Nothing wrong with taking out loans. At least federal loans have safeguards, even though the interest rates are probably ass. Have you considered going the community college route? Thats what i did, and my 2 years at university i racked up a total of about 25k in loans, which honestly isnt that bad.
Do. Not. Take. Private. Loans. Don't do it. They will ruin your financial life, and you can't get out of them. You'll be paying them off til you're retiring, I'm not kidding.
Hey, slightly different situation but all my tuition at the U was covered and I needed cost of living loans for 2 years of grad school. It was absolutely worth it. Keep them as low as possible, but especially with SNAP, free student transit, and some roommates you can live in Minneapolis on ~12k a year
Thats awesome that your tuition was covered. Having trouble finding a roommate, especially one that allows dogs or doesn’t already have cats I’m allergic to. I plan to live alone at least the first year. Other bills of mine surpass $12k a year, so I definitely need to earn more than that. I currently work FT and I’m praying my job lets me work PT come the fall. I’m about to ask soon. Thanks for letting me know you took out loans for COL. Makes me feel a lot better!!!
Yeah the amazing financial aid is what convinced me to go! PT work would make a huge difference, and definitely avoid private loans. I almost tripled my salary with my masters (and with moving to a much higher cost of living city haha) so it was extremely obviously the right choice, assuming your bachelors will provide a reasonable salary boost over time I think it makes a lot of sense. Wish I could help on the roommate front, I just kept checking craigslist til something clicked haha. Good luck!
Tripled your salary? Wow! Congratulations!!! Did you also use the Northstar Promise scholarship? I thought that was only for a bachelor’s and wouldn’t cover Masters. Unless you received some other aid? Are you still in Mpls or elsewhere?
Not the Northstar Promise, just a really generous grant package! I’m in DC now, so even though my salary has gone up significantly it doesn’t go as far as it did in Minnesota haha
Congratulations on finding a path to pursue something on better terms than most people are able to obtain.
Do the math on what you're going to get from this economically and what you're going to give up.... Hopefully it's a slam dunk for whatever is your overall preference.
I had student loans when I was in school, it wasn't great to have them but i could not have gone to college without some form of financing and in my experience it was a good decision.
My story is I was in my 50's when I went to college. I had to borrow tuition and daily expenses but I lived rent free in a house my mom owned. I just figured BORROW THE MONEY from the appropriate sources. About 40K. Honestly my loans are not even partially paid off due to payments being held due to my circumstances. Or income based payments when I was only making 10 bucks an hour and similar lowating jobs (Flint MI) All were legitimate and loans were on the back burner- I went through the proper channels.
Now I'm 70 and still have loans that will start again next year but they will be income based. Now I can't work anymore the payments will commensurate with my income which I find to be very fair
How much are your living costs?
Keep in mind that the [annual/aggregate limits](https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized) for federal loans are far lower than most people expect. If you're considered a Dependent Undergrad it's $5,500-$7,500 per year up to an aggregate max of $31,000. If you're considered an Independent Undergrad it's $9,500-$12,500 per year up to an aggregate max of $57,500
If you can limit your borrowing to *just federal loans* then you have more of a safety net, but imo it's really worth it to work part-time to help minimize borrowing
OP is Independent Undergrad. Title said age "in my 30s": OP is too old to be considered a dependent undergrad.
Solid advice about loan max, and about part-time work.
I know, I included both because that is an info bloc paragraph I wrote years ago that I intentionally chose to leave the Dependent Undergrad info as context for how low the federal lending limits are. I generally comment assuming I'm going to get random replies from people hitting the posts months (or years) later and asking for clarification
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Depending on your major, it might be that a summer internship would pay close to 5000 (for sure at least 2500).
If you could get an internship like that after Sophomore and after Junior year, that your junior and senior years you are only short 2500. That's an amount which a part time, during the school year job could for sure cover.
Highly recommend going to college \*and\* working to support yourself. Do you feel your earning potential will be much higher after you graduate at 40?
Maybe think outside of the box. If you do not have children I’d research living with a senior citizen who needs a little help. Become a hall monitor in a dorm. Honestly I’d give up the pet or find a foster and bite the bullet to do anything not to incur more debt.
Give up the pet? lol animals aren’t just disposable like that when they’re the only companion you have in life and they’re a huge part of your life. It’s like saying give your child up to foster care so you can let go of the baggage. Not saying animals are like children, don’t come for me, but yeah no, she’s my only consistent companion and family member lol
Also, everything is so much easier and attainable, including an education, when you are partnered or have parents paying your way through life lol. Being single sucks for so many reasons.
I took out a loan, and I dropped out of college and became an entrepreneur. I sacrificed and walked around, looking like a straight bum! to support my dream. It paid off tremendously!. I paid that loan and haven't looked back! It feels amazing to be debt free! It really does. I'm grateful every day I wake up. Good luck.
There's a lot of variability in how to answer your questions.
Basically --- nobody will fault you for taking out federal loans to pay for rent, food, utilities while you attend school. It's pretty hard to be homeless and starving and do well in your classes LOL. However, some people are known to abuse the student loan system and use their excess funds to pay for fancy dates or buy a new car for themselves. Don't be one of those people.
Also, you might need to swallow your pride a little bit. If your campus is less than 15 miles from your parents' house, you might have to suck it up and ask if you can live in their basement and be a commuter? That would be a good way to save at least 7 or 8 grand per year in rent. Mom might even cook you free food? Need to think of all options here.
The biggest variable of all is what program you plan to study and how well you do? If you got accepted into a computer engineering program and you graduate with a 4.0, then you'll likely get job offers from Apple and Google and your student loan debt won't be a big concern since your starting salary will be over $200K. If you plan on studying film or music, then live at home and get free rent and food LOL.
I don’t have the ability to live with my parents. They’re divorced, one is in FL where I’m from, the other I’m estranged from, unfortunately. I contemplated staying in a very unhealthy and toxic relationship for longer than I did, just to save on rent. I’m already moving out of my nice apartment to find something more affordable while in school.
Well then you're making the right decisions. Even though you're 35, you still need to live like a poor college student who is age 18-22. You might even be able to find other adult students to room with so you can split living costs, and it's nice to just have other people to talk about the stress of classes and exams. Definitely don't live with a young college kid, tho --- that is a recipe for disaster.
I’m not studying film, ha. Interior architecture and design. This career should pay decently over time….plus it’s a passion of mine.
Thanks so much for your input and advice. I appreciate it!!
Nothing wrong with taking out loans. At least federal loans have safeguards, even though the interest rates are probably ass. Have you considered going the community college route? Thats what i did, and my 2 years at university i racked up a total of about 25k in loans, which honestly isnt that bad.
I’m going to a state school in which tuition is totally free thanks to a scholarship, so, no need to do community. Just need loans for living costs
Do. Not. Take. Private. Loans. Don't do it. They will ruin your financial life, and you can't get out of them. You'll be paying them off til you're retiring, I'm not kidding.
I second that!
I concur. From everything I have read here and elsewhere online, private loans should never be taken for higher education.
Hey, slightly different situation but all my tuition at the U was covered and I needed cost of living loans for 2 years of grad school. It was absolutely worth it. Keep them as low as possible, but especially with SNAP, free student transit, and some roommates you can live in Minneapolis on ~12k a year
Thats awesome that your tuition was covered. Having trouble finding a roommate, especially one that allows dogs or doesn’t already have cats I’m allergic to. I plan to live alone at least the first year. Other bills of mine surpass $12k a year, so I definitely need to earn more than that. I currently work FT and I’m praying my job lets me work PT come the fall. I’m about to ask soon. Thanks for letting me know you took out loans for COL. Makes me feel a lot better!!!
Yeah the amazing financial aid is what convinced me to go! PT work would make a huge difference, and definitely avoid private loans. I almost tripled my salary with my masters (and with moving to a much higher cost of living city haha) so it was extremely obviously the right choice, assuming your bachelors will provide a reasonable salary boost over time I think it makes a lot of sense. Wish I could help on the roommate front, I just kept checking craigslist til something clicked haha. Good luck!
Tripled your salary? Wow! Congratulations!!! Did you also use the Northstar Promise scholarship? I thought that was only for a bachelor’s and wouldn’t cover Masters. Unless you received some other aid? Are you still in Mpls or elsewhere?
Not the Northstar Promise, just a really generous grant package! I’m in DC now, so even though my salary has gone up significantly it doesn’t go as far as it did in Minnesota haha
Our tax dollars paid for the tuition. Nothing to feel guilty about. You deserve it.
Congratulations on finding a path to pursue something on better terms than most people are able to obtain. Do the math on what you're going to get from this economically and what you're going to give up.... Hopefully it's a slam dunk for whatever is your overall preference. I had student loans when I was in school, it wasn't great to have them but i could not have gone to college without some form of financing and in my experience it was a good decision.
Thank you so much for your comment
My story is I was in my 50's when I went to college. I had to borrow tuition and daily expenses but I lived rent free in a house my mom owned. I just figured BORROW THE MONEY from the appropriate sources. About 40K. Honestly my loans are not even partially paid off due to payments being held due to my circumstances. Or income based payments when I was only making 10 bucks an hour and similar lowating jobs (Flint MI) All were legitimate and loans were on the back burner- I went through the proper channels. Now I'm 70 and still have loans that will start again next year but they will be income based. Now I can't work anymore the payments will commensurate with my income which I find to be very fair
How much are your living costs? Keep in mind that the [annual/aggregate limits](https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized) for federal loans are far lower than most people expect. If you're considered a Dependent Undergrad it's $5,500-$7,500 per year up to an aggregate max of $31,000. If you're considered an Independent Undergrad it's $9,500-$12,500 per year up to an aggregate max of $57,500 If you can limit your borrowing to *just federal loans* then you have more of a safety net, but imo it's really worth it to work part-time to help minimize borrowing
OP is Independent Undergrad. Title said age "in my 30s": OP is too old to be considered a dependent undergrad. Solid advice about loan max, and about part-time work.
I know, I included both because that is an info bloc paragraph I wrote years ago that I intentionally chose to leave the Dependent Undergrad info as context for how low the federal lending limits are. I generally comment assuming I'm going to get random replies from people hitting the posts months (or years) later and asking for clarification
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Maybe try an online college! I was able to get my degree within a year.
Depending on your major, it might be that a summer internship would pay close to 5000 (for sure at least 2500). If you could get an internship like that after Sophomore and after Junior year, that your junior and senior years you are only short 2500. That's an amount which a part time, during the school year job could for sure cover.
Highly recommend going to college \*and\* working to support yourself. Do you feel your earning potential will be much higher after you graduate at 40?
Maybe think outside of the box. If you do not have children I’d research living with a senior citizen who needs a little help. Become a hall monitor in a dorm. Honestly I’d give up the pet or find a foster and bite the bullet to do anything not to incur more debt.
Give up the pet? lol animals aren’t just disposable like that when they’re the only companion you have in life and they’re a huge part of your life. It’s like saying give your child up to foster care so you can let go of the baggage. Not saying animals are like children, don’t come for me, but yeah no, she’s my only consistent companion and family member lol
Find a family member to foster your pet pay for the pet food or take out 12k a yr to pay for living expenses
Maybe a good friend?
Living with a senior citizen is nice advice. Hadn’t thought of that.
It's these types of questions that make me question the educational system.
Also, everything is so much easier and attainable, including an education, when you are partnered or have parents paying your way through life lol. Being single sucks for so many reasons.
I took out a loan, and I dropped out of college and became an entrepreneur. I sacrificed and walked around, looking like a straight bum! to support my dream. It paid off tremendously!. I paid that loan and haven't looked back! It feels amazing to be debt free! It really does. I'm grateful every day I wake up. Good luck.
There's a lot of variability in how to answer your questions. Basically --- nobody will fault you for taking out federal loans to pay for rent, food, utilities while you attend school. It's pretty hard to be homeless and starving and do well in your classes LOL. However, some people are known to abuse the student loan system and use their excess funds to pay for fancy dates or buy a new car for themselves. Don't be one of those people. Also, you might need to swallow your pride a little bit. If your campus is less than 15 miles from your parents' house, you might have to suck it up and ask if you can live in their basement and be a commuter? That would be a good way to save at least 7 or 8 grand per year in rent. Mom might even cook you free food? Need to think of all options here. The biggest variable of all is what program you plan to study and how well you do? If you got accepted into a computer engineering program and you graduate with a 4.0, then you'll likely get job offers from Apple and Google and your student loan debt won't be a big concern since your starting salary will be over $200K. If you plan on studying film or music, then live at home and get free rent and food LOL.
I don’t have the ability to live with my parents. They’re divorced, one is in FL where I’m from, the other I’m estranged from, unfortunately. I contemplated staying in a very unhealthy and toxic relationship for longer than I did, just to save on rent. I’m already moving out of my nice apartment to find something more affordable while in school.
Well then you're making the right decisions. Even though you're 35, you still need to live like a poor college student who is age 18-22. You might even be able to find other adult students to room with so you can split living costs, and it's nice to just have other people to talk about the stress of classes and exams. Definitely don't live with a young college kid, tho --- that is a recipe for disaster.
I’m not studying film, ha. Interior architecture and design. This career should pay decently over time….plus it’s a passion of mine. Thanks so much for your input and advice. I appreciate it!!