Do you/did you take out student loans to live? - Page 2

[shayinme]

I did and for the most part I don't regret it. I was a single Mama when I started school and did my BA & M.Ed in straight through starting when I was in my mid 20's. I could have taken a longer cheaper route but I wanted to have better career options preferably before I needed to pay for my own kid to go to college. Well he is now 18 and a senior and we are waiting for the college acceptance letter.

I do have alot of debt (over 100K) but I am also firmly established in my field (non-profit administrator) and while I currently don't earn as much as I would like its partially due to the fact I have chosen positions that are less than ft. I now have a 4 yo and love having a position that pays well enough yet offers me career satisfaction. I know that for me without having gone into debt that it would not have been possible to be where I am now professionally. So yes debt sucks but for me education has opened a lot more doors than I previously had access to.

[BabyFinch]

My cousin is a dentist and just got all of his student loans $250K+ paid off through a rural dentistry grant program through the gov't. Since he lives in a very rural area (he's actually the only dentist in their town), he was able to apply for it the grant and I guess it's fairly easy to get. My other cousins, who are physician's assistants, are contemplating doing the same thing. I don't think it has to be a really rural area, just not a major metropolitan area. Definitely worth checking into though, since I do think it would be impossible to pay for straight out without loans, unless you came from family money - but then I don't think you'd be worrying about it and posting here!
Good luck!!

[punkrockmomma]

OP, I think you should do what you need to do. I know I look at my education as an investment, like a house.I'm in a similar situation as you, in that I can't get a decent paying job, that if something would happen to my DP, or if we broke up (which is a possibility) I wouldn't be able to support my DD and I. If I were you, I would try to figure out if, once everything is said and done, and your student loans go into repayment, will you be in a better financial situation, after the loan payment every month, then you're in now?

I know for me personally, I'm going into a high need field, where I'll probably be able to get loan forgiveness. I'm currently taking out the maximum amount in loans that I can, for living expenses. I'm going to a wonderful private school, that compared to some well known big universities is comparable in price. It also has a lot of non-traditional students, so the teachers are very understanding if you need extra time for an assignment, or if you have to miss class due to a child being sick. I'm also going to a school that is considered to have one of the best teacher prep programs in the country, so I know I'll be able to get a job when I get out of school. I may be going to a school that is more expensive then my local university, but I wouldn't be getting as good of an education, or the great support I currently get at the school I'm going to. Which all factors into my success at school.

I also take into consideration the fact that all of the loans I'm taking out are government backed loans and have flexible terms. I can put them into forbearance if I absolutely have too, or get income sensitive payments too if need be.

Sit down and consider all of the variables, and try to make a good estimate of where you'll be when you get out of school. I would also look into whether there would be any opportunities for you to get some loan forgiveness if you would be willing to work somewhere that really needs dentists, like out in the country like a PP mentioned. I know my sister, who is going for her PHD in psychology, is seriously looking doing that.

I also believe that my school work is more important then I a job, at the moment. I want to be able to make it a priority, and I don't want to have to stress out about it, like I would if I had a job. Also, my DD and my DP are just as important. My school, life balance would be really out of whack if I had to have a job right now. I don't think I'd be able to do it. I know other people have done it, but if I don't have to work right now, I'm going to give myself that opportunity.

[ArtsyMomma]

I've had some experience going back to school as an adult - and as a single mom.

My first round - I was a SAHM with a supportive husband. I took night classes mostly, and got a 4.0. Husband took over when he got home - he was great about housework, dinner, bedtime. I did school work late at night usually. It worked out really well. I took about $3000 in loans. FA covered school costs, but we used the loans to cover some living expenses and pay some high interest debt. We decided to add child #3 - due in the summer so I wouldn't miss school - but then I started having complications and had to drop out of school 3 days into a semester. We had to pay full tuition for a semester I didn't attend. There was no medical relief for the financial aspect. It was a big hit to us, and a bummer!


2nd (and most recent round of school) - I went back when my DS was a bit over a year old - husband left me soon after he was born. I tried working and going to school. One child in Kindergarten, and I got a grant to cover the younger two at the on campus childcare center. I scheduled my classes while the oldest was at school, so I could be there every day to get her off the bus - 3 days a week. As soon as she got off the bus, the kids went to my parents house so I could go to work. I picked them up when I got out at 9:30 and the cycle continued. It was really a blur. I did what had to be done, and that is it. I worked 4 nights a week as a waitress. I was far to tired to do school work after either being home with the kids and working, or going to class all day and working. I failed most of my classes - but not for lack of trying (I've always been an excellent student btw - graduated high school a full year early even). I had taken another $3000 in loans to help cover living expenses. I regret those loans, but I'm not sure how else I could have done it. I needed a computer, as my 10 year old computer had finally died and I wasn't working enough to cover expenses. I was tired. I didn't feel like I wasn't seeing the kids enough though. I made sure the time I had with them was quality time.

I lost my job in November. After a terrible semester I decided to try just going to school. I'm not 100% sure how it happened, but I couldn't quite swing it that time either. I was either burned out, or just not dedicated enough, or I let myself fall back into SAHM mode vs. Do-What-You-Need-And-Nothing-Else mode. When the kids were in bed each night, I would be too tired to do any school work. Online classes were a bust for me, I could never concentrate while the kids were awake - but I was too tired when the went to bed. Again, I did very poorly. I took out another $3000 for that semester to pay living expenses.

All in all, in that year (2nd round) - Not only did I take out $6000 in loans, but I also racked up another $4000 in credit card debt. I made some pretty bad decisions (maxing out cards when I was broke instead of applying for help). I'm working on paying off that debt now (while working as a waitress 3 days a week).


I do want to finish school. I am trying to become a nurse - a job with possible loan forgiveness (or a sign on bonus!). It's a field with good job prospects and a decent amount of $$ compared to the cost of the education. Next time I go back (possibly in the fall) I will avoid taking out loans at all costs - and if I do take loans - that $$ will sit in the bank until I have a REAL emergency. I'll be more careful about my expectations, and I won't over-estimate my abilities. Being the sole care provider is a huge challenge alone, and I won't make the mistake of going into debt just to fail my classes again.