- Centurion Member
- Posts: 4042
- Joined: Thu May 08, 2014 7:42 pm
- Location: United States
I generally agree with the previous comments. If you can avoid the loans in the first place, that's the best path.
The interest you pay on $6,500 of debt will probably be tax-deductible. Interest rates on federal student loans are pretty low. If you did get the loan, it wouldn't be the end of the world. There are much worse situations you could get into with student debt - especially private student loans.
My main concern would be that you might end up struggling to find a job or a job that pays well. With an extra $6,500 in cash lying around, you might be tempted to live a little too comfortably now, and end up kicking yourself when you have to pay every dollar of principal and interest back while working long hours in a low-paying job. Avoiding debt now means you will have one less obstacle to deal with after college.
Definitely avoid private loans under all circumstances!
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt, Arrival
May close or PC: Prestige, BrooksBros
Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech