Hello,
    So I originally went to college with not much knowledge on anything (majors, money, just nothing)
    I ended up having to take out a private loan of 20k with a 16% interest rate. I know it’s very bad and I regret it every single day. I only did two years at that school before temporarily dropping out. I am currently back in school to get an associates of nursing. I have made some payments on that loan in the time that I was out of school, but with the interest being so high it doesn’t even matter.
    The question being, as I return to school, should I remain a half time student, and work full time , while putting money towards that loan?
    Or should I defer the loan for two years, let interest accrue and begin repaying after graduating.
    Going half time means I will be in school for 3 years for just an associates, but I just don’t know which way would be more financially responsible in terms of the loan.
    I don’t make much money right now and really would like to get my degree finished ASAP
    But there is no way I’d be able to work and be in school and make those minimum payments all at the same time (the minimum is roughly $500 a month)

    Going back to school with large loan debt
    byu/StreetDescription823 inStudentLoans



    Posted by StreetDescription823

    2 Comments

    1. Defer. Nursing school is hard and you may find you’re not able to work full time while attending.

    2. StreetDescription823 on

      EDIT: deferring my payment for two years will also raise my monthly and / or extend my repayment terms due to the insane interest rate. Also, any unpaid interest on my loan by the time repayment begins will be capitalized .

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