Starting MBA in a few weeks, now what?

Anonymous · ‎07-20-2015

I have no idea where to start in regards to student loans. As a college student, I went to a state school and was able to work and pay it all off as I was attending. Now, I do not know where to go for help with my $88,000+ upcoming tuition for USC. What are the best rates? Where should I be looking? Mulitiple loans? Private or federal?

Any advice and help would be great. Thank you!

SCF · ‎07-20-2015

Have you talked to your school's financial aid office? They should have made you an offer of federal assistance (and possibly other grants/loans handled by the institution) based on your FAFSA.

$88k seems very high, is that for the entire program? The rule of thumb is that your graduate degree should increase your income by at least as much as it costs to complete it - will this program lead to very good job opportunities for you?

Anonymous · ‎07-21-2015

I completed my FAFSA last night, so I will wait to hear from the school.

The 88k includes tuition and expenses like books and materials for the 2 year program. It is about 44k a year, so 88k total.

I believe this program will open up a lot more doors and almost guarantee a much higher income.

Anonymous · ‎07-21-2015

Congrats on getting into USC!

As for student loans, your school's financial aid office should offer you a package of subsidized Stafford loans (subsidized meaning the government pays the interest while you are in school), unsubsidized Stafford loans (interest starts accruing immediately), and grad PLUS loans (interest starts accruing immediately) which will completely cover your costs. If you don't need to cover living expenses, then make sure that you only take out the loans you need to aka you don't need to accept the full package.

There should be no need for you to get a private loan and I strongly urge that you stic kto federal loans.Although the interest rates aren't the greatest compared to what you might get on a private loan depending on your credit score, they have a fixed APR and very flexible payment plans in case you run into any issues paying on the loans.

If you want some more info, go to the Federal Student Aid website which can breakdown in detail about each type of loan.

Hope that helps! And good luck with school!

Anonymous · ‎07-21-2015

What degree are you going for? If i may ask.

Anonymous · ‎07-27-2015

@Anonymous wrote:
Congrats on getting into USC!

As for student loans, your school's financial aid office should offer you a package of subsidized Stafford loans (subsidized meaning the government pays the interest while you are in school), unsubsidized Stafford loans (interest starts accruing immediately), and grad PLUS loans (interest starts accruing immediately) which will completely cover your costs. If you don't need to cover living expenses, then make sure that you only take out the loans you need to aka you don't need to accept the full package.

There should be no need for you to get a private loan and I strongly urge that you stic kto federal loans.Although the interest rates aren't the greatest compared to what you might get on a private loan depending on your credit score, they have a fixed APR and very flexible payment plans in case you run into any issues paying on the loans.

If you want some more info, go to the Federal Student Aid website which can breakdown in detail about each type of loan.

Hope that helps! And good luck with school!

Thank you for your response. As for the loans, I will be needing money for living expenses. How do I get the loans for living expenses and are they sent in full directly to me or in monthly deposits? I am contacting the financial aid office today after work to get some more details about the loans they offer but wanted some additional advice.

Anonymous · ‎07-27-2015

@Anonymous wrote:
What degree are you going for? If i may ask.

MBA program.

Anonymous · ‎07-27-2015

@Anonymous wrote:
@Anonymous wrote:
Congrats on getting into USC!

As for student loans, your school's financial aid office should offer you a package of subsidized Stafford loans (subsidized meaning the government pays the interest while you are in school), unsubsidized Stafford loans (interest starts accruing immediately), and grad PLUS loans (interest starts accruing immediately) which will completely cover your costs. If you don't need to cover living expenses, then make sure that you only take out the loans you need to aka you don't need to accept the full package.

There should be no need for you to get a private loan and I strongly urge that you stic kto federal loans.Although the interest rates aren't the greatest compared to what you might get on a private loan depending on your credit score, they have a fixed APR and very flexible payment plans in case you run into any issues paying on the loans.

If you want some more info, go to the Federal Student Aid website which can breakdown in detail about each type of loan.

Hope that helps! And good luck with school!
Thank you for your response. As for the loans, I will be needing money for living expenses. How do I get the loans for living expenses and are they sent in full directly to me or in monthly deposits? I am contacting the financial aid office today after work to get some more details about the loans they offer but wanted some additional advice.

The financial aid package should include loans to cover "estimated" living expenses. What happens is the loans for the year are disbursed each semester to the school. The school takes out the tuition expense and gives you a refund check/direct deposit which is then what you can live off of for the rest of the semester.

Let us know what the financial aid office has to say.

Anonymous · ‎08-04-2015

bhertz3,

Forgive me while I say something unpopular:

Consider not going.

I have a masters from UCLA and while I loved my time there and it opened doors, I deeply regret the financial hole student loans put me in.

Take a long, cold, hard look at what you want for your future.

If you're an entreprenuer -- you don't need an MBA.

If you are career driven -- try to land a job at a good company who will help cover the cost of tuition.

Whatever you do -- do NOT under any circumstances take out private loans. The loan officer won't make this clear what is "private" and what is government backed. It is akin to making a deal with the devil, or the mob, only worse -- it's a student loan.

You can never, ever, ever get rid of it. You can't discharge it in BK, you can't put it in forebearance (after you use it), you cannot make payment arrangements. If you default on it -- because they will ask you to start paying about $1500 a month on $88,000 and you can't pay it -- they will come after you, garnish your wages, and seize your tax returns. They have been known to ruin lives and aren't afraid to do so. They have gone after kids parent's retirement and social security. They will stop at nothing. Now this hasn't happenned to me but I know of stories to other people.

Please think long and hard. USC is prestigious but try to find a way, it will be difficult, to pay your way through some of it.

Please do not take out any "signature" loans or "private" loans or whatever they are calling them.

Even government loans are difficult but they have more payment plans after you graduate.

Good luck!

Anonymous · ‎08-04-2015

bhertz3,

Forgive me while I say something unpopular:

Consider not going.

I have a masters from UCLA and while I loved my time there and it opened doors, I deeply regret the financial hole student loans put me in.

Take a long, cold, hard look at what you want for your future.

If you're an entreprenuer -- you don't need an MBA.

If you are career driven -- try to land a job at a good company who will help cover the cost of tuition.

Whatever you do -- do NOT under any circumstances take out private loans. The loan officer won't make this clear what is "private" and what is government backed. It is akin to making a deal with the devil, or the mob, only worse -- it's a student loan.

You can never, ever, ever get rid of it. You can't discharge it in BK, you can't put it in forebearance (after you use it), you cannot make payment arrangements. If you default on it -- because they will ask you to start paying about $1500 a month on $88,000 and you can't pay it -- they will come after you, garnish your wages, and seize your tax returns. They have been known to ruin lives and aren't afraid to do so. They have gone after kids parent's retirement and social security. They will stop at nothing. Now this hasn't happenned to me but I know of stories to other people.

Please think long and hard. USC is prestigious but try to find a way, it will be difficult, to pay your way through some of it.

Please do not take out any "signature" loans or "private" loans or whatever they are calling them.

Even government loans are difficult but they have more payment plans after you graduate.

Good luck!