Originally posted by Bobby No Sex
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Student Loans & Federal Grant
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You can take out what you need. I've paid back nothing at this point, and I owe 130k plus interest.
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If I earn 100k per year after school and have to pay back 10k per year, that's 90k pre-taxes, which I might not have to claim 90k on. There are worse situations to be in.
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Grants you don't have to pay back, so if you can get that, take it. As far as the payments for student loans, it all depends on how much you borrow, the interest rate, and the amount of years it will take to pay them off. My federal consolidation loan is like 11k and is $106 a month @ like 6.8%. My private ones are like 7k and it's like $80 a month. Also, if it's a subsidized loan the government will pay the interest while you're in school. So take out subsidized loans before subsidized. I don't have a problem paying them back, but some people graduate with a lot more debt and then have trouble finding a good job afterwards to pay for it. If you could pay for school with out loans go for it, most people can't tho.
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Yeah I have used both still paying back my loan only owe 1400 on it but slacked a bit for a few months on it, there is nothing they can do about it really though I just got my income tax and will get it up to date this week.
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