I think my friend is making a mistake

[fox_91]

My friend has 18 credits left of college, and has loans out. Just lost his job he has at school. He wants to drop out and move in with me, get a job and pay his loans and go back to school who knows when. Any ideas what he should do? I think it would be best to take out the loan, finish the last semester of classes, try to find work in the meantime, pay his rent and start to peck at the loan. If he leaves now, he will have to start paying the loan off, and have to find a job lacking the degree to back it up.

 

How would the math work out? I thought you have to start paying the student loans 6 mo after you leave school, so if he left he would have 6 months (little over a sem) then start to pay the loans. If he stays and take the loan for the last 18 credits, yeh he has more loan, but doesn't have to pay them for at least 9 or 10 months in which he could get another small job to get started on repayment. Maybe even consolidate the loan.

 

Ideas?

[Meow18]

When you have so little school left, it would be crazy to not just finish. I've known too many people who put off school, thinking they will go back when the time is better, but never end up going back.

 

Of course, if this is what your friend really thinks is logical, all you can do is offer your advice and support whatever he decides to do.

 

Would you really want him moving in with you though? Was this his idea or yours? Would he start paying rent, and if so, when?

[renaissancewoman101]

I think your friend should finish out his schooling. That way he has a degree and will be able to have better job opportunities with his degree. If he has only ONE semester left, he should tough it out and take out a loan for that semester, even if it adds to his loan load. School loans can be stretched out to be paid off or if he is unemployed after he graduates, he can file for deferment or forbearance.

 

There are lots of options for paying off school loans.

[annie24]

I agree, he should just go back and finish it off. he is so close. it's not like he has a few years left. And yes, like you said, when he is not a student, he has to start paying off the loans. so, it is better for him to be in school, get the degree that will get him a bigger paycheck in a few months, and in that time, he can search for a job on the side. i think it would be foolish not to finish at this point.

 

I know one man who, after he finished from college, continued taking a few units at community colleges in art history, photography, etc... so that he would still be considered a student, so he could pay the loans off without accruing interest.

[laboheme]

I personally think he should finish school and get his degree...In all honesty, compared to the loans that he must have for the last few years, one semester worth of leans isn't going to make much of a difference. And you're absolutely right about him not having to pay anything while he's a full-time student...If he drops out, the paperwork will get incredibly complicated (I've been there when I transferred schools and they thought I had dropped out...it's not pretty!).

 

Are there any other reasons behind his desire to drop out? Maybe it would be wise for him to talk to his academic advisor about things. The advisor could give him ideas such as getting a paid internship for a semester...and other options that he may not have thought of.

[BeStrongBeHappy]

definitely take the loan... lots of people drop out, then have a really hard time getting back into the school groove again, and having a degree should get him a better job, better pay, and pay off the loan faster... so he should think of it as an investment that will more than pay off the loan by getting him a better paying job as soon as he finishes school.

[brando]

A mistake? A msitake you wouldn't make? Maybe you need to respect your friends decision. They are making a choice, not a mistake. If it doesnt work out, they will make another choice.

 

Please don't confuse what you would do and what they are doing.

[fox_91]

Its not that I don't respect the decision, but if I let him move here with me then his choice does influence me. I wouldnt mind living with him, but i'm concerned about what would happen. If I just say "no you can't live with me" but don't have at least a suggestion to try to help, what kind of friend would I be?

[Meow18]

Its not that I don't respect the decision, but if I let him move here with me then his choice does influence me. I wouldnt mind living with him, but i'm concerned about what would happen. If I just say "no you can't live with me" but don't have at least a suggestion to try to help, what kind of friend would I be?

 

Where does he live now?

 

Personally, I wouldn't let him move in without finding a job first. Afterall, how will he help pay for things if he isn't making any money? He will be eating your food and using your water and your heat/air conditioning.

 

I know it's the "friend" thing to do, but don't allow him to take advantage of the fact that he can live with you.

[fox_91]

He lives in State College PA, and would move to Erie, so its a good 4 - 5 hr drive i would think.