ways to snare you into lengthy debt. Loans look all well and good at first but factor in how long you’re going to be paying them, your five and 10 year goals, plans, etc. They have a nasty habit of biting you in the rear when you least expect it. People who do well are typically the exception, not the rule.

My husband paid his college semesters in full and even though it took him a little longer, he still graduated debt free.

And let me ask the person above me: What constitutes a “real job”? I could have sworn that a real job is any job where you get paid, not whether or not it is some lucrative career. My husband unfortunately was unable to find a job in his field but he is happy doing what he does in security. It’s a real job even if it is not his major. It pays the bills.

If I were you (the asker), I would take a little longer and be thankful to be debt free at the end than up to your neck in debt with ridiculously high interest.

EDIT:

BRING ON THE THUMBS DOWN! I guess people find it a lot simpler to be in debt for immediate gratification than simply taking their time. Damn greedy society.

By: mikanissue

mikanissue — Sun, 12 Oct 2008 05:34:32 +0000

If you qualify for a student loan, I would recommend to loan the tuition money and graduate in 4 years (unless you want to further your studies in law, medicine, architecture, etc.). That way, you can get a job right after you finish school and start paying back the loan. Student loan interest is usually very low.

Taking classes…pay as you go is not a good idea because it just takes longer to be able to get a real job! You should have at least a bachelor’s degree as soon as you can, and get a good job.

By: Elizabeth L

Elizabeth L — Thu, 09 Oct 2008 19:36:02 +0000

I”m not actually sure which would be better financially but I will say that my husband and I were told recently that most people reviewing your credit score expect to see student loans if you are < 30. So if this is you …you may consider just taking out the loans and not worrying so much about it. My husband and I have been able to get car loans and a mortgage offer even though I have (TONS of) student loans. Good luck