Hey guys! Sorry if there are format issues, I’m on mobile :)
For context, I have one more year left for undergrad and I’m possibly planning to go out of my country (USA) for my masters. I know that will be additional costs/loans, but I wanted to ask some advice on my current loans before fully planning my next steps! I also don’t know much about loans and my mom did most of the work when finding my loans, so I’ll try my best to explain without sounding stupid.
I have about $18,000 in unsubsidized loans from the government through student aid.gov (FAFSA application). They all say “Standard Repayment Plan” and since they were based on my FAFSA I don’t think there’s a co-signer (I don’t think that’s an option anyway).
I have 3 loans through sofi totaling about $11,000, and 2 loans through sallie mae totaling about $11,800. One loan is in repayment at $40 a month, and all these loans are co-signed by my mom.
I truly don’t know what to do because I have so much debt, I’m going to be adding more, and my mom needs to co-sign on everything because I don’t qualify for anything else. I don’t want to mess her over if I end up living abroad or choose other options. Is consolidating a good option since I’ll have like 12 loans by the end of undergrad??
I’m also unsure why I have so much debt (which I know sounds dumb, but after looking at all these numbers 40,934.43 for the post I just realized how deep in the hole I am). I’m taking online classes through UWM and I guess it’s just mega expensive.
Any advice is good advice. Thanks guys :)