Monday, June 13, 2011

Broke Now or Broke Later?

Quick opinions...I got accepted to graduate school, but it is costly. The only financial aid I got was government loans, which can cover the costs and then some (but why borrow when you don't need to?). My question is...should I accept the small subsidized loan and bust my butt to cover the additional costs myself, or borrow it all and worry about paying it back later with interest?

Broke Now or Broke Later? I CAN'T DECIDE!

I wish I had more to share but life keeps throwing me curve balls. Poor Jel still hasn't received her giveaway prize, and she is being VERY PATIENT with me! Thanks Jel! I swear I have not forgotten about you, or my family's gifts that are a month late, or my new outfits I am meaning to work on, or the stuffies I have been meaning to make for months and months and months. So far my sewing room is a "get ready for work" room. Not nearly as fun. Eating cereal, keeping an eye on one cat eating so the other cat doesn't eat her food, and watching Good Morning America.

Must put room to better use. Just another thing I have to do. *sigh*


  1. I am in a very similar situation, since I'm starting school in the fall too! This is what I decided to do...I'm TECHNICALLY borrowing the full amount of the loan, however, I am still really following the "broke now" option. I'm earning/saving money as if I was going to be paying out of pocket, but instead of actually paying the school with it. I'm putting it in an interest bearing savings account. That way, I have the loans paying my tuition and I can pay off my loans almost immediately with it if I want to, BUT still actually have the money in my possession should (God forbid) there be some sort of emergency or life curveball that requires it in which case I will pay them off over time. It was the best solution I could come up with -- hope it helps!

  2. We're trying to decide that too since my husband goes to law school in the fall and I won't be working once the baby comes. He can't work during law school so we'll be living on loans. We can't decided if we should get the bare minimum or get a little more just in case. We're trying to not touch our savings in case it takes him a couple of months to get after school and we need some money to live on.

  3. Congratulations! I think Jules' suggestion is very good.


Thank you so much for visiting! I love to hear feedback!