What is the best way to repay my student loans?
This may be a little confusing but bear with me. I will tell you about my situation and let me know what you think is best.
I go to College A and took out government loans. In total, I took $12,500, because I followed the advice of an even more inexperienced borrower than myself. He said I should take the full amount so I can use the money for living expenses and for future semester tuitions. I am transferring to College B after one semester at College A. I do not know yet what grants or loans College B will be offering me.
So, basically, my question is this:
Do I repay all of my current loan NOW (I can pay back $10,000 of it immediately) or do I use the money for College B and for emergency expenses (I have to relocate when I go to College B)? Will having the loan (or NOT having it) affect how much of a loan College B’s lender will offer me?
Thank you so much and I appreciate your time!
I honestly have no idea. My suggestion, talk to the financial aid office at College B. Explain the situation to them, see what they suggest.
Personally, I’m not a fan of borrowing.. A loan is spending tomorrow’s paycheck.. and then when tomorrow comes, you can’t spend the money you make.. b/c you ALREADY spent it. Rather a sucky deal, but that’s how it works.
Whatever you do, do what you have to in order to stay out of default. Beyond that, ask the financial aid office at College B.
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