Getting bank loans to finish off school

noir_blood

Okay, this is a two prong question, so bear with me.

I'm really close to finally finishing off my degree and getting certified for teaching. So close that it's frustrating, because know I'm finding that the classes I need to take aren't offered a lot and are a bit hard to work around my school schedule. So I'm basically ending up taking about two classes per semester for the next year and a half. This really bums me out, as I was already a late started for college, and it just feels like I'm delaying the start of career even further.

I been considering taking out a bank loan so that I could either quit my job or switch to a part time schedule/find something easier. I do get financial aid, but normally it's just enough to cover tuition and books. Is this something worth really considering? I would basically have to ask for about 10k at the minimum for it to be worthwhile.

My second question is, if I do want to go that route, would the bank even approve such a loan? I have a pretty good credit, make about 25-28k a year. Should I tell the bank my plan? It just strikes me as "I'm quitting my job" would probably make them rethink giving me a loan no?

Descendant X

I've never applied for a bank loan before, but something tells me that they'll tell you to go piss up a rope.

Unless, of course, you can apply for bank student loans in the States.

You are in the States, right?

Slider

Don't put yourself in debt: One of my major regrets in life...

Chanus

Talk to your school about Education loans, rather than taking out a loan from a bank.

They have better terms, and lower restrictions.

Also, only borrow what you absolutely need, and try to need as little as possible... just because it blows when you start having to pay them off.

Forbe!

Yeah, staying monetarily inert is ideal. Never take a loan out for anything, especially school. You might regret getting a higher education.

I'm assuming you're in the states.

In all seriousness though check out getting a student loan through a bank. You may not qualify for federal subsidized loans, but bank student loans are the next best thing, asides from having loaded parents.

The Lovely Bastard

Be forewarned, I don't advise you to do this, but this is what you can do.

Really the only hope you have with this is if you take a student loan out from a bank and make it for more than you'd actually need if you plan on living on that money. Just be wary that some banks send the check directly to the school, and it'll be a few weeks before what is left over is cut as a check to you by the school

However, the downside is that it is really hard to get a bank funded student loan unless you have really good credit/a willing co-signer.

PeregrineFalcon

Slider wrote: »

Don't put yourself in debt: One of my major regrets in life...

That's a bit of an overly broad brush. "Don't put yourself in stupid debt" would be better.

Borrowing 10K to finish your schooling and get a well-paying job in your preferred field isn't stupid debt.
Borrowing the same 10K to buy yourself a 65" plasma TV with surround-sound and every game system would be stupid debt.

That said, you'll likely get told to fuck off, or they'll want to rope you into a usury-level interest rate. Is it possible for you to cut your living expenses to the fucking bone right now, and save as much as possible so that once you're getting close to the finish line, you can move to part-time and power through the final bit?

Given the current job market, I wouldn't quit a steady job and take out a huge loan to bank on an immediate payback, unless you've got the money to ride out six months minimum of job searching.

Chanus

Chanus wrote: »

Talk to your school about Education loans, rather than taking out a loan from a bank.

To clarify, these are still loans from banks, they're just a different type of loan.

You get six months after you finish school before repayment starts, and 10 years to pay them off.

Deebaser

Talk to your Financial Aid office. They're very well equiped to handle these questions.

Saddler

The Lovely Bastard wrote: »

However, the downside is that it is really hard to get a bank funded student loan unless you have really good credit/a willing co-signer.

Yeah, I hit up a few banks recently for the same reason, and quickly learned that you need a cosigner to get such a loan. They'll process your application without one, but it's just not gonna happen without a cosigner.