Is a $20,000 student loan a lot of to take out? ?

Im only getting $900 in financial aid. Tuition and my rent is $1500 for the year. I’m quitting my ful

l time job to focus on school. I want to get a part time job just so I don’t have to depend 100% on my loans. But it all depends on how bad The Covid pandemic becomes in the fall. 

Anyways The $5000 dollars I will have left will be used for emergencies and if I don’t work then I’ll use it for groceries and other smaller expenses. 

This is will be for the year however I’m 99% sure I will not use all of the money for the year and I’m hoping I’ll get more financial aid next year since I won’t be working full time. I have two years to complete my degree I’m hoping to be done in May of 2022. 

Is this a lot? I’m new to all this stuff too. I’m taking the loan from Sallie Mae too. And my interest rate is at 9% tho. 

2 Answers

  • 3 weeks ago

    Honestly I will hold off taking any school loans right now and why only $900?my aid was over 3k?

  • 3 weeks ago

    Yes, that is a tremendous amount; and 9% is very high. Get cheaper housing / a roommate - although maybe you should postpone college and keep working full time. {An upside there would be inperson classes when COVID is tamed.}

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