Advice/Help

[Ogoshjosh24]

I recently was accepted to a program starting in June and am trying to figure out loans covering my living expenses. I already know I will have to live off student loans.

 

After being out of school for a while and struggling with some lower paying jobs I have racked up some CC debt and recently had to buy a car to get to work. So, going into school I will have to continue making those payments. The only option I see is using the student loans to make those payments but if anyone else has been in this position, will a combination of different loans provide me enough to cover it? Or do I need to find a way to make enough money to cover those expenses?

 

PS I have already started managing money better, the debt incurred was due to difficult circumstances etc. I would appreciate options I have or suggestions rather than telling me I need to manage money better or that it isn't possible. Thanks

[RTNPA]

I just got accepted to one that starts in May, so I would like some insight on this too please. Fortunately, I do not have any debt, but I know I will acquire a substantial amount from being in a program and not really being able to work.

 

I have been told by current students and current PAs that paying off the debt isn't that bad once you start working. I've also been told the opposite, so I assume it depends on how much you actually have to borrow.

 

I'm familiar with the National Health Service Corps scholarships and loan reinbursiment, but have been told those are a bit difficult to obtain.

 

Any advice welcomed!!

 

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[greenmood]

In order to know how much to responsibly borrow, you need to make a REAL budget (versus the imaginary one most people create and then don't stick to). I'd start by looking at every single purchase you've made in the last two months (just look at your credit card statements, not too difficult) and learn what you truly spend each month on food, gas, entertainment, bills, rent, etc. You might be surprised. Or not. But you'll know where you can make cuts.

 

It's very possible to live off student loans during PA school. A combo of subsidized and unsubsidized Stafford loans, and then Grad Plus loans, is what most people end up maxing out on. If you've already been accepted, the financial aid office at your school should be able to help you figure out how much money you can borrow. Call them.

 

Then use something like unbury.us to figure out how long it will take you to pay everything off.

[Boatswain2PA]

I have been told by current students and current PAs that paying off the debt isn't that bad once you start.

Absolutely wrong. It's a TERRIBLE feeling to finally start getting a great paycheck....only to turn around and give it to a banker.

 

Step 1: Do EVERYTHING you can to CUT EXPENSES during school so you can limit the student loans. Rice & beans, used computer, drive an old hyundai, DAV for your clothes, used textbooks. Every dollar you DON'T SPEND in school will be TWO dollars you don't have to pay back.

 

Step 2: Continue same lifestyle when you get your first job....and throw everything you've got at your debt. Don't start living the lifestyle till you're out of debt!

[PC2ED]

The following are just suggestions.

 

Living UNDER your means is going to be your goal during and after PA school.  Unfortunately most schools are expensive, so there is no way you can escape from tuition. however, your lifestyle, you have complete control of. This is a time to be very very cheap. 

 

1) How's your lifestyle up until today? how much do you spend monthly? Can you realistically cut off some unnecessary expenses?

 

2) Will you be Dorming? If yes, I'd advised looking for a cheap apt close to school  instead and with all the basics (quiet, good heat/AC, good lighting, decent neighborhood)

- I made the mistake of dorming and it costs me ALL the loans I am paying today. Fortunately, my school cost about 4k per semester and was covered under financial aid.

 

3) like BoatSwain said, obtain used but in good condition books (buy from senior students or online, or download them electronically and have them printed and binded in a store like staples, office depot, etc), no expensive clothes, no new gadgets, simple and cheap phone plan (mine is still $55/month, and i have unlimited text/call and 5gig of data),  SELL your car if you live close to school or if you won't use it much, use the same laptop you currently have if it works fine (no that shitty college mentality of using Macbook), COOK instead of buying food ( you don't need to "know how to cook" use youtube and look up "meal prep" granted they are mostly for weight control but they are CHEAP and HEALTHY alternatives)

 

rice and bean everyday will make you hate your life when it's all done (too much carbs and belly fat). Quinoa, cauliflower rice are better alternatives.

 

4) make sure you let family members know that you are now in school and cannot afford anything (that's right no more black fridays, no more christmas gifts, expensive bday gifts... send a card and write something meaningful in it or better yet, pen a letter which is rare these days)

 

5) you CANNOT afford not to pass all your classes. you'll be stuck with loans and interests.

 

6) SELL everything you can to accumulate some cash to help you reduce the amount of loans you take out. VERY important here.

 

7) Borrow long term from trusted, reliable family members (mom, dad, bro, sis) even if they add interest, it'll be lower than banks. make sure you notarize the documents thou. you never know. 

- My dad helped me a lot through this. i borrowed from him and paying him back currently. He paid all my high interest loans 30k all he asked for is 31k when i pay him back. If you can find people like that, you're blessed! use them well!

 

8) Be conscious of your spending. I don't care if you're a brat or a rat (lol), how you spend now will ALWAYS affect your future. Good or Bad? it's up to you!

 

 

Piece and Peace

[AliB]

Good advice here.  I will add to start NOW; don't wait until you are actually a student to cut expenses and live as frugally as possible.  You may find that eliminating some expenses actually takes a month or two (on anything that you have to give notice to cancel); and yes, you might have to pay some cancellation fees if you are in a contract, but don't stay in the contract if it will cost you more than you will save in the long run. 

 

You need a small emergency fund also - a few of my classmates who are funding their way entirely by loans got caught by surprise when their funds were delayed (through no fault of their own - your school may offer emergency short term, e.g., 30-day, loans, but don't count on that), and there are those actual emergencies of all sorts.  

 

Also plan ahead.  You'll have a period of time after graduate that you won't be earning yet either.  It takes time (and costs money) to take your boards, apply for licensing, etc.

[RobShultz]

Maybe better to hire a financial consultant?