Debt.. Jobs.. Education Options

[stephen_lee]

I'm now 18, as of February 2nd, and I see my mother, sister, brother, and even grandparents in debt. I'm truly afraid of owing any money aside from buying a house. As of now I probably won't even buy a car unless I have the cash for it. Once in the last two years have I ever been in the negative. The only reason that happened was because, when i worked at Little Caesars, my pay check had bounced, so they took around $490 out of my account w/o any notice throwing me -$19 and then the $31 overdraft fee. I talked to my employer though, and got $670 back. A nice gain of $149 after the fees. But in all honestly it was.. quite bone chilling seeing that "-" on my account. Anyway, i now work at AutoZone, with a chance to work building engines for an oil drilling company starting at $12/hour while average wage is $35/hour. But then again, I'm really good w/ computers and am already a certified tech. So I think I'll be fine as I have something to fal back on no matter which way I choose to go. I know one will be a great choice in the long run, and I will have great Job security. The other, though, will start paying off much quicker, but not as much in the end, with less security. But the former requiring college and therefore debt since I don't have the cash to pay for it as of now. *sarcasm* I love decisions...

[Random_Stranger]

Also, as mentioned you can defer (Deferment) your loans if you have a subsidized loan. Unsubsidized, I believe it still includes interest. Then you have three different payment options (I forgot the proper terms for them) but I know one is the fastest which should have you paid off in 5 years (or you can pay more, pretty much whatever profession you go into, if you get a good job, the 10 years total in what you owe, usually equals out to what you should make in a year). I forgot what the other plans offer and how long you should be paid up, but those of course will have more interest.

If you can't make your payments, you have those options of Deferment or Forbearance. What's the difference? Deferment needs certain qualifications to not allow interest to be added, plus I think it also has to be a subsidized loan. Forbearance is a temporary hold on payments, though interest will still accrue. Trust me, when I was working for Fafsa, we breathe, ate, and slept all this information. We honestly didn't even know what the hell we were talking about, just putting out information that we were told like a robot. Hope we all helped you.

You really can't put a price on education though......... or can you?


\EDIT: I think the plans are 5 years, 10 years, and 15+ years.

This post has been edited by Random_Stranger: Mar 18, 2008 - 3:26 PM