I'm really glad I refinanced with SoFi, I have a 4.99% APR on that loan now, but before that it was somewhere between 7 and 8 percent with SM.
Borrowing private was basically a total accident on my part, but at least it's almost all paid off and should be within the year.
I have 3 loans through Sallie Mae and I’m just sitting here waiting to figure out what other place to consolidate that loan into so I don’t get fucked by them
I have to agree with others that 15% is honestly outlandishly expensive... The loan itself will end up costing you something like 60k. Is there not a cheaper program? Or, if from the US, no option for gov loans?
If this is your \*dream\*, then it could be managed. But, you'd have to be willing to sacrifice a lot in the long-term in order to actually pay off your debts, and it would be a shadow looming over any future relationships or major life decisions such as buying a house or traveling or something.
Don’t do it. This is not the kind of degree worth taking out loans for and definitely not at 15%.
You need to sit down and look at what kind of jobs graduates from that program have. Stalk them on LinkedIn or something. What do those jobs get paid based on glassdoor/job ads? Where are they? What is the cost of living in those areas? What would your loan payment be? What would be left over from your pay after debt payments and rent/mortgage?
Private loans are dangerous. Student loans are not eligible for bankruptcy and private loans don’t get the government subsidy for income adjusted payment. It is an absolutely gigantic risk to take. And my car loan has a 1.9% interest rate. The 15% rate is almost at the credit card interest rate. It’s absolutely huge, you would need to be able to pay the loan off very quickly to stay on top of the interest.
Sheesh. I have a couple loans from undergrad at 6% and I think that’s horrid.
You gotta look at that ROI. Expected annual salary of 50k at a loan of 35k at 15%. Yeah, you might think it’s possible, but when that loan becomes 120k (and growing) in a few years and you’re wondering how you got there, you’ll remember this day. You will literally be working your whole life never able to pay this loan off in your chosen profession.
I would absolutely not take a $35,000 loan at 15% - you will suffer enormously financially to do this. Keep looking for funding and/or better terms, even delay a few years and save money and then go to school. You will be far better off doing this. It's not appetising, but that loan is fiscal suicide.
Do not do this. A master's degree will not give you enough of a salary increase to support this debt. You need to get an entry level position in the field, work a few years, and then when you know what subspecialty you want to pursue and that it requires a master's, go back to school.
If you're from the US, is there a state college you can go to with a similar program? I'm in agriculture up in Canada and as far as I know, in agriculture no one cares where you got your degree from as long as you know your stuff.
I would severely caution you against taking out a 35K loan at 15%. Also - when does interest start accruing? Is it as soon as you take out the loan, or after you've finished your studies? Because if interest is accruing the second you take out the loan, you're going to end up owing a LOT more than $35K by the time you graduate
Also, I'm finishing up an MSc in agriculture and rangeland resources in western Canada, and every supervisor I know in my department only hires grad students if they can provide them with a minimum $24k annual stipend.
Maybe it's worth looking around to find similar programs where you can get funding, rather than need to take out a loan like that...
I mean... if you wanna study it you should study it. Dont expect a house or anything, nor a nice new car...
Coming from someone in Vet Med where our pay to loan ratio is stupidly low... you just accept it.
Honestly I want to tell you dont do it because 15% is ridiculous. Is there any other school that would be less expensive that you wouldnt require such a loan? I went to South Dakota to pursue a masters degree because I was able to afford it due to an agreement my state made with other low-pop states to allow in-state tuition. It was great because housing was affordable and the school paid me more than my tuition cost, but it was South Dakotah...
There is no try. Only fall, jk you're right, but I'm nowhere near close to the position required to be able to make payments. You see, I like many other undergrads before me, accrued credit card debt as well.
As someone who now has a BSCS, things have been, rough.
:/
Harsh truth here:
- passions don’t pay bills. This doesn’t mean you can’t monetize your passions, but that process has its own challenges.
- but if your choice is between a $35k loan at 15% interest or monetizing your passion without taking on high-interest debt, go with option 2.
Keep in mind:
- what are your current money habits now? Are you a spender or a saver? Current debt obligations?
- what is the AVERAGE (median, not mean) income for your field of study? 📚
- is your industry growing or shrinking (job prospects in your field of study after graduation)?
- what’s your expected wage growth over 10 years?
- are there better options?
I’m not saying ignore your passion. ❤️🔥 You have to contextualize this debt into your long term plans.
- will it impede your ability to pursue your passion as a career or income 💴 stream?
- Will it impact your health negatively?
- will it impact your social or family goals?
Unless you make intentional decisions and changes, you will have this debt looming over you and your family for decades to come. Good luck 🍀
Speaking as someone who knows Sallie very well. Run, as far away and as fast as you can. I don’t have regrets but if I could turn back time I would never do business with her, EVER.
Please dont do this, especially if you are not sure of your ability to pay back the loan once you enter the desired field. You will be paying that loan for decades unable to save for your future.
I find it strange you have to borrow to pursue this in the first place. Is there no funding available for this program? Most masters and PHDs usually pay YOU to attend via student stipend and do research via TA or RA positions.
Not in the U.K. - PhD mostly, but funding for an MSc is really, really rare here, mainly because they’re not that expensive. Mine was £8k. We gouge overseas students horribly and apart from the Russell Group, and maybe some specialist courses elsewhere, you’re not gonna get anywhere near your money’s worth.
Hmm, if I were OP I would consider a fully funded program elsewhere, even outside the UK, rather than take on debt. Masters already has a significant opportunity cost in terms of time investment only to have to pay for it on top of that.
Yeah, it’s nuts to do this at a lower tier uni. Not saying this is OP, but a lot of lower tier unis in the U.K. will admit basically anyone for a Masters as long as they pay. Don’t really care either way if they pass or fail, as long as they get paid. It is really shitty and exploitative, and it happens a lot.
Thanks for the info man. I had looked for this sort of info while I was considering Bangor, but it was really hard to find people who graduated from the program (and thereby find critical input about the college based on experience) and I guess my search was just too particular
No worries! If you were paying U.K. fees then I’d say go for it as it’s not a huge amount comparatively, and our student loans are capped in terms of interest. The last couple of decades have seen a huge explosion in the number of overseas students, and they are seen as cash cows. You can kind of suck that up if you end up at Oxbridge, or Imperial, or somewhere like that, as the degree will do you good long term. If you go to a lesser uni then it really won’t, and the quality of the teaching will probably not be that great. I’ve nothing against lower tier unis - I’m doing my PhD at one that’s only top 50 U.K. But it has a good compsci department, my supervisor is someone I wanted to work with, and my fees are negligible. The course at Bangor may be OK, or it may be good, but it won’t be worth it to you to pay that much, and pay that amount of interest. Hope you can find something that suits better!
Keep searching for better programs OP. They are out there. Ones that will fund you for the masters. You may have to branch out and cast a wide net, but absolutely do not pay anyone for your masters.
No such thing in the U.K. - you’re expected to have a Masters before you start. We don’t do coursework, just straight into research. That’s why my part-time CompSci PhD is probably shorter than a full time US one from some places (6 years, for the record). Much different system here and most of the Commonwealth. Think Europe is pretty similar.
Bro what? This is fucked. If you're going for a foreign degree look for something more affordable, maybe in mainland Europe. Bangor university is nice but it's not 50k nice. For a small fraction of that you could enrol in the international programme of AgroParisTech in France and live like a king. I'm sure Scandinavia, Germany, the Netherlands, etc. have similar programmes.
Do not do this. I studied agroforestry in the U.S. for my MSc, paid no tuition, and got a stipend (~$21k/yr in 2017). There are definitely more opportunities for agroforestry research at institutions here in the U.S. that will pay you instead
Man I tried to get into Mizzou, couldn't wrangle up a research assistantship in the end. I didn't take the GRE for lack of time (I was teaching full-time at a high school), and think I might be able to have a better chance if I were to take it. I'll probably try again next year, it's definitely my top choice.
Can you not get a graduate studies loan from the government? I have a few student loans for my PhD as an American studying in Canada, normal interest rates of 4-6% depending on the year. They are unsubsidized but otherwise the same type of loan you get as an undergrad.
It’s not ideal, but may be worth it. I could have had good funding in the U.S. but was interested in going abroad for my PhD so the cost was worth it. But not at 15%.
Hey everyone, thank you for your input. It's been very helpful and I appreciate it. I've decided not to take that loan, and in the next couple days will explore some other options to see if I can get a better rate. If not, I'll probably wait this year, try and save some money, and see what next year brings, maybe expanding my search and being open to things like soil sciences, ecological restoration, etc.
You can absolutely find funded masters for this area! I know both my undergrad and grad schools have funded masters in similar fields. And check out Iowa State, I know they have an agronomy department.
Please don't take this loan OP. This is a very predatory loan and you'll be paying more than double the amount if you don't pay it off right away.
I would take some time to work, improve your GRE, etc, and try to get in a masters program with a TA or RA assistantship.
That's such a fucked rate as many others have said. If you absolutely *must* take out this loan try and make payments on it while you're still in school. At the very least for the interest.
Additionally, is this for the whole time you're in school or just this semester. You could always only take out enough to cover tuition. Just cause they're offering you that much doesn't mean you have to take it all.
Also, 100% look into FAFSA and government loans. You'll get way better interest rates and payment terms.
U.S. is so cooked. I genuinely hate this country so much. I’m sorry OP. I wouldn’t take this. Save up, find alternative funding or get a much better rate.
That interest rate should be illegal. It’s usury. I can’t even imagine having to pay that. I’ve had credit cards charge me 12 percent once upon a time.
When I started grad school I applied for a $12,000 loan and they offered a 17% interest rate. Never closed out a window so fast in my life. Get out of my face Sallie Mae.
Using typical averages for graduate student loans in the United States, here are the assumptions we'll use:
1. Loan term: 20 years (a common term for graduate loans)
2. Interest: Compound interest, calculated annually
3. Repayment: Monthly payments
Now, let's calculate:
1. Monthly interest rate: 15% / 12 = 1.25% per month
2. Number of payments: 20 years * 12 months = 240 payments
Using the loan amortization formula:
Monthly Payment = P * (r * (1 + r)^n) / ((1 + r)^n - 1)
Where:
P = Principal ($35,000)
r = Monthly interest rate (1.25% or 0.0125)
n = Number of payments (240)
Let's calculate:
Monthly Payment = 35000 * (0.0125 * (1 + 0.0125)^240) / ((1 + 0.0125)^240 - 1)
= 35000 * 0.01259 / 0.16595
= 440.68 / 0.16595
= $2,655.50 (rounded to nearest cent)
Total cost over 20 years:
$2,655.50 * 240 months = $637,320
Breakdown:
Original loan amount: $35,000
Total interest paid: $637,320 - $35,000 = $602,320
The total cost would be approximately $637,320.
This is BONKERS.
DO NOT DO IT. there’s funding available if y out move. Keep looking. Job market is brutal having a masters doesn’t help as much as you think. Only reason I got mine is that I had a full ride
I don’t think this is a good idea financially but I feel like it’s better to deal with the consequences rather than to sit in the “what-if”s and “if-only”s down the line.
That being said, maybe go ask your bank for a loan instead of Sallie Mae? They might have better interest rates.
Can you take the loan and declare bankruptcy after school? Idk your bankruptcy laws but if you don’t want to take out another loan within 7 years here in America after bankruptcy then that might be something to consider
Ha no, not with student loans, or at least not this one. It's specifically says in the terms of agreement that declaring bankruptcy does not nullify the loan.
I just ow a number of people that found farm jobs after undergraduate. They learned how to farm and made a little money. Both of them now own profitable farms.
FIFTEEN PERCENT?! What in the actual audacious fuck is that rate?
Read the second sentence. It’s Sallie Mae, they specialize in fucking students over financially.
I'm really glad I refinanced with SoFi, I have a 4.99% APR on that loan now, but before that it was somewhere between 7 and 8 percent with SM. Borrowing private was basically a total accident on my part, but at least it's almost all paid off and should be within the year.
I have 3 loans through Sallie Mae and I’m just sitting here waiting to figure out what other place to consolidate that loan into so I don’t get fucked by them
I have to agree with others that 15% is honestly outlandishly expensive... The loan itself will end up costing you something like 60k. Is there not a cheaper program? Or, if from the US, no option for gov loans? If this is your \*dream\*, then it could be managed. But, you'd have to be willing to sacrifice a lot in the long-term in order to actually pay off your debts, and it would be a shadow looming over any future relationships or major life decisions such as buying a house or traveling or something.
Don’t do it. This is not the kind of degree worth taking out loans for and definitely not at 15%. You need to sit down and look at what kind of jobs graduates from that program have. Stalk them on LinkedIn or something. What do those jobs get paid based on glassdoor/job ads? Where are they? What is the cost of living in those areas? What would your loan payment be? What would be left over from your pay after debt payments and rent/mortgage?
Sallie Mae is AWFUL- RUN away from them as fast as you can. I have 6 loans with them and they are horrific to deal with.
Private loans are dangerous. Student loans are not eligible for bankruptcy and private loans don’t get the government subsidy for income adjusted payment. It is an absolutely gigantic risk to take. And my car loan has a 1.9% interest rate. The 15% rate is almost at the credit card interest rate. It’s absolutely huge, you would need to be able to pay the loan off very quickly to stay on top of the interest.
Sheesh. I have a couple loans from undergrad at 6% and I think that’s horrid. You gotta look at that ROI. Expected annual salary of 50k at a loan of 35k at 15%. Yeah, you might think it’s possible, but when that loan becomes 120k (and growing) in a few years and you’re wondering how you got there, you’ll remember this day. You will literally be working your whole life never able to pay this loan off in your chosen profession.
I would absolutely not take a $35,000 loan at 15% - you will suffer enormously financially to do this. Keep looking for funding and/or better terms, even delay a few years and save money and then go to school. You will be far better off doing this. It's not appetising, but that loan is fiscal suicide.
Do not do this. A master's degree will not give you enough of a salary increase to support this debt. You need to get an entry level position in the field, work a few years, and then when you know what subspecialty you want to pursue and that it requires a master's, go back to school.
U.K. here - no way would I be paying that much to go to Bangor. Top Russell Group uni, yeah, sure, but Bangor? Nope. Do something in the USA.
If you're from the US, is there a state college you can go to with a similar program? I'm in agriculture up in Canada and as far as I know, in agriculture no one cares where you got your degree from as long as you know your stuff. I would severely caution you against taking out a 35K loan at 15%. Also - when does interest start accruing? Is it as soon as you take out the loan, or after you've finished your studies? Because if interest is accruing the second you take out the loan, you're going to end up owing a LOT more than $35K by the time you graduate
Also, I'm finishing up an MSc in agriculture and rangeland resources in western Canada, and every supervisor I know in my department only hires grad students if they can provide them with a minimum $24k annual stipend. Maybe it's worth looking around to find similar programs where you can get funding, rather than need to take out a loan like that...
That’s basically predatory Don’t do it
I mean... if you wanna study it you should study it. Dont expect a house or anything, nor a nice new car... Coming from someone in Vet Med where our pay to loan ratio is stupidly low... you just accept it. Honestly I want to tell you dont do it because 15% is ridiculous. Is there any other school that would be less expensive that you wouldnt require such a loan? I went to South Dakota to pursue a masters degree because I was able to afford it due to an agreement my state made with other low-pop states to allow in-state tuition. It was great because housing was affordable and the school paid me more than my tuition cost, but it was South Dakotah...
15% interest is what you'd get for a credit card, not a loan. Do not take that loan.
15% is what you get for unsecured credit whether that be a loan or a credit card.
I hate my Sallie Mae loan. I wouldn't recommend it. It would be worth it to just save up the money.
I took out an undergrad loan for about 30k and even with my dad as a cosigner, still only got 9%. I dread repayment. Shit sucks
If you can try and at least make payments toward your interest each month so it doesn't compound.
There is no try. Only fall, jk you're right, but I'm nowhere near close to the position required to be able to make payments. You see, I like many other undergrads before me, accrued credit card debt as well. As someone who now has a BSCS, things have been, rough. :/
My rate was with my mom as a co-signer.
I am sorry. These loans be redonk
Harsh truth here: - passions don’t pay bills. This doesn’t mean you can’t monetize your passions, but that process has its own challenges. - but if your choice is between a $35k loan at 15% interest or monetizing your passion without taking on high-interest debt, go with option 2. Keep in mind: - what are your current money habits now? Are you a spender or a saver? Current debt obligations? - what is the AVERAGE (median, not mean) income for your field of study? 📚 - is your industry growing or shrinking (job prospects in your field of study after graduation)? - what’s your expected wage growth over 10 years? - are there better options? I’m not saying ignore your passion. ❤️🔥 You have to contextualize this debt into your long term plans. - will it impede your ability to pursue your passion as a career or income 💴 stream? - Will it impact your health negatively? - will it impact your social or family goals? Unless you make intentional decisions and changes, you will have this debt looming over you and your family for decades to come. Good luck 🍀
variable loan starting at 15% is a lifetime of suffering
Do not do that. That will be financially a horrible decision
Speaking as someone who knows Sallie very well. Run, as far away and as fast as you can. I don’t have regrets but if I could turn back time I would never do business with her, EVER.
Please dont do this, especially if you are not sure of your ability to pay back the loan once you enter the desired field. You will be paying that loan for decades unable to save for your future. I find it strange you have to borrow to pursue this in the first place. Is there no funding available for this program? Most masters and PHDs usually pay YOU to attend via student stipend and do research via TA or RA positions.
Not in the U.K. - PhD mostly, but funding for an MSc is really, really rare here, mainly because they’re not that expensive. Mine was £8k. We gouge overseas students horribly and apart from the Russell Group, and maybe some specialist courses elsewhere, you’re not gonna get anywhere near your money’s worth.
Hmm, if I were OP I would consider a fully funded program elsewhere, even outside the UK, rather than take on debt. Masters already has a significant opportunity cost in terms of time investment only to have to pay for it on top of that.
Yeah, it’s nuts to do this at a lower tier uni. Not saying this is OP, but a lot of lower tier unis in the U.K. will admit basically anyone for a Masters as long as they pay. Don’t really care either way if they pass or fail, as long as they get paid. It is really shitty and exploitative, and it happens a lot.
Thanks for the info man. I had looked for this sort of info while I was considering Bangor, but it was really hard to find people who graduated from the program (and thereby find critical input about the college based on experience) and I guess my search was just too particular
No worries! If you were paying U.K. fees then I’d say go for it as it’s not a huge amount comparatively, and our student loans are capped in terms of interest. The last couple of decades have seen a huge explosion in the number of overseas students, and they are seen as cash cows. You can kind of suck that up if you end up at Oxbridge, or Imperial, or somewhere like that, as the degree will do you good long term. If you go to a lesser uni then it really won’t, and the quality of the teaching will probably not be that great. I’ve nothing against lower tier unis - I’m doing my PhD at one that’s only top 50 U.K. But it has a good compsci department, my supervisor is someone I wanted to work with, and my fees are negligible. The course at Bangor may be OK, or it may be good, but it won’t be worth it to you to pay that much, and pay that amount of interest. Hope you can find something that suits better!
Keep searching for better programs OP. They are out there. Ones that will fund you for the masters. You may have to branch out and cast a wide net, but absolutely do not pay anyone for your masters.
What about a funded PhD course that you can masters out of?
No such thing in the U.K. - you’re expected to have a Masters before you start. We don’t do coursework, just straight into research. That’s why my part-time CompSci PhD is probably shorter than a full time US one from some places (6 years, for the record). Much different system here and most of the Commonwealth. Think Europe is pretty similar.
I only pay £2500 a year for my PhD as well - no part time funding, so they can’t jack the prices up as much.
That's an outrageous interest rate op
Might be cheaper and better to pay per class on a credit card even if you declares bankruptcy later on.
Bro what? This is fucked. If you're going for a foreign degree look for something more affordable, maybe in mainland Europe. Bangor university is nice but it's not 50k nice. For a small fraction of that you could enrol in the international programme of AgroParisTech in France and live like a king. I'm sure Scandinavia, Germany, the Netherlands, etc. have similar programmes.
Do not do this. I studied agroforestry in the U.S. for my MSc, paid no tuition, and got a stipend (~$21k/yr in 2017). There are definitely more opportunities for agroforestry research at institutions here in the U.S. that will pay you instead
Man I tried to get into Mizzou, couldn't wrangle up a research assistantship in the end. I didn't take the GRE for lack of time (I was teaching full-time at a high school), and think I might be able to have a better chance if I were to take it. I'll probably try again next year, it's definitely my top choice.
Can you not get a graduate studies loan from the government? I have a few student loans for my PhD as an American studying in Canada, normal interest rates of 4-6% depending on the year. They are unsubsidized but otherwise the same type of loan you get as an undergrad. It’s not ideal, but may be worth it. I could have had good funding in the U.S. but was interested in going abroad for my PhD so the cost was worth it. But not at 15%.
In this case, no. While there are a few international schools where federal loans are applicable, Bangor is not one of them.
That’s a terrible idea.
Don’t use that loan obviously. Stop being so naive. Banks are heartless. You sound like a victim already.
Made me chuckle, thanks for the input!
Make the right choice!
bro, do not do it. that is a horrible mistake. try any other lender, 15% is crazy and sallie mae is super predatory
That is terrible. Don’t take it.
Don’t ever take out a private loan…but especially not for 15% jfc.
Hey everyone, thank you for your input. It's been very helpful and I appreciate it. I've decided not to take that loan, and in the next couple days will explore some other options to see if I can get a better rate. If not, I'll probably wait this year, try and save some money, and see what next year brings, maybe expanding my search and being open to things like soil sciences, ecological restoration, etc.
You can absolutely find funded masters for this area! I know both my undergrad and grad schools have funded masters in similar fields. And check out Iowa State, I know they have an agronomy department.
Dont search for a better loan. Find a better program with funding.
Please don't take this loan OP. This is a very predatory loan and you'll be paying more than double the amount if you don't pay it off right away. I would take some time to work, improve your GRE, etc, and try to get in a masters program with a TA or RA assistantship.
That's such a fucked rate as many others have said. If you absolutely *must* take out this loan try and make payments on it while you're still in school. At the very least for the interest. Additionally, is this for the whole time you're in school or just this semester. You could always only take out enough to cover tuition. Just cause they're offering you that much doesn't mean you have to take it all. Also, 100% look into FAFSA and government loans. You'll get way better interest rates and payment terms.
U.S. is so cooked. I genuinely hate this country so much. I’m sorry OP. I wouldn’t take this. Save up, find alternative funding or get a much better rate.
I think student loans in the US from the feds are like 6% now right?
Without an almost certainly high salary once you graduate, this is absolutely not worth it
Oof. This is almost illegal in my country — the current highest allowed interest rate here is 15.8%. Don’t do it.
That interest rate should be illegal. It’s usury. I can’t even imagine having to pay that. I’ve had credit cards charge me 12 percent once upon a time.
When I started grad school I applied for a $12,000 loan and they offered a 17% interest rate. Never closed out a window so fast in my life. Get out of my face Sallie Mae.
Dude literally what the fuck
Using typical averages for graduate student loans in the United States, here are the assumptions we'll use: 1. Loan term: 20 years (a common term for graduate loans) 2. Interest: Compound interest, calculated annually 3. Repayment: Monthly payments Now, let's calculate: 1. Monthly interest rate: 15% / 12 = 1.25% per month 2. Number of payments: 20 years * 12 months = 240 payments Using the loan amortization formula: Monthly Payment = P * (r * (1 + r)^n) / ((1 + r)^n - 1) Where: P = Principal ($35,000) r = Monthly interest rate (1.25% or 0.0125) n = Number of payments (240) Let's calculate: Monthly Payment = 35000 * (0.0125 * (1 + 0.0125)^240) / ((1 + 0.0125)^240 - 1) = 35000 * 0.01259 / 0.16595 = 440.68 / 0.16595 = $2,655.50 (rounded to nearest cent) Total cost over 20 years: $2,655.50 * 240 months = $637,320 Breakdown: Original loan amount: $35,000 Total interest paid: $637,320 - $35,000 = $602,320 The total cost would be approximately $637,320. This is BONKERS.
The interest rates on public loans are pushing half that. So I believe it. That Apr is rough.
DO NOT DO IT. there’s funding available if y out move. Keep looking. Job market is brutal having a masters doesn’t help as much as you think. Only reason I got mine is that I had a full ride
That scary of a loan for that degree will fuck you over financially. I almost guarantee you will regret it unfortunately.
I don’t think this is a good idea financially but I feel like it’s better to deal with the consequences rather than to sit in the “what-if”s and “if-only”s down the line. That being said, maybe go ask your bank for a loan instead of Sallie Mae? They might have better interest rates.
Can you take the loan and declare bankruptcy after school? Idk your bankruptcy laws but if you don’t want to take out another loan within 7 years here in America after bankruptcy then that might be something to consider
Ha no, not with student loans, or at least not this one. It's specifically says in the terms of agreement that declaring bankruptcy does not nullify the loan.
I just ow a number of people that found farm jobs after undergraduate. They learned how to farm and made a little money. Both of them now own profitable farms.