Hello there!
I (24M) am unsure about what I should do regarding balancing the growth of my own personal wealth versus deciding if I should pay my tuition fees in full every term or deal with unsubsidized loans.
I tend to live minimally and work a job that pays me enough to live, but not excel. Because I tend to keep spending to a minimum (almost), I tend to save upwards to $800-1000 every month (Recognizing that this is also current heavily inflated given the Current Situation) which allows me to barely cover the full cost of tuition which tends to range between $2600 and $3000 every term.
Admittedly, I don't completely understand how student loans work and seem to be offered almost exclusively unsubsidized loans, which according to the research I've done, will accrue interest almost immediately. While this is just kind of the reality to getting a college education (Not helped by the fact that I'm doing two majors with a minor on top of working a full-time job, so I'm looking at approximately 4 more years given an average of 9-10 credits every term and pass every class), I'm currently struggling to decide if I should deal with not growing my personal wealth now in order to potentially alleviate some stress in the future. Of course, this assumes that everything stays consistent with my current financial situation. I have looked into scholarships and apply where I qualify, though I do not foresee getting anything substantial.
Should I pay my tuition in full every term, but forego a growing saving's account?
Should I take out loans (that are predominantly unsubsidized) and continue to let my personal wealth grow as it is currently?
Or is there something else that I'm not considering what-so-ever?
I appreciate any and all insight and I also appreciate any time you've put into my question. If you want to know anything else, I will be happy to give you the answer. :)
Submitted May 08, 2020 at 08:13PM by DesperateCatDad https://ift.tt/35HL9lg
