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Author
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Topic: School Question
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blackfifty
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Member # 9023
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posted
 
 
Hey CAFORDS I've been thinking a while now about going back to school to get my masters in criminology and for obvious reasons I will not be able to work full time anymore. I was wondering has anyone every took out a loan from the bank for cost of living while going back to school full time? I've read quite a few articles and stories of how other people ( doctors, nurses, dentist ect... do it and I want to know if anybody has went this route. I want to focus on school and not drag the process out. I've read instances that through school whether it be federal or private loans the bank will give the money to the school for tuition and books and the rest they'll send you via check to your house.
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03 Terminator
Posts: 1331 | From: Oakland | Registered: Mar 2009
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slidewayz94
CAFords OG
Member # 3101
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posted
Figure out if obtaining your masters will ultimately be a financial gain for you. It wasn't for me in my career. Not sure what profession your in but I was shocked to find out how little pay some professions make that require a Master's degree.
That being said, yes you can apply for loans beyond your tuition and books. Your school will dispurse your remaining amount either by cutting you a check or applying it directly back your loan.
Posts: 4251 | From: Sac | Registered: Jul 2003
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Gnari-Garage
CAFords OG
Member # 3164
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posted
The best thing to do is go to the schools financial office and get your loan through them. This way you get a federal loan and the interest are set by the government. The rates are also fixed. Private loans are flexible and they can bite you in the ass later.
I owe a lots of money for college loans, nothing wrong with it as long as you finish. I have two master ( Mechanical Engineering and an MBA) and I'm telling you its not easy but you can do it.
Good luck
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2017 McLaren 570GT
2019 Audi S5
2017 Tundra 7" Lift, 37" Tires
Posts: 4017 | From: 916-sacramento | Registered: Aug 2003
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phil a
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Member # 6951
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posted
blackfifty -
I went back to school full-time (and am still doing it) in Summer 2009 after having been in the workplace full time for a number of years. Tough decision, yea, but to get to someplace where you really want to end up, there's no real downsides to it if you take the long-term approach. Sure, it's really tough to go from making money to owing money, but assuming you're still young enough to justify a career change, I say go for it. Sure, I'm biased, but I wasn't going to get to where I wanted without having to give up a little bit in the short run.
In my experience, I talked to the student finance department a the school you're looking to attend. From there, they can help you figure out how to source funding; I ended up going through Fed govt/FAFSA to pay for my schooling. Alot of the student loan disbursements have been restructured relatively recently, so they can help you brush up on that - the repayment period, interest rates, qualifiable (is that a word?) student-loan interest deduction, etc. Ultimately, I feel that regardless of how much debt you get into, you'll never go wrong by furthering your education. I'm already under a mound of debt - and have one year still to go - but I'm doing my best to focus on where it's getting me, and less time worrying about how in the hell I plan to pay it off, how long it's going to take, and how much I miss having a regular paycheck!
Good luck in your choice, and if you have any questions, I know there are quite a number of people on this board alone that have done (and are doing) what I just described, so ask away!
PS - yo Steve, how's it been? lol been about 10yrs since I've seen you....
Posts: 1261 | From: toledo oh | Registered: Jul 2006
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