Should I take out a student loan and quit my job

[stnicralisk]

I am an education major at UNF. I will graduate either in Spring 06 or Fall 05 depending on the courses they offer this summer. My final semester will comprise of an internship where I take over a classroom for the entire semester - I will need to take out a loan for this semester anyways as I will be at work over 40 hours and I need to concentrate on doing well in my internship.

My girlfriend whom I have been living with is not very thrilled at all at the prospect of me quitting my job a semester earlier than planned. I have tried to talk with her but she is under the impression that I will be slacking around the house with my free time. To circumvent these concerns I have been trying to do more around the house but I have not brought it up yet.

I am burning out and need to know would it be worth it to take an extra semester worth of student loans?

For reference my expenses are: 325 rent 120 utilities and 100 food per month. I dont really need the money towards school except maybe for my books so the loan would go from ~2400 to ~4000ish. I will only make ~30,000 my first year out of school but I dont really need much money and wouldnt mind paying it all off the first year. After all im used to making 10k a year right now!

 

[vi edit]

I say go for it. Student loans are as close to free money as you can get. Low interest and tax deductible interest at that.

If a $2600 loan makes your last semester a little less stressful, that's money well leant..err spent.

 

[amdskip]

Go for it. School is a full time job and you need a little to do whatever. $2600 in loans is tons less than most college students.

 

[kranky]

I wouldn't do it just because it would make things a little easier. But you said you are "burning out," which is a different situation. In that case, I would go ahead and take the loan.

Tell your gf that you need to do this for your own well-being, and while you value her opinions and input, this particular subject isn't open for further discussion.

 

[overclock]

Student loans are impossible to get rid of. I had $10k of loans and was making $30k, $36k, $43k, and $56k each year respectively after graduation college. It took 4 years and some serious budgeting to get to the point that I could pay them off in 4 years. Serious budgeting. You should see my Excel spreadsheet. But I did it.

I wouldn't quit a semester early. Where do you work now? How much do you make now? Is there a job on campus you could take that would give you time to do homework? My last semester of college (undergrad) I flipped a bunch of IPOs and quit my job and worked on campus in the computer labs. It was ugly but I was able to graduate a semester early and it has definitely turned out for the best. I was able to get a job in June 2000 when in December 2000 there were no jobs left.

 

[FoBoT]

what are you going to do in the time you would have been working?

 

[z0mb13]

YES! student loan at the moment are like free money... very low interest

 

[vi edit]

Student loans are impossible to get rid of. I had $10k of loans and was making $30k, $36k, $43k, and $56k each year respectively after graduation college. It took 4 years and some serious budgeting to get to the point that I could pay them off in 4 years. Serious budgeting. You should see my Excel spreadsheet. But I did it.

I had $14,000 in loans when I graduated and my payments were only $140 a month. At $30,000 a year that's less than 10% your disposable income assuming you have 30% deductions taken out of your pay.

I'm not in any big rush to pay them off. They are only 2% interest and that interest is tax deductable anyway...so long as you are making under something like $90,000 a year.

 

[notfred]

How the fvck do you not die on $100/month for food?

 

[vi edit]

Originally posted by: notfred
How the fvck do you not die on $100/month for food?

Ramen noodles, bread from the bakery outlet, and Aldi's?

 

[Injury]

Originally posted by: notfred
How the fvck do you not die on $100/month for food?

That'd probably be easier than most people think.

Buy the cheap brands, don't gorge yourself unless the food is free and stay away from junk foods. I bet I could do it no problem. ~$3 a day would not be hard, considering that when portioned correctly, most packaged foods have about 5-10 servings.

 

[preslove]

I would look for a 10-15 hour job on campus with little stress or responsibility and a smaller loan.

 

[Injury]

I think and important question to ask is what kind of job do you have?

Perhaps taking a low responsibility, part time job is not a bad idea. It sucks to say you work some crummy retail or food service job, but to be making no money at all is pretty much a wish to get screwed over.

I understand completely the desire to not have to worry, but I think it would be best to have at least some sort of cash flow to ensure you don't find yourself in a bad situation. Even with a job that is 5 days a week from 7-4 there are many places that can find some hours to work you without you being up late or rushing to get there on time.

I second the idea of working somewhere on campus... since it sounds like you are going into some sort of eductation, part-time tutoring would be a great thing to put on a resume.

About the loan in specific, I think I'd take one out. For that small of an amount I think it would be good for your situation. Since it would be an easy payoff, perhaps it could help you build a tad bit of credit, too, which is always a good thing to have at this time in your life, seeing as most people get new jobs and within a few years purchase a car or even a house.

 

[LordMorpheus]

english classes are a suggestion.

Maybe too advanced, maybe a "how to spell 'poll' and words that sound like it" class . . . . .

 

[royaldank]

Just remember, any loan you take out, add $10,000 to that amount because you aren't working.

 

[cchen]

Originally posted by: LordMorpheus
english classes are a suggestion.

Maybe too advanced, maybe a "how to spell 'poll' and words that sound like it" class . . . . .

haha.... if you don't know the difference between poll and pole and are aiming to teach others, i would suggest some more schooling....

 

[Injury]

Originally posted by: LordMorpheus
english classes are a suggestion.

Maybe too advanced, maybe a "how to spell 'poll' and words that sound like it" class . . . . .

"pole" is a running joke in the forum. People need to not get so bent out of shape about it.

 

[Kipper]

I'll be about $20,000 in debt when I graduate.

 

[her209]

Tell your gf to get a job.

 

[lavagirl669]

I'd say go for the loan.

It will allow you the peace of mind to concentrate more on your studies...which is important.

 

[stnicralisk]

Originally posted by: LordMorpheus
english classes are a suggestion.

Maybe too advanced, maybe a "how to spell 'poll' and words that sound like it" class . . . . .

Pole is a joke that goes on in this forum. If you haven't noticed it by now you havent been paying attention.

 

[stnicralisk]

Originally posted by: cchen

Originally posted by: LordMorpheus
english classes are a suggestion.

Maybe too advanced, maybe a "how to spell 'poll' and words that sound like it" class . . . . .

haha.... if you don't know the difference between poll and pole and are aiming to teach others, i would suggest some more schooling....

Seriously how can you have 5000+ posts and not have noticed the ongoing joke. Its like you are on the inside but are oblivious to it. Oh well maybe all of your posts are as useless as this one.

I am going to be teaching mathematics.

Injury:
I think and important question to ask is what kind of job do you have?

The job I have at the moment is actually pretty low level. It is technically part time - I work about 25 hours per week. The drive is killer though 40 minutes each way so really over 30 hours of my week is devoted to the job. I control some servers at UPS and modify and create spreadsheets and databases. Most of the time I sit there watching numbers change on a screen and informing the supervisors of these changes. My job is very boring: imagine sitting in a desk and doing as close to nothing as possible for 5 hours. My boss wont allow me to do homework in the workplace even though I can accomplish all of my work in minutes. I have asked him time and time again to give me MORE work but he always fails to give me anything stimulating at all.

Also it should be stated that I will be coming into a home that I will owe only 22k on so payment of the loan should not be a problem at all.

notfred:
How the fvck do you not die on $100/month for food?

Very carefully. I eat a lot of sandwhiches and sometimes the woman buys food as well.

FoBoT:
what are you going to do in the time you would have been working?

I would spend some of the time doing homework and studying and another good portion of the time doing much needed things around the house that have been neglected on a consistent basis. I wouldnt mind getting a part time job on campus but the pay will be nothing ($6). I would guess that I would probably spend at least an hour here ;P. One thing I could do is prepare for my internship by putting together my classroom management plan, portfolio, and lesson plans.

During my final semester I will be basically a full time teacher without pay (internship) and between putting together lesson plans and going to different training seminars my time will already be spent.

her209:
Tell your gf to get a job.

She has a full time job as a vet. technician and goes to school online. She has aspirations to become a vet. however she has lately been letting her grades slip. She makes a boat load more money than I do but she spends her money just as quickly. She doesnt really have the option of taking out a loan and quitting her job during school because vet. technology requires that you are employed at a vet. during the courses.

Thanks to everyone for responding sorry I didnt get back to the boards very quickly but I posted the question between classes (as is this response.)

How would I go about convincing her that it wouldnt be a horrible thing for me to take out a loan and quit my job (earlier than planned?)

 

[whistleclient]

Originally posted by: stnicralisk

Originally posted by: LordMorpheus
english classes are a suggestion.

Maybe too advanced, maybe a "how to spell 'poll' and words that sound like it" class . . . . .

Pole is a joke that goes on in this forum. If you haven't noticed it by now you havent been paying attention.

it didn't offend my sense of spelling . it offended my sense of comedy. jokes should be funny...

 

[stnicralisk]

Originally posted by: tangent1138

Originally posted by: stnicralisk

Originally posted by: LordMorpheus
english classes are a suggestion.

Maybe too advanced, maybe a "how to spell 'poll' and words that sound like it" class . . . . .

Pole is a joke that goes on in this forum. If you haven't noticed it by now you havent been paying attention.

it didn't offend my sense of spelling . it offended my sense of comedy. jokes should be funny...

This isnt a Brutus thread!

 

[dullard]

As a trained teacher, you'll be making ~$20 an hour. Your final semester you are nearly fully trained, and thus your time is worth nearly $20 an hour. Mathematically, it is stupid for you to work at ~$6 an hour. Quit the job, enjoy your college live, do well, and then enter the workforce with vigor instead of entering the workforce as a burnt out blob.

And note: student loans are the best loan you can get in your life. Take advantage of them. Get as much as you can as soon as you can. Lets say you wanted a car or a house relatively soon after graduation. You could get a house mortage (~6% today) or a car loan (~7% today but that varies quite a bit). Or you could get a student loan (~3% today). Mathmatically it is stupid to not take out the student loan in that case. Plus many student loans are interest free until 6 months after you graduate. I certainly wish I would have taken out more student loans.

For that same reason, if you have other loans (car, credit card, mortage, etc) it is really stupid to try to pay them off in less than 10 years.

Edit: one thing I forgot. Many states require a licensed teacher or a substitute to be in the classroom at all times. So as you do your internship, there will be another teacher there to help you out. The interesting thing comes when that teacher is sick or takes vacation days (which they often do while they have interns since they have fewer things to worry about). The school has to pay for a substitute to come in and just sit there watching you do your work. If you live in one of these states, you can usually become a substitute while doing your school internship. End result: you can get paid on the days the normal teacher leaves (but only if you apply beforehand to be a substitute)! This doesn't apply everywhere, but it doesn't hurt to make a few phone calls and ask. ~$100 here and there can certainly be helpful.