Connecticut Student Loans

Student Loans

I have been struggling with student loans my entire adult life. I was able to graduate from college debt free and then went out and bought a car. That’s when the real struggle begins… I had no choice but to get additional student loans to pay for my car. When I wanted to buy my first house, I took out even more student loans because I couldn’t qualify otherwise. So, what happened at some point? I just stopped paying attention to them. I wasn’t thinking about how much they were taking out of me each month or how I would ever be able to pay off my debt.

I started my own business three years ago, and I could finally afford not to take any out. However, when we got pregnant three months later, I knew I’d need to put money back towards our baby. Plus, my husband’s company was doing well enough that he didn’t need his portion anymore either. But, after a year of trying to figure out how to do all of this, I realized that the only way forward was to start putting myself under financial pressure again.

So now here I am. I’m in over $100,000 worth of student loan debt, and I’m barely making ends meet. My rent alone costs me $800 per month (plus utilities), and I spend around $400-$500 a month on groceries. We’re barely squeaking by, and it’s only getting worse.

We’ve tried cutting back everywhere we possibly can… We stopped eating out several times a week and cut down on entertainment expenses. Things like trips to the movies, concerts, etc. Even if it meant less spending money, we did it. We’ve done everything possible to make sure that we have every penny to work with, yet nothing seems to help.

All that said, we don’t want to raise our son in a poor environment. We want to give him everything we never had growing up, including the things that kids nowadays seem to take for granted, like having quality food, a comfortable home, and opportunities to learn. While we may not be able to provide those things right away, we hope to be able to someday.

My question is, can anyone offer advice on how to get rid of these student loans? I know people who say they did it, but I don’t think they really did anything. I’m willing to try almost anything. All ideas are welcome. Thank you for your time and consideration.

Connecticut Student Loans

Student loans in Connecticut

The student loan debt crisis is going to cost us millions. In fact, according to CNBC, $1 trillion worth of student loan debt was issued in 2016 alone, and that number is only growing. If we don’t act now, it could get out of control.

How much does college really cost?

If you want to go to school, you have to plan ahead. That means knowing how much you need before you start taking classes. Unfortunately, many students don’t know what they’re getting themselves into until after they’ve already taken out their first loan. And if you decide not to go back to school…or never finish…that’s where things can get serious real quick. According to the Institute for College Access & Success, average tuition rates at four-year public colleges rose 5% over the past six years. Meanwhile, private college tuitions went up even faster—8%. Those numbers don’t stop there. Most experts agree that without intervention, the cost of attending college continues to rise. So how do you pay for college without blowing your entire budget? Here are some tips:

Paying for college shouldn’t break the bank.

Before applying for financial aid, figure out how much money you’ll need. It’s called a “net price calculator.” You’ll probably find lots of them online, and they work pretty much the same way.

First, get an idea of how much cash you expect to make while working and use that number to set your salary goal. Then, create a budget using those two numbers. (You can use our free budget calculator here.) Once you have your budget in place, look up prices for community college in Connecticut. Many schools offer programs at a fraction of the cost of traditional four-year schools.

Once you have your budget figured out, apply for scholarships, grants, and federal loans. Don’t forget to factor in the costs associated with buying textbooks and supplies.

Know your options before you take out a loan.

There’s no denying that student loans can help you afford a higher education, but you should always try to find alternative solutions first. Do you qualify for a scholarship? Maybe your parents have extra money lying around? Check out these options first, and then consider financing your education later.

Save responsibly.

Remember, student loans aren’t just for college anymore. There are plenty of ways to save up for future expenses, including investing and building up a savings account. Even if you can’t cover everything upfront, remember to prioritize paying off loans and saving for retirement.

Connecticut Student Loans

Student Loans

A student loan is a type of debt that students may take out while they go to school. This type of debt is different than private loans because private loans aren’t backed by the government. Private loans are just loans taken out between two parties who want to borrow money. Student loans are backed by the federal government and regulated by the Department of Education.

Federal Student Loans

Federal student loans come from the U.S. Department of Education, and if you receive these types of loans, you have to pay them back regardless of how much money you make. If you default on paying back your loans, you could end up being charged late fees and interest rates will increase over time.

State Loan Programs

If you live in the state of Connecticut, then you can apply for some great programs that would help you pay off your student loans faster. These programs require that you get a job at a company based in Connecticut and work for four years before you qualify for payments. You will need to pay for these loans even after you graduate from college, so it’s best to start looking into ways to reduce the amount of money you owe right away.

How do I know what size loan to get?

You should only get a loan if you are confident you will be able to repay it. A good rule of thumb is to think about how long it will take you to achieve your goal. Most people graduate with around $30,000 worth of loans, and those graduates that have higher salaries tend to have fewer loans to pay off. So, if you plan on getting a high-paying job, then you might not need to worry about taking out a loan since you won’t have a lot that you will need to pay back. On the other hand, if you are trying to save up enough money to buy a house, then you will probably need to borrow a larger sum of money.

Connecticut Student Loans

I am currently enrolled at Connecticut College studying Biology, Chemistry, and Physics. I have been using my student loans for the majority of my college career, and they have never presented any problems for me in terms of payments. However, due to recent economic conditions, I was laid off in an industry where I am no longer employed. My student loan servicer called me last week stating that I may have to start making payments again, even though I have not had a job since September 2012. I cannot afford to pay these back right now, and it worries me about whether or not I will ever be able to get them paid off. What should I do? Should I keep paying these amounts back? How long before I need to worry about getting my degree completed? Please help!

My Student Loan Servicer Name: Great Lakes Higher Education Group, Inc.

Your Student Loan Type: Stafford Loan (PLUS)

Status: In Good Standing

The total amount owed is $26,928.96.

Description of the current status: Repaid

Date of last payment: 03/27/2014

Payment Period: Quarterly

The initial principal balance was $23,096.00.

Repayment begins on January 1, 2016.

Repayment Period: 12/31/2024

Current Status: Current

Per period, the amount owed is $0.00.

You owe money on a monthly basis.

Connecticut Student Loans

Connecticut Student Loans

The state of Connecticut offers many financial assistance options, including student loans. Students should seek out these types of services early on, as they may help ease their burden while attending college. You may qualify for federal student loans through the government, but private lenders offer students additional loan options to choose from. Private student loans are not offered at the federal level. Federal student loans are great to have access to if you are unsure where else to turn. These types of loans are offered as either direct-subsidized or unsubsidized loans. Both of these types of loans offer different terms depending on how much money you borrow and the type of school you attend. A lot of people think that only rich kids go to university, but this isn’t true. Everyone can benefit from an education. If you are looking for some extra loan help, check out the link below for more information on obtaining a student loan.

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