Just a few of the reasons why the person who thinks they’re so smart they’re going to stay enrolled in school forever to avoid paying student loans, is really the dumbest person you’ve ever met:
1. No private loans. If your situation is that dire but all you have is federal loans, all you have to do is find a public service program and pay the minimum for 10 years (depending on your plan choice) and the entire remaining balance is “forgiven.”
Oh you don’t have enough money to pay the minimum $300/month in the 10 year plan on your $67k balance?
So you’re going to spend 20/hours a week (80 hours a month) in school racking up more debt, to avoid paying $300/month?
20 hours a week you could have been working part time somewhere bringing in at least $500/month after taxes?
$500/month with no additional debt or interest accrued from unpaid/deferred student loans?
2. You have private loans. These things suck to high heavens. But you gotta pay them. Same as above: if you’re spending 80 hours a month (4hours a day during the week) going to classes, driving to classes, studying for half of them and dealing with books, lines and everything else just so you could avoid actually earning the amount you need to pay your student loans…and you do this for the next 40 years of your life…
you end up paying for those private student loans 7 times over with lost earnings from opportunity cost.
3. Your mortgage. Deferred student loans do not have their payments excluded when applying to many loan programs – you either need to get something from the creditor stating how much the anticipated payment will be, or else lenders hit you with a monthly payment equal to 2% of the balance (which is a ton higher than what your actual payments would be).
So yes, if your 30 year deferred student loan balance has grown to some sort of $400k plus monstrosity, good luck trying to qualify with a $2k income and a proposed $1500 in student loan payments. Genius lol
4. Your relationships. Where do you think this 20 hours a week is going to come from in your life when you already will have to be working while going to school?
From your bible study time? lol Get ready to stay single and never be eligible to ride in the car pool lane…
I could do 4 more but if it takes you more than even one…
I think you deserve to stay hard headed and try it.