Student loan to cover college AND cost of living?? ?

Answers:2   |   LastUpdateAt:2012-11-05 22:30:02  

Question
tena
Asked at 2012-08-26 11:04:02
I live in Michigan . I'd love to go back to school full time and enter a career that gladdens my life (unlike my current high voltage ) . I have about 1.5 years of schooling required to complete a bachelor's degree. MedlinePlus MedlinePlus The problem is that you have a mortgage , car payment , and some small loans , and I can not shrink right now (especially with the economy and the housing market in the state) . I am willing to give up a lot (cable , shopping , nightlife ) , but it can become a land poor college student right now . My husband is now in school full time, and I am the breadwinner for us . ( and that's okay - he does dean list every semester ) MedlinePlus MedlinePlus I've heard of people taking student loans to cover their tuition and living costs , in order to go to school full time and accelerate their education timeline. MedlinePlus MedlinePlus Is this true ? How can you get a student loan that covers not only the university , but the bills and cost of living , too? MedlinePlus MedlinePlus
Answer1cayemanAnswered at 2012-08-31 13:08:02
I think it's a big mistake to pile on additional debt at this time of recession many experts say it may take a decade to draw from now , unless you want to risk bankruptcy in the next 5-10 years. Ask Suzy Ormand financial expert and I bet she would say " NO, NO, NO! " MedlinePlus MedlinePlus PS If you ever have to file for bankruptcy , make sure that your state allows you to claim as their principal residence exemption or lose your home too. Florida and Massachusetts allow you to keep your primary residence if it is one day , and do not think that can happen , can and does happen to many ordinary people , no matter how hard they work or how much you do or how well have always paid their bills !
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