Is anyone out there taking out BIG loans to attend art school? I am, and wanted to know your plans on paying it back, do youthink its worth it? Has anyone been out in the work force long enough to pay them back?
Did it, still paying off the loans. Not too bad unless you live an expensive lifestyle. If you’re total amount borrowed will be over 20K, your monthly payment when you get out will equal the car payment you’re supposed to have or the better apartment (about 4-500/mo). They put you on a 10 yr payment plan, you can extend it, but I don’t think it’s worth it (just paying more interest, you’ll already be paying half of your loan amount extra just for interest if you use the full 10 yrs).
When you graduate, if you live the way you did when you were in school for a few more years (cheap rent, no car, etc…), you should easily be able to pay it, even if you’re job doesn’t pay that well. After about 5yrs, the money you should be making will make paying off the loans completely pretty easy. Most likely won’t need the whole 10 yrs. Good luck.