Hey yall, I'm really in some deep shit with this one. I'm gonna be roughly $30,000 in the hole due to an abroad program that isn't covered by financial aid, and I can't drop it or else I'll lose my place in the university. I know I need to get a loan, especially since I'm still short on my actual financial aid for tuition, housing, and expenses. I've exhausted grants and scholarships to hell and back (though I'm still waiting for call backs on the latter).
My whole family has been stressing me out about this (Especially my non-american father who doesn't know how they work), but my friends say it's not so scary. So far, I've applied for private loans, but as I'm reading, many people say that it's a bad idea and that I'll regret it, while the people I'm close to say it would be worth it. I'm just at a complete loss of what to do. I'm gonna be going to one of the best schools in the state, and I really don't want to lose my spot since it's been my dream to go here. Is there anyone who can help me out with this?
I have no clue if I should get a federal or private loan.
byu/TheToadLady inStudentLoans
Posted by TheToadLady
4 Comments
It doesn’t sound like you can afford this path to earn your degree.
It’s not too late to cancel.
Start at your local community college instead.
Federal loans are much better than private loans if you do decide to take out a loan.
There are many people on this sub who went to their dream school for four years only to create a nightmare after that lasts for 20.
What is the duration of the program abroad? If this is just a one or two semester program, it would be foolish to pursue a private loan. You don’t have the money for this.