<p>Hi all,</p>
<p>To make a long story short, I came here a couple years ago and was helped quite a lot. At the moment, the industry I would prefer to join, Journalism/Photojournalism is not in a healthy state. As a result I am attending a very inexpensive technical community college in a program that has 100% job placement and a good starting salary when you consider that it will only take me a year and a half to complete the program.</p>
<p>“Thank you’s” aside, I have a new problem! Some of what I say might not sound like a good idea, but read the entire post first, please.</p>
<p>I have a job and was able to pay for last semester’s tuition out of pocket. I was not able to save as much money this semester and am unlikely to be able to complete the school’s payment plan without a serious crunch.</p>
<p>PLEASE correct me if I have other options, but I have come down to two choices:
My tuition should be around 1,500 (thats fifteen hundred, not thousand, love cheap tech colleges!)
A credit card with one year no interest. Really wouldn’t have a problem paying that off.
or
Stafford Loan for this semester and rest of the program, resulting in a likely accumulated debt of around 4,500. I don’t know if I’d qualify for one that is payable after graduation, but I’m also wondering what the monthly payment would likely be for 1,500.</p>
<p>Or any other suggestions?</p>
<p>Many thanks!
Ben</p>
<ol>
<li><p>does the school have a service fee for using the credit card as payment. My son’s college charges 2 1/2 % to pay by cc (not all schools do, so check)</p></li>
<li><p>will the stafford be subsidized or unsubsidized. will you pay interest if it accrues or roll it into the loan</p></li>
</ol>
<p>realize that if you put it on the CC and don’t pay it off in full, what interest will you owe, will they charge you interest for ALL money you ever had on the card or only on the balance going forward.</p>
<p>Just some things to consider.</p>
<p>Thanks for response!</p>
<p>The school’s payment plan requires a down payment then three or four additional, larger payments. Like 225 down with 300 the next four months.</p>
<p>Versus </p>
<p>150 a month for one year, probably adding another semester to the same bill as I pay them off.</p>
<p>If you don’t have to pay a fee to use the cc for tuition and will pay it off in 1 year (find out if the cc charges interest on all charges in the past year or only on the outstanding balance) than that is a good deal. in other words, if you still had a balance of $100 at the end of the 0% time, what will they charge you interest on. And remember that if you make any late payment, you will probably lose the 0% rate</p>
<p>OTOH, if you can get a subsidized stafford loan, that isn’t repayable and doesn’t accrue interest until after graduation. IMO, this is the best deal.</p>
<p>[Discover</a> Student Loans - Apply online for college loans](<a href=“http://WWW.discoverstudentloans.com%5DDiscover”>http://WWW.discoverstudentloans.com) doesn’t charge any of those pesky 1 or 2% fees on a stafford loan (I don’t work for them, but my son has his loan with them)… Interest on Subsidized loans is 6% and I don’t believe there is an early repayment.</p>