back to school

I was watching TV earlier and one of the characters mentioned having $80,000 in student loans to repay. Oy vey! I’ve always gone to a local college, and even when I was full time, I got a deal because I was an in state student, there were no dorm fees, or meal plans, or any of those other things to add on to the tuition. I can’t even fathom graduating from school and getting an entry level job in my chosen field and having thousands of dollars in student loans to repay. If you’re in that boat, do yourself a favor and find out if you’re a candidate for student loan consolidation. Much like debt consolidation for your credit cards, this will cut payments (up to 60%) and reduce the amount of interest you’re paying over the length of your loan. Student loan consolidation can help if that debt is keeping you from buying a house or taking other big steps in your life, like getting married or having a baby.

If you’re considering going back to school, you can also check out private student loans, which allow you to borrow (annually) the full cost of expenses (less financial aid received) or $40,000 (whichever is the lesser). Not a bad way to go for those of us considering a change in careers. When you think about quitting your job to return to school, that’s a big step, but a private student loan can at least cover the cost of the schooling to help you out.

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