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I've been freaking out about finances a lot lately, because leaving grad school means leaving the cushy stipend I've gotten used to receiving every two weeks. And even with the cushy stipend, I'm just barely making it each month, between rent, car payments, insurance, and food. So the idea of leaving school and pulling my student loans out of in-school-deferment has been a topic of much anxiety. (Is it better for my financial future to stay in school and keep the loans in deferment as long as possible??)
Well, it turns out it's a moot point. One of my loans comes out of deferment on Friday because, apparently, they can be in deferment for a maximum of 4 years from the date of disbursement. And I got my first loan on March 1st, 2004. So on Friday that loan comes out of deferment, and I get a 6-month grace period until August 30th, and then I have to start paying. No matter what. The next loan comes out on October 14th, and the next one follows next July, and then the last one will come out of deferment in February 2010. The only way to delay this past the 6-month grace period is to file for a maximum of 12 months forbearance for financial hardship. And after that, I'm out of cards.
There's also no way to lock in a lower interest rate. At least, not with the company I'm with. And because I have private and not federal loans, they can hose me with the high variable rate as long as they want. So I'm going to be buried under these loans for the rest of my life, and I have no idea what to do about it.
I'm beginning to think that dropping out and moving to California is the stupidest idea I've ever had, and if I want to continue to eat, then screw whether or not I'm happy--my best bet is clearly to stay in school and keep getting the stipend. And possibly move into a smaller, cheaper room. And sell my car. Because I don't see how I can cover rent, insurance, and car payments on top of just the minimum payments of interest-only they're going to require me to start paying in August.
I'm utterly screwed.
Well, it turns out it's a moot point. One of my loans comes out of deferment on Friday because, apparently, they can be in deferment for a maximum of 4 years from the date of disbursement. And I got my first loan on March 1st, 2004. So on Friday that loan comes out of deferment, and I get a 6-month grace period until August 30th, and then I have to start paying. No matter what. The next loan comes out on October 14th, and the next one follows next July, and then the last one will come out of deferment in February 2010. The only way to delay this past the 6-month grace period is to file for a maximum of 12 months forbearance for financial hardship. And after that, I'm out of cards.
There's also no way to lock in a lower interest rate. At least, not with the company I'm with. And because I have private and not federal loans, they can hose me with the high variable rate as long as they want. So I'm going to be buried under these loans for the rest of my life, and I have no idea what to do about it.
I'm beginning to think that dropping out and moving to California is the stupidest idea I've ever had, and if I want to continue to eat, then screw whether or not I'm happy--my best bet is clearly to stay in school and keep getting the stipend. And possibly move into a smaller, cheaper room. And sell my car. Because I don't see how I can cover rent, insurance, and car payments on top of just the minimum payments of interest-only they're going to require me to start paying in August.
I'm utterly screwed.
