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| *Loan,banking and credit>>>college loan |
Advise about paying for college and loans? |
would you knowingly get into a student loan so you could pay for college, and do the loan forgiveness program? Has anyone really done this and can give me advise about it. I really want to be a teacher, however I don't qualify for FA and my mother is a single parent unable to pay for my schooling, and I live on my own and don't make enough in income. But I want to know if this is wise? Usually you have to work in a low-income district to get the loan forgiven. If you look around, you might be able to find a district that is not as rough as an inner-city school. Some small-town schools qualify and usually you get better community support with a small town than a big city. I am pretty sure that if you choose not to do the loan forgiveness after you graduate, you can still pay it back like a regular student loan, so there isn't really much of a downside. What I understand is that they forgive part of your loan each year you are in a qualifying district. You could try it for a year and decide if it is worth it to stick it out or if you would rather repay the loan another way. If I was in your situation, I would take the loan and at least really look into loan forgiveness. Just make sure you feel comfortable in the district you end up in and that you feel like you will be supported by the administration there. That makes the most difference in your happiness in a school, not the income of the district. Good luck! I know people who have done it. They have had to teach in pretty "seedy" areas to get the forgiveness. If you don't qualify for a school loan, why are you going to apply anyway? If you are old enough to go to college, it's not your mother's responsibility. Do what I did. Work your way through. I did it for four years while working rotating shifts and raising a family. If you want it bad enough, you'll find a way, other than begging for a handout. But, then again, the $510/month (tax free) under the old G.I. Bill helped. Ever think about military service? Scouts out. If you haven't been claimed on your parents tax return since you were 18, there is no reason for you not to apply for FAFSA. If you meet the criteria of "independent status", then your mother's income would not matter. There are several factors that determine if you are considered independent in their eyes. Also, I wouldn't go into student loans with the idea of getting loan forgiveness. Be prepared to work and pay it back. Generally, any entity that is going to qualify you for loan forgiveness is not going to pay as well as a "regular" job. Trust me, in a way you are paying it back anyway and you may be committed to a less than desirable job because of a contractual agreement. |
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