In need of advice...

itangel

Hi everyone so I am in a bit of a situation here. I was looking forward to start with WGU for May but I have exalted my financial aid with Devry University. I am not sure if I could go this school now or any other school for that matter due to no available funding. So, I could try to apply for a private loan with a Bank and if I am lucky I might get accepted for one. However I think I would like to get your input.

Devry University I have left about 1.5yrs which is around 24K more from what i learn last time that is what I will need to finish up 99/126 credits or so.

Western Governors University being that is every 6 month 3K I am not sure how much it will take to finish up and so not sure how much I should be borrowing to finish it up.

Fort Hay State University I have been apply to this as well beside WGU to see which one accept more of my credits. Nothing yet since both school haven't received the transcripts. However, finding out that I will not have any help with Federal student loan makes it though to consider the school now I think.

So, my question would be what can I do? I want to finish my degree and I really can't afford the cost of these loans coming in having a house mortgage, and a family to take care.

Any advice is appreciated. Thanks In Advance!

DigitalZeroOne

My first advice is to NOT get any private student loans, you are not going to be able to discharge them, they can and usually do have variable interest rates, and they don't have the flexibility of federal loans. Having said that, I have a question for you. Are you working in the IT industry? I ask that because since the economy took a nose dive a lot of people have been going to school to train for new careers, they are obtaining student loans, and even if/when they graduate, they have no means to back back those loans. People, especially in IT are competing with people who already have degrees, certs and experience. I'm not saying don't switch careers, but people should really look at the cost, and the ability to pay back large student loans.

I'm not sure I understand, are you saying that you are no longer able to receive federal loans for Devry? If so, is it because you defaulted, or did the loans not cover the full amount of tuition? If loans didn't cover your tuition, then you may owe the school directly, in which case you would have to pay the school before they release your credits/records. If you don't owe the school, would it be possible for you to pay for WGU out-of-pocket?

zenhound

Private loans aren't that scary. Most anyone who doesn't go to a state school will end up having to take them out these days since the Feds cover, what, 7 grand a year? And most schools cost considerably more--especially private schools. You just have to be aware of what you're signing up for and make sure the education you're getting is worth it. If you're getting a degree from a prestigious school and you have experience and you're likely heading towards making lots of money, it's hard to argue having a student loan payment of several hundred a month isn't worth it.

However, that may not be the case with a Devry or WGU degree. I'm planning on going to WGU soon but will be paying for it mostly out of pocket. I'm skeptical whether having that degree will help my career but am counting on the actual skills I learn combined with my past experience and my interviewing skills to help move me forward. Everyone has to make their own judgments on these things and be prepared to live with the consequences. You may take out private loans and do great with a degree from a for profit or online school. Or you may not and will be stuck with huge monthly payments around your neck forever.

Fun times, huh?

itangel

DigitalZeroOne wrote: »

My first advice is to NOT get any private student loans, you are not going to be able to discharge them, they can and usually do have variable interest rates, and they don't have the flexibility of federal loans. Having said that, I have a question for you. Are you working in the IT industry? I ask that because since the economy took a nose dive a lot of people have been going to school to train for new careers, they are obtaining student loans, and even if/when they graduate, they have no means to back back those loans. People, especially in IT are competing with people who already have degrees, certs and experience. I'm not saying don't switch careers, but people should really look at the cost, and the ability to pay back large student loans.

I'm not sure I understand, are you saying that you are no longer able to receive federal loans for Devry? If so, is it because you defaulted, or did the loans not cover the full amount of tuition? If loans didn't cover your tuition, then you may owe the school directly, in which case you would have to pay the school before they release your credits/records. If you don't owe the school, would it be possible for you to pay for WGU out-of-pocket?

I am working in the IT industry for about 5 years now, I am also moving into a much higher position with a new company focus of networking, telecommunication and customer service. Beside that, my understanding is that the federal loan only went upto 53K my degree with devry is about 68K in order to properly graduate and cover all my expensive I am looking at a total of 24K give or take. I cover my devry school balance so only sallie mae loans are killing me now paying for it.

itangel

zenhound wrote: »

Private loans aren't that scary. Most anyone who doesn't go to a state school will end up having to take them out these days since the Feds cover, what, 7 grand a year? And most schools cost considerably more--especially private schools. You just have to be aware of what you're signing up for and make sure the education you're getting is worth it. If you're getting a degree from a prestigious school and you have experience and you're likely heading towards making lots of money, it's hard to argue having a student loan payment of several hundred a month isn't worth it.

However, that may not be the case with a Devry or WGU degree. I'm planning on going to WGU soon but will be paying for it mostly out of pocket. I'm skeptical whether having that degree will help my career but am counting on the actual skills I learn combined with my past experience and my interviewing skills to help move me forward. Everyone has to make their own judgments on these things and be prepared to live with the consequences. You may take out private loans and do great with a degree from a for profit or online school. Or you may not and will be stuck with huge monthly payments around your neck forever.

Fun times, huh?

I year ya, I am stuck with 53K or more I think but my ultimate goal is to get that BS degree and hopefully go for my masters and some certs to support my career better along with my current and future experience.