Debt From School

[Anastasia13]

[quote name='Noel's angel' post='1600651' date='Jul 15 2008, 05:12 PM']Over here, student loans don't have to be paid back until you earn at least £15,000 ($30,000), and even then it is interest free, and quite reasonable. If after 25 years (I think), you haven't paid it off, the debt is written off.[/quote]
Is there any way I can transfer my loans to there or should I just go to grad school there?

[Thy Geekdom Come]

Jennie and I each owe $20,000. It's doable, but not easy.

A note on loans and marriage: when you get married, your loan company may ask you if you want to consolidate your loans with your husband's. Keep this in mind: if your spouse dies, his/her loans are forgiven and you only owe on your own, but if you consolidate your loans with your spouse's, both your names go on the paperwork and if one spouse dies, the remaining spouse is responsible for paying off all the loans.

Just keep that in mind if this situation ever arises.

[JoeyP]

[quote name='cmotherofpirl' post='1601469' date='Jul 16 2008, 10:31 PM']Look into teaching in a rural area with a state debt forgiveness package.

I checked with my son, his current debt is about $50,000 as he is starting his 2nd year of grad school.[/quote]

Rural? I think you mean Urban. The ones that have debt forgiveness are usually really bad urban school and you have to teach five years there to get the debt forgiveness. Most people don't make it working 5 years in those kind of schools. I know i couldn't handle it.

[Lisieux Flower]

[quote name='littleflower+JMJ' post='1601350' date='Jul 16 2008, 05:05 PM']Loans can come in pretty big numbers after a degree. Lucky for me I get federal and state funds to pay my loans off because I'm a teacher in a high-need area both in subject and location. Its going to help me get rid of mine really fast![/quote]
What are the names of the grants that you recieved? I'd like to teach special ed in a high needs area, but I'm going to have tons of loans to pay off. It would be awesome to have some federal help with my loans.

[cmotherofpirl]

[quote name='JoeyP' post='1602017' date='Jul 17 2008, 03:49 PM']Rural? I think you mean Urban. The ones that have debt forgiveness are usually really bad urban school and you have to teach five years there to get the debt forgiveness. Most people don't make it working 5 years in those kind of schools. I know i couldn't handle it.[/quote]

You don't know until you try

[StColette]

[quote name='TeresaBenedicta' post='1601338' date='Jul 16 2008, 05:48 PM']My mom and my grandmother have cosigned loans with me. My parents are doing their best to pay off what they can, when they can, as they can.

Luckily I came into my college with extra credits from AP classes I took in high school, which took care of a lot of the required classes. I've dropped my Theology major to a minor (our theology program isn't the best, it's not horrible, but it's not worth paying that much money) and have kept my Philosophy major. With all of that, I will be graduating a year early.

Studying what I'm studying, I'm probably going to have to go to get my master's-- which I want to do anyways. But it seems like that's super expensive too. I'd likely be looking at FUS for the masters program. I'd want to do my Masters in Theology, but looking at their website, it might be more plausible to just continue with Philosophy.

I want to teach (or DRE or Youth Minister) and I want to write.

I don't like the thought of having to incur so much debt... but I'm rather confused as to what any other options would be at this point, except for dropping out of school. If I were to transfer even to a state school, it would be like starting all over again because the classes I've taken at my school have mostly been to do with my fields. Plus I wouldn't be able to finish a year early at a state school. And I'd have to figure out a different major.

See... what I don't get, is unless you're a business or pyschology major (or med), there's basically no job outlook. I hear people say all the time that all that matters is that you have a degree (from a liberal arts school), and I hope that's true if I have to get a job outside of the Church at first. But I don't know.

It's just a scary time because I feel like I need to have the rest of my life planned out for me right now. And I don't. I don't know what I'm going to do once I get my degree. I don't know what type of job I'll find. Or if I'll go on to my masters. So, I don't know if it's worth it. Or if I'll be able to make things work.

All I know is the 'now'. And I love studying what I'm studying. There's nothing I'd prefer. But does that still mean that's what God wants me to study? The only thing I feel like I can do is keep doing what I'm doing, trusting in God, and hoping that if He wants something different for me, then He'll speak a little bit louder.[/quote]

Dear,

Don't worry too much about credits transferring. If 54 Credits consisting of Biology, Chemistry, and Physics can be applied toward a Theology major lol I don't think you would have a problem with your credits transferring and applying to your degree.

The Masters program in Theology at FUS is very cheap compared to most places, believe me I've looked. I'll be spending about 1,200 a semester for 2 classes for their Masters in Theology, not bad compared to Univ. Dallas which was going to charge 3,000 for 2 classes.

When it comes down to it, hon, if you feel that DRE/Ministry is where God is calling you then that is where you go. I was scared to death when I made that leap. I had been talking about being a Vet from about the age of 5. I loved animals and had a huge passion for Biology/Science. By my 2nd year into the program I was completely depressed in my current major. I had the love of animals to drive me but that wasn't enough. I had realized that for so many years it was about "my plans" for "my future" instead of "God's plan for me". God sure knows how to knock you off your high horse. Now don't get me wrong, money played a huge role in what was going on with my transfer from Bio/Chem/Vet to Theology. I was about to give up a free ride. I applied to FUS, because they were the cheapest and gave me the greatest Fin Aid. Sadly, I could not get my loans in order in time and had to cancel going about 2 weeks before I was supposed to start school there. I was heartbroken. My dad reminded me that sometimes God makes us wait for the things He's calling us to until we are truly ready. He explained to me about how maybe it was someone elses time first. I didn't let it stop me. I applied for the next semester, found a student loan I could sign on my own, and packed my bags and graduated 2 years later. lol Lesson of the story, if this is where God is calling you, then go. I haven't regretted my choice for a single moment. Yeah so I do have 20,000 to pay off in debt. I'm a parish receptionist lol (almost making the same as my youth minister hubby). I use my degree to help out the Deacons and other staff members that are unsure about certain things. All in all I'm happy and grateful that God showed me where I was supposed to be, no amount of debt could take that away.

[Veritas]

[quote name='Light and Truth' post='1601884' date='Jul 17 2008, 11:37 AM']Is there any way I can transfer my loans to there or should I just go to grad school there?[/quote]

+

I can't imagine this applies to non-natives (citizens). Tax money must pay for this, and not citizens haven't been paying taxes! There's no such thing as "free money"!

[Lilllabettt]

[quote name='JoeyP' post='1601396' date='Jul 16 2008, 08:50 PM']Dave Ramsey, financial expert, does not believe student loans are good debt. I agree now that i am done with school and have huge debt from college. I bought into all those ideas that college debt is good debt and it isn't. No debt is good debt. Unless you are in a field that you are going to make good money such as a doctor or dentist or something and you have to take out loans for med school. But if you are like me and have an degree in education then it is not good.[/quote]

It's interesting, I am hearing this more and more from people, about educational debt being just awful awful debt. The old idea is that you spend al the money on the degree and then you get a great job which helps you pay back the loans. But the bachelor's degree isn't worth very much any more, what with everyone and his brother going and getting one. A lot of people, especially with non-technical liberal arts degrees, end up doing jobs where the minimum requirement is a high school diploma. I know I work a job which is a mix of high school grads and college grads. We college grads are kind of interiorly appalled that this is what all our money and time got us. Don't get me wrong, it's a good job, great benefits etc. But a degree is NOT required and so you sort of feel like you wasted thousands of dollars. Of course maybe it will come in handy down the line...

[StColette]

Now I'm not thrilled by having student loan debt, but it's not as depressing as some people make it out to be. I'm not in a job, currently, where I'm officially using my degree, although I do help out with baptisms, helping the Deacons, writing an adoration newsletter, pre-cana stuff, etc. My degree is in Theology and I'm the Church receptionist. I make pretty decent money and I have weekends off and I'm off at 4:30. Now while this isn't my idle job it does pay the bills, especially those student loans. I work in a wonderful environment and there's always a great chance for advancement here given my degree (there's a school k3-8 attached to this parish). Now while my main job doesn't have me using my degree to the fullest extent, God has a plan for my degree or else He would not have called me toward it. If anything I'll be a great catechist for my children, which is the most important thing.

[CatherineM]

I think when you are talking about jobs such as teacher or social worker, it is hard to put a cost benefit analysis on it to make it look like it's a good financial decision. However, I've never met a teacher or social worker who picked those fields expecting to make a lot of money.

In my first semester in college they made us take an introduction class that among other things we had to do a cost/benefit on our education. Not on education debt, but on the money on the education itself, versus working. It was eye-opening, and made us realize that we weren't going to come out the much ahead, so we'd better be in college because we wanted to be there training for a job we really wanted to do.

Legal obviously ranked high on being able to recoup the cost of education. I guess that would have worked out better for me if I hadn't become disabled. All the planning in the world doesn't help if God throws you a curveball.

[TeresaBenedicta]

[quote name='CatherineM' post='1604526' date='Jul 21 2008, 02:26 PM']I think when you are talking about jobs such as teacher or social worker, it is hard to put a cost benefit analysis on it to make it look like it's a good financial decision. However, I've never met a teacher or social worker who picked those fields expecting to make a lot of money.

In my first semester in college they made us take an introduction class that among other things we had to do a cost/benefit on our education. Not on education debt, but on the money on the education itself, versus working. It was eye-opening, and made us realize that we weren't going to come out the much ahead, so we'd better be in college because we wanted to be there training for a job we really wanted to do.

Legal obviously ranked high on being able to recoup the cost of education. I guess that would have worked out better for me if I hadn't become disabled. All the planning in the world doesn't help if God throws you a curveball.[/quote]

Right.

And I don't expect to make a lot of money. Honestly, I don't want to-- I'm okay with living minimally and doing what I love to do. I just want to make sure I can pay off whatever I owe.

[StColette]

[quote name='TeresaBenedicta' post='1604649' date='Jul 21 2008, 04:13 PM']And I don't expect to make a lot of money. Honestly, I don't want to-- I'm okay with living minimally and doing what I love to do. I just want to make sure I can pay off whatever I owe.[/quote]

Most jobs will pay you enough to make your student loan payments. You can also set yourself up on different payment plans where you will pay half of your regular payment for like the first 5 years and then the payments will jump after that. It can make paying back student loans easier when you first get out of school and have a less than perfect job. I'm glad that you are being honest with yourself and not expecting to make a lot of money. Working for the Church is definitely a labor of love because it's very difficult to get a fair wage working for the Church. Some parishes are better of than others. Sadly, a lot of parishioners don't give the required amount for tithing which is what pays the saleries of Church employees. Be prepared to live simply. It's not easy but it definitely has it's benefits.

[TeresaBenedicta]

[quote name='StColette' post='1604655' date='Jul 21 2008, 05:22 PM']Most jobs will pay you enough to make your student loan payments. You can also set yourself up on different payment plans where you will pay half of your regular payment for like the first 5 years and then the payments will jump after that. It can make paying back student loans easier when you first get out of school and have a less than perfect job. I'm glad that you are being honest with yourself and not expecting to make a lot of money. Working for the Church is definitely a labor of love because it's very difficult to get a fair wage working for the Church. Some parishes are better of than others. Sadly, a lot of parishioners don't give the required amount for tithing which is what pays the saleries of Church employees. Be prepared to live simply. It's not easy but it definitely has it's benefits.[/quote]

And isn't it that you don't have to start paying until you get your degree? Would that also take affect, say if I went on to my master's-- would I need to be making payments while studying for my masters? How likely is it to hold down a job while doing masters work?

[StColette]

[quote name='TeresaBenedicta' post='1604662' date='Jul 21 2008, 04:34 PM']And isn't it that you don't have to start paying until you get your degree? Would that also take affect, say if I went on to my master's-- would I need to be making payments while studying for my masters? How likely is it to hold down a job while doing masters work?[/quote]

You don't start paying on loans until you get your degree. If you go into a Master's Program and are taking at least 6 hrs a semester you qualify to defer your student loans until after you receive your Master's. And after that you generally have a 6 month to a 1 year grace period depending upon your particular student loans. I held down a full time (40+hrs a week) job while I was completely my BA in Theology. I averaged 18 credit hours a semester during this time as well. Now while I don't recommend doing that many classes and working that much, it goes to show ya that it can be done. It takes a great deal of time management skills.

Micah and I are both planning on starting our Masters, him this Fall (hopefully) and myself in the Spring. This will allow us to defer our student loans, but at the save time save up money to pay them off while working toward our Master's Degrees. It's cheaper for us to pay out of pocket for the Master's Distance program through Franciscan than it would for us to pay our student loans off. Micah's boss, a priest lol, has offered to cover the cost of one of his classes (3 credits) per semester to help offset the cost. We are hoping my job will offer the same or possibly the diocese might if I offered to teach in for their greco institute while I'm going toward my Master's Degree, they can always use more orthodox teachers.

[XIX]

Another thing about community colleges: They are a great way to save money. Usually, people spend 2 years there and then transfer to another school to get their Bachelor's. 2 years at a community college is probably less expensive than one year at a private school.