I have a problem that I need help to decide on. I'm 28 years old and about to start back to school for my masters degree in counselor education for school counseling. I have been awarded student loans because per the gov't, I don't qualify for pell grants. I don't understand that because I don't make much money at all, and have just recently quit my part time job for school.
My dilemma is this: I have been awarded a substantial amount of money for loans, and I have to decide how much I want to accept base off what I'll need for tuition and fees. Well, my full time job gives awesome benefits and offers educational assistance by paying for 12 credit hours per calendar school year. I'm only able to handle two classes per semester, which equals to 6 hours of my 12 that work pays for. I still have to pay the fees and buy books, and whatnot.
Currently I have a good amount of bills from being on my own, and I would LOVE to get rid of this debt if I could. My question is should I accept the full loan amount and pay off some debt for less worries while in school and put the rest in savings? Or should I just accept a portion of the loan to pay down some debt and work on the rest of the bills with my paycheck.
I'd really love to pay off the credit cards and get my car fixed at the least. I'm just in a pickle because whatever amount I borrow will be added to my loans from undergrad that I'll pay back after I graduate, and this is already a big amount as is.
Any advice would be helpful. Thanks!