Should I use financial aid to pay for living expenses in my situation?

  1. peeples profile image95
    peeplesposted 4 years ago

    Should I use financial aid to pay for living expenses in my situation?

    I go back to school in the spring. I have the option of getting an additional loan which would be enough to pay for approx. 9 months of our house payment. If I went this route I could work only part time, focus more on my classes, and still have a chance to spend a good amount of time with my 3 children. If I go this route my whole time in school I will have more to pay back, but my income will be substantially higher by then. With our country the way it is though I fear getting a job then may not be easy. So is it worth the risk?

  2. RobinBull profile image62
    RobinBullposted 4 years ago

    There's a plus and down side to every situation.  If you choose to take the extra funds, just remember to use the funds for what you intend now to use them for (paying the mortgage and such).  I can't tell you how many times I've seen well meaning students (guess what I do for a living?) who decide to splurge instead...and find themselves in a bad situation.  Live like a student while you are a student (keep costs down particularly if you take out loans). 

    Overall, it's a personal choice.  I think you are responsible enough to use the funds as you intend so that you can focus on your school work.

  3. fpherj48 profile image77
    fpherj48posted 4 years ago

    If you had no children, my advice would be a resounding "No, don't do it." However, you do have 3 children and this makes all the difference in the world, in terms of making this decision.  I feel you are leaning toward the additional loan, and I tend to agree with you.

    There are risks to pretty much everything we do in life, peeples.  You're going to school to better your chances for higher-paying jobs.  Don't allow yourself to be concerned about unknowns too far in advance.  Think positive. 
    Only you and your family (Husband) can determine if it's worth it.  Then again, there's the expression...."Go for it!".....Good Luck.