I need student loan advice for graduate school.

[_19disnA]

^^ I agree. Have you considered other colleges offering a similar degree here in the US for perhaps less money? Getting a degree from some specific college is no guarantee of better job offers after graduation.

 

[punkin]

Just a thought, but what if she puts off going to grad school for a year and works to save the money? I know in this day and age, immediate gratification is expected but sometimes the stuff we wait for is the best! She could live at home, save as much money as possible, and go the next Fall.

You know... that was the original plan, but she graduated into the pandemic and couldn't get a job (well actually she did, but it ended after 4 months). It's been an absolutely soul crushing job search, so she decided on grad school.

 

[ruadisneyfan2]

Is you or she take out private loans, you better be darn sure it is worth it, because they won’t go away until you lay them off or die. They stay in bankruptcy.

Actually, with private loans even if you die, they don't necessarily discharge. I read a story about a nurse who had huge student loan debt, was a single mom but doing well. She died young and her parents were trying to pay it off and raise their 7 year old granddaughter.
I will look for a link; it's been a while.

ETA: Here's the story. The father co-signed the private loan. I was also off about the children. She had 3, not one.
Sorry, I didn't bring this up to be so morbid. The odds of something like this are extremely rare. I only mentioned it because you listed death as one of few ways to make private loans go away.
I'm hopeful that this old article is discussing outdated info and that rules have changed since then but I don't know.

 

[afan]

Actually, with private loans even if you die, they don't necessarily discharge. I read a story about a nurse who had huge student loan debt, was a single mom but doing well. She died young and her parents were trying to pay it off and raise their 7 year old granddaughter.
I will look for a link; it's been a while.

ETA: Here's the story. The father co-signed the private loan. I was also off about the children. She had 3, not one.
Sorry, I didn't bring this up to be so morbid. The odds of something like this are extremely rare. I only mentioned it because you listed death as one of few ways to make private loans go away.
I'm hopeful that this old article is discussing outdated info and that rules have changed since then but I don't know.

But he cosigned for the loan, that's why he was responsible.

 

[ruadisneyfan2]

But he cosigned for the loan, that's why he was responsible.

I understand that but if she had a federal loan, not private, it would have been discharged upon her death. It's just a sad situation.

 

[mjkacmom]

Actually, with private loans even if you die, they don't necessarily discharge. I read a story about a nurse who had huge student loan debt, was a single mom but doing well. She died young and her parents were trying to pay it off and raise their 7 year old granddaughter.
I will look for a link; it's been a while.

ETA: Here's the story. The father co-signed the private loan. I was also off about the children. She had 3, not one.
Sorry, I didn't bring this up to be so morbid. The odds of something like this are extremely rare. I only mentioned it because you listed death as one of few ways to make private loans go away.
I'm hopeful that this old article is discussing outdated info and that rules have changed since then but I don't know.

It depends on the lender, we made sure our lender forgives the debt due to death or disability, otherwise we would take out a life insurance policy, which a young single mother should definitely have had in the first place.

 

[ruadisneyfan2]

It depends on the lender, we made sure our lender forgives the debt due to death or disability, otherwise we would take out a life insurance policy, which a young single mother should definitely have had in the first place.

At the very least, since she was an ICU nurse, her employer would probably have offered that as a benefit. Who knows.

 

[Cynt]

No! No! No! Please don't incur $55K in debt for your daughter to go overseas for grad school.

Mom put your big girl pants on and tell her NO. She needs to come up with another plan that doesn't include your finances. I don't understand. She can't find a job SO she wants you to pay $55K for her to go to grad school OVERSEAS. NOPE!!! Don't do it. Stop the madness.

What was her major? Come back and let us know so we can assist you and give her direction on what she can do with that Bachelor's degree. Go on indeed.com, linked in, etc. and get busy applying for jobs. She's not working so her job right now is applying for jobs.

And why does she need to go overseas? Sounds like a paid vacation to me. $55K that's a lot of money. Amberton.com grad classes are $750 per class.

Mom you're being punk'd. Don't buy into the hype. She needs to find a JOB!!!

 

[mjkacmom]

No! No! No! Please don't incur $55K in debt for your daughter to go overseas for grad school.

Mom put your big girl pants on and tell her NO. She needs to come up with another plan that doesn't include your finances. I don't understand. She can't find a job SO she wants you to pay $55K for her to go to grad school OVERSEAS. NOPE!!! Don't do it. Stop the madness.

What was her major? Come back and let us know so we can assist you and give her direction on what she can do with that Bachelor's degree. Go on indeed.com, linked in, etc. and get busy applying for jobs. She's not working so her job right now is applying for jobs.

And why does she need to go overseas? Sounds like a paid vacation to me. $55K that's a lot of money. Amberton.com grad classes are $750 per class.

Mom you're being punk'd. Don't buy into the hype. She needs to find a JOB!!!

There are many undergraduate degrees that you really need a graduate degree to be employed in that field. Students can save a lot of money going to graduate school overseas. I do think the student should be responsible for the loan, my kids are.

 

[kuhltiffany]

Totally ridiculous. If grad school is what she wants, go part time or find a way that doesn't cost so much. What the heck is she taking? Is it a 1 year program?

 

[punkin]

Interesting perspectives. We decided that she will take out an unsubsidized government loan to the maximum allowed (that should cover about half of the tuition) and try to get a part time job if she can to pay for her housing and food (it won't be nearly enough given London rental prices, even with the 2 roommates she already has lined up). She will use the entirety of her savings (about 7k at this point) and DH and I will cover the rest from savings (he wanted a new car this year but that's not happening because of the shortages anyway and I wanted new carpets and window treatments, which I can live without) and current income. We will not be going into debt, only DD will. It's only one year, so I think we can do it with some serious belt tightening (I do have a semi budget Disney trip planned next month before my girls leave for the 4 corners of the earth but that's it unless I come into some money. Lol)

 

[mjkacmom]

Totally ridiculous. If grad school is what she wants, go part time or find a way that doesn't cost so much. What the heck is she taking? Is it a 1 year program?

Are you familiar with grad schools costs? The average is $40,000 a year.

 

[punkin]

There are many undergraduate degrees that you really need a graduate degree to be employed in that field. Students can save a lot of money going to graduate school overseas. I do think the student should be responsible for the loan, my kids are.

I think this is what we are hitting against. Every posted position in her desired field (and I don't want to go into detail online) requires a masters.

 

[punkin]

Are you familiar with grad schools costs? The average is $40,000 a year.

DD's tuition will be less than that. It's the living expenses that are scaring me.

 

[mjkacmom]

DD's tuition will be less than that. It's the living expenses that are scaring me.

Oh I know, it seems like some don’t realize the cost of graduate school. When my niece did a semester in NYC, she found a nice female dormitory that wasn’t too expensive, she had her own tiny room with a shared hallway bathroom which cost about the same as room and board on a college campus elsewhere. Is there anything like that in London?

 

[punkin]

Oh I know, it seems like some don’t realize the cost of graduate school. When my niece did a semester in NYC, she found a nice female dormitory that wasn’t too expensive, she had her own tiny room with a shared hallway bathroom which cost about the same as room and board on a college campus elsewhere. Is there anything like that in London?

There is that possibility, but DD found the cheapest option is a shared apartment. She has 2 roommates lined up. One has an (apparently) unlimited budget and one has a bigger budget than DD. They have found some 3 BR appartments and almost all of them have a tiny 3rd BR. DD would pay a proportionally lower rent for that option. Also, DD cooks so a kitchen is vital to minimizing costs.

 

[kuhltiffany]

I'm in Canada (and have a Masters), it's no where near that here!

Are you familiar with grad schools costs? The average is $40,000 a year.

 

[mjkacmom]

I'm in Canada (and have a Masters), it's no where near that here!

You are lucky, education is so expensive in the US, going out of the country is actually smart.

 

[scottmel]

Are you familiar with grad schools costs? The average is $40,000 a year.

Exactly. My DD starts grad school this September and her rent is 1500 a month and school is 28K (AFTER a merit award) sooooo not that far out of line. What can you do? Not much.