I'm gonna be a freshman in college soon with no prior student loan experience and I'm trying not to get screwed over. My major is cybersecurity with a science degree so my school's total cost of attendance comes out to about $22k per year after any grants/scholarships roughly 11k I have (includes tuition, on-campus dorm, meal plan, and transportation, etc).
I'm looking at Sallie Mae private loans to cover the gap but I have zero knowledge here. ;-;
Is borrowing this much private per year reasonable? Should I max federal loans first? Any red flags I should watch for? I'm having my mother co-sign for me as well but her credit isn't that great either and didn't finish college iirc. I also don't know if i should just take it up the arse and do monthly payments and work my ass off during school which is what i really don't want to do because i think my studies matter more. On the other hand, im not even gonna be able to go to college if i have no money from working so… again any possible advice? Thank you in advance!
Going to a Pennsylvania College for the next four years. need some advice on loans
byu/CBT704 inStudentLoans
Posted by CBT704
5 Comments
You’ll regret $88k in loans for a bachelors
You should max out federal loans first.
Always max out federal first. So that is 5.5k for freshman year but goes up til junior and senior year are 7.5k. Honestly 22k in loans per year is very high over 4 years that is 88k. Will you have 11k each year going forward or will you have more or less? Run some loan calculators for total monthly payments on standard 10 or 15 year loans. Keep applying for scholarships, and work fulltine plus a part time gig over the summer. During the year aim for 12 to 16 hours or work a week and to save at least 50% of your take home for tuition, if living on campus.
Go to CC, transfer to a local state college or a need-blind school.
Private student loans are predatory.
Sallie Mae has terrible reputation.
You need to find an affordable path to earn your degree… this may entail starting at your local community college.