Getting a Stafford Student Loan in Mid-Life Transition: Good Step?

1. 81

   daisynicolasposted 7 years ago

   Want to know any progressive mid-life people who had used this avenue to further education in order to elevate job opportunities. Of course, I need views on people who does not rely on a "pot of gold."  Best to hear from women.

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      couturepopcafeposted 7 years agoin reply to this

      Yes. Five years ago, I lost my job and went back to school all on student loans both federal and private. Now have a BS, can't find a job in my field, or any other job that pays at least $10. hr., and owe $80,000. in student loans. I'm 61, they'll tap into my SS when the time comes.  My advice? If you can't pay for classes one at a time with cash, don't do it. It'll take longer but you'll be glad you did it that way. They expect me to pay back almost $1000. a month (before the new consolidation law takes effect, which I'm waiting for) and I'm already in default only 4 months after graduation because the last term I only had one class which is not considered 1/2 time enrollment. They considered that entire term as part of the grace period for paying back the loan.
      
      I lived my entire life, up to this point, debt free.  Now, I'm saddled with this.  It's my own fault.

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      1. 81

         daisynicolasposted 7 years agoin reply to this

         Thank you for your enlightment, couturepopcafe.  Funky name by the way.  Sorry to hear that you are having a difficult time getting a job that matches your BS. I'm researching the rewards and consequences that's why I want to hear from other women like me who want to improve their lives.  Look at your education as a turning point, not so good to look right now financially, but keep your hopes high.

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      2. 67

         recommend1posted 7 years agoin reply to this

         I took the same kind of route but in the UK - same issue of no work.  Luckily I escaped to China which solves most of the issues along with a fabulous lifestyle and loads of happiness.
         
         If I had stayed in the UK I suspect I might have eventually acquired a half ok job and lived the rest of my days in slavery to low earnings as the student loan was repaid.

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2. 81

   daisynicolasposted 7 years ago

   Good to know you are able to solve it in another way.  Does that mean you were able to pay it off easier?  I could see that the cost of living is cheaper over there and if you are earning more than the average person, then you would enjoy a good life.

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      recommend1posted 7 years agoin reply to this

      I have no intention of leaving here and no intention of paying the loan back !  Life is good here and a return to the misery of the UK does not figure in my life plans

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3. 0

   Go Writerposted 7 years ago

   I also took a Stafford Loan and own five figures, too. Still no job. It's a tough economy. A Stafford Loan is still better than a private loan that could jack up the price on you without notice.
   
   However, best not to put yourself in extra debt without being able to pay for it. Spend more time highlighting your potential as an employee or make money online.

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   1. 81

      daisynicolasposted 7 years agoin reply to this

      Thanks for the advice.  There's no need to add extra financial burden to the future. And yes, I am reassessing my choices and opportunities.

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   truthfornowposted 7 years ago

   I echo what others have said.  I regret getting into such heavy debt ~ it is very stressful in this economy.

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   1. 81

      daisynicolasposted 7 years agoin reply to this

      The wisdom of women cannot be ignored.  Muchas gracias.

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