I want to go back to school full-time and get an MBA, but...

I have debt (car payments and credit card). How do people in this situation go back to school? Are there student loans available that can defer these payments until after I graduate?

I have a buddy in law school that took out big loans in order to fund his education and minor living expenses until graduation. If sallie mae or a bank is willing to give you funds above/beyond your education expenses, maybe you can pay off your debts and roll them into your student loans.

It’s probably unlikely that you could consolidate the car & cc debt into your student loans. As PP said though you would basically need a loan above and beyond your tuition and living expenses in order to continue to pay off the other debts.

How much debt are we talking about? If you’re going to borrow $150k or so for school, it might be small in the greater scheme…

About $25k. ohai Wrote: ------------------------------------------------------- > How much debt are we talking about? If you’re > going to borrow $150k or so for school, it might > be small in the greater scheme…

I’d consider selling the car and buying a cheap but reliable used car (Honda Civic or something). There’s no need to be making car payments if you’re a full time student.

I wonder whether it’s worth paying off some of your debt before going to school.

well the earliest you can start bschool for FT is Sept 2011 which means you still got a whole year to pay off your debt. you can prob trade down your car and save a few thousand. Also if your credit is good you can do a balance transfer, i always get offers for 0% for 1yr from Citibank w/3% transfer fee.

You can strategically default on those loans because hey, it’s strategic every time someone defaults for a greater good as is clearly in this case, isn’t it? Besides, those lenders should have known better: “will see, a career in finance, mid 20’s, the guy is going to go to business school soon!”. It’s not your problem if those lenders didn’t realize that possibility.

I’m pretty sure that the credit consequences of default would exceed the $25k that he would save. I vote that you should eat canned beans for a year and try to pay off the debt.

haha, credit card debt…

Hilarious. Your advice goes hand-in-hand with your name. Inner Evil Voice Wrote: ------------------------------------------------------- > You can strategically default on those loans > because hey, it’s strategic every time someone > defaults for a greater good as is clearly in this > case, isn’t it? Besides, those lenders should have > known better: “will see, a career in finance, mid > 20’s, the guy is going to go to business school > soon!”. > > It’s not your problem if those lenders didn’t > realize that possibility.

Live in a homeless shelter (which provides free meals) while you to wait to start B school. Then put that experience in your application.

Yeah, I know. I didn’t go crazy and buy stuff though - all credit card debt is a result of paying for undergrad about 2 years ago. jdhrjm Wrote: ------------------------------------------------------- > haha, credit card debt…

just add the debt service to your loans. I have similar dilemma and the added 15K loan principal to make those minimum payments shouldn’t really change the grad school or no grad school decision. Definitely try to pay it down as much as possible though.

Can you clarify? Did you add it to a student loan? LincolnLogs Wrote: ------------------------------------------------------- > just add the debt service to your loans. I have > similar dilemma and the added 15K loan principal > to make those minimum payments shouldn’t really > change the grad school or no grad school decision. > > > Definitely try to pay it down as much as possible > though.

I have the same issue. i plan on going back next fall and im going to try to pay down as much as possible between now and then. Hopefully Y/E bonus will help but im also getting married next year so i think im pretty much screwed :frowning:

Find a sugar mommy!