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Not sure what to do-am I too old? debt? ahhh HELP PLEASE!

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ok, so here is my dilemma.

I currently work at a really good company full time hrs but unfortunately Im technically part time thereforeee I do not get the benefits (this is a whole other issue that Im not sure about)


I really need the money, and fortunately this company provides that security for me.


I am a college drop-out BUT I really really want to go back to school this fall!


The catch here is that

1. Im still about 2 grand in debt

2. Is taking a student loan a horrible thing? debt scares the begeeezes outta me since I've had it for so long.

3. Since Im 24 I want to move out soon, but if I take out a loan, I might not afford to...


Soo should I go to school with debt and try to finish school as fast as possible? (I have about 2.5 yrs left)

Will it pay off in the end?

Will holdin off moving out be worth it for a college degree?

and lastly why do I feel like a looser going back to school at my age?


Please help me decide!!

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Don't feel like a loser! Not at all.


Debt is WORTH it for school in my opinion. Sure it sucks, but it pays off.


And you are in no way too old, you will be more focused and ready this time around, more so then before, as you know you want it, and know what is out there without it.


I am 25, 26 soon, and applying for Law..I won't be done until I am 30, and with massive debts..I already have about $15,000 from last go around left (so $2K is not so bad, now is it ), and am now taking on another $60,000 over the course of Law... . It is tough as I don't live at home, have rent/bills to pay and Law will make it very hard to work a whole lot during the school year. Ouch, but worth it in the end, I am too "stuck" where I am right now and it is something I must do.


Definitely postpone moving out...it is much easier to go to school when you are at home and don't have the additional stressed of all that comes with living on your own.

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I just paid off my 10K debt from glob trotting last year. now I'm off again. I just bought a house for liven/rental property 168K and I am going to law school next year 20K a year... so yea debt sucks the big one.


But it's all about leverage, you see there are 2 things with debt.


Good debt and bad debt. Good debt is money invested such as in real estate, mutual funds (stocks) and investing in yourself (school)


bad debt is credit card debt for the latest pair of shoes or new 56" TV that you don't need or can afford.


The secret is using good debt to increase your overall profit weather directly from investments or from investing in yourself to a better career. So as long as you keep these critical things in mind you will be okay.


(remember credit cards = tools of the devil, school = a wise investment)


p.s. okay credit cards are convenient, but you should never carry a balance on it over a month. EVER. if you do. You are creating bad debt and literally throwing money away.

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I would STONGLY suggest that you don't go into debt to pay for school. School debt is bad debt because you have no collateral to give in case you can't pay off the debt. Say you buy a car on a loan. If you can't make the payments, atleat you could try and sell the car to pay off the loan. But with school debt you have nothing to give to a creditor if you can't pay it off. Will you give them your brain? School debt is bad debt.


Just keep working and slowly pay off your debts, and slowly take classes and pay for them as you go. Thats the best idea. I am going to be graduating debt free in April.


Lots of students graduate with $25,000 in debt. That might not sound like much, but if you marry someone with same debt load you are already $50,000 in the hole!!!!! And with other expenses to pay for, you might not finish paying off that debt for another 20 years!!!!!!!!


No, you are not too old to go back to school. There are 45 year olds in some of my classes. And some older guys go to school just to pick up younger girls. 24 is not too old....

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I would support borrowing money to go to school -- as long as it is not one of those schools you see advertised on TV (I saw a expose on one of them and they are basically rip offs). In general, college will improve your earning potential -- just research the school, talk to their job placement people, who should also have statistics on percentage of grads that get employment upon graduation, and the average salary of grads.


Also, look into the Federal interest deferred loans (you won't have to pay interest until after you graduate). For non-interest deferred loans you have to pay interest as soon as you take out the loan, so while you are in school you will have to make a payment. Also, check out the web and the school you are interested in for scholarships. There's a lot of money out there sitting unused.


All said, it's a daunting thing. Talk to a loan counselor at the school who can help you break down what it would cost you to pay off the loan. Sometimes the payments aren't that bad, e.g. for about a 20K loan at 3.25% interest, your monthly payments upon graduation will be about

$140 dollars.


As for lack of collateral, many of these student loans allow you to delay payment if you cannot find a job or find yourself in financial hardship. Each loan differs, so do the research. You usually can do it once or twice, but it's only for a limited period of time.

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