DH has one year of college left. He'll be doing classes full time and
working part time (as we have been doing). It doesn't make any kind of
financial sense for me to work and find daycare. I have tons of
childcare experience, and if anything will do a daycare/nanny situation
and have Joey with me. I haven't had much luck finding anything yet.
We're considering just applying for extra student living loans--we only
need about 10, 000 to cover bills, etc. until he graduates if I'm not
working and really when we're going to owe around 40,000 anyway it
seems that would be a sensible option. Does that seem reasonable, or is
my lack of sleep mommy brain just off the deep end on this one?
That's a tough call. If you can get another 10 in federal loans at a low, locked in rate it might be worth it, but variable interest private loans end up being a lot more expensive (at least in my experience). Make sure to look at how much the additional loan(s) will add to monthly payments once the repayment kicks in and see if that would still be doable/comfortable with his (and your?) expected income. I don't know how much you've looked into nannying while you care for Joey, but that does seem like it would be a great way of bringing in some money to help decrease the amount you'd have to borrow. Good luck!
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I am all for living loans. Going to school is stressful enough without adding worry about money. Just make sure his earning potential will help cover future expense. If you get something from Sallie Mae or a place like that, those loans can be consolidated at the end and that will save money.
Re: kbr: opinion on student loans...