Can you answer a simple quesiton about debt and student loans?
November 10, 2010 by admin
Filed under Student loans
Hi,
i’m twenty years old, and i took a years time off from college, and living on my own, costed me 600 dollars in debt. . i’m attending school in the fall for film to a 2-year community college, and then transferring to a 4 year.
do you think it matters that i’m a tiny bit in debt (i wouldnt really call 600 dollars tiny, but compared to the millions in debt. . )
some people have said it doesnt matter because you are going to college
other people are saying i will need a co-signer.
can anyone straighten this out for me?
thank you!
i dont know how to comment below you
. . i know 600 dollars is not that bad, but do you think it will make it harder to get Student loans without having to have my parents co-sign? (they aren’t willing)
$600 in debt? Lol, thats hardly anything to worry about, seriously
600 is not going to hurt you. If you are talking about taking out student loans (government/bank), they won’t care about 600 dollars UNLESS it’s in collections? I suppose I’m not sure what you mean by “costed me 600 dollars in debt”. At any rate, you should be fine for qualifying for a loan. . . One question though, why are you bothering to go to community college if you plan on transferring to a 4-year school? Typically, there are three main reasons: Your GPA was low, it’s considerably cheaper (although you may loose considerable credits by doing so) or you don’t know any better. . . If you can do so, it’s best to go to the 4-year university without transferring and risking the chance of them not accepting credits, especially for a major related to film. It would be different if it were a general business degree, but film courses can be specific to each school. . .
600 dollars is nothing and it will not hinder you from transferring to a 4 year university. Taking out a student loan does not require a co signer or how much debt you are in. Just be smart about which borrower and the interest rate. Hey I have thousands and thousands on student loans for both undergrad and graduate program. Good Luck
Michael,
Your debt is very small, great job! If you pay your bills on time every month you will have nothing to worry about. The key to getting out of debt is paying off your higher interest loans or debts off first. Pay a little more if you can as this will help your debt decrease quicker.
Good luck in college.
$600 won’t hurt you unless you decide to not make the payments to pay it off. If you don’t continue to make payments, your credit score will be hurt significantly making it difficult (if not impossible) to secure credit.
You should talk to a counselor at the college.
Well go to the college and apply for financial aid. If you dont qualify ask them about getting a student loan. You may need a cosigner (like a parent) if you dont have a credit history and dont have any money and only debt in your name.
6 months after you graduate you have to start paying for the student loan. And you MUST pay it. Even if you file for bankruptcy you still owe the student loan. Student loans NEVER go away you have to pay them.