Need help with understanding student loans

[thehstrybean]

I'm a sophmore in college and I have a full time job for the summer, and then a part-time (or 2) job(s) for the school year. I have a 30 minute commute to work/school each day, and with gas the way it is, it's killing me. I can get a good apartment 5 minutes from school and work $475/month (some with utilities included). I don't have a roomate right now, but the price is managable on my current paycheck. I'm wondering if it's a good idea to take out a small student loan to help get me started. What are my options? My financial aid package only included my HOPE scholarship, no loans, since my parents are just right above the line for a Stafford. Any other options? I'm looking at taking out $1500...

 

[jdini76]

I would try to avoid taking out private loans for school. I did and getting killed on interest. But if it comes down to take a loan or quit school. Go with the loan. 1500 is pocket change compared to some loans. so it won't be too bad for you.

 

[randomlinh]

yeah, private loans suck. I'm paying out the ass for it now. And $1500 doesn't sound like much in the grand scheme of things (for student loans anyway). I'd say get a roommate for a few months. $500/mo is dirt cheap. If things don't go well, you can at least kick them out