r/Assistance • u/FunnyBunny141 • 1d ago

ADVICE College Life

Hi all,

So currently, I commute to Drexel University from South Jersey, and I find it very difficult during rush hour (the commute during this time is about 1 hour). My total cost of attendance this year is 16k, and i have 5k in federal loans, the rest is private at a 10% interest rate. I plan on paying off my unsubsidized/private loans next fall/winter, as I will be on co op, and the average pay for mechanical engineers is 22k+. I also have a part time job, earning 200-300 a week, but most of this money is used on car insurance, food, gas, etc. Does it make sense for me to pull out 4k more in private loans to pay for an apartment near campus the rest of the year?

Edit: next quarter I am taking 20 credits, and a similar amt of credits the following quarters. I want to be near campus without a hassle to attend late club meetings and also to have more of a connection to on-campus life and make friends.

Thanks!

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u/AssistanceMods 1d ago

Hi all. This is an automated and general reminder to all that this post is an ADVICE post, not a Request. Please don't request, offer or accept financial or material assistance on this post.

u/FunnyBunny141, we have compiled a Wiki with tons of advice and helpful information, which we recommend you check out, too.

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u/Active-Leg9326 1d ago

Wish you the best! I'm in college also so I can understand the plight. Is your campus aid department open next week?

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u/FunnyBunny141 1d ago

They will be open from jan 2nd and onwards

3

u/Holisticallyyours REGISTERED 1d ago

Happy Holidays! I don't have an answer (or even advice) at the moment, I'm going to give this some thought. However, I just want to say I think it's so awesome you're attending Drexel!! I live in PA. It's one of my dream schools...for my kids! 😂🤣

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u/HelpingHands- 1d ago

Hi FunnyBunny141, it sounds like you're trying to navigate a pretty tricky decision. I'm personally a fan of a plan that's going to put you in the best position possible to enable your commitment to your education goals, but I don't know enough about your financial situation to be able to offer very specific advice?

Might I suggest posting in r/personalfinance or r/FinancialPlanning? You may be more likely to find qualified, experienced individuals who can give you more specific advice about your situation. I wish you the best success in any case.