Student Loans

#1
volwindy

volwindy

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#1
I've been getting advice and will talk to my parents about this as well, but I want to see what everyone says, get more advice. Thankfully so far I have not had to have any student loans so far, but that will now change, I just can't do it as tuition just rises everywhere!

I've read where these loans you don't start paying until 6 months after you graduate. Well I don't really need that since I do have a full time job, I could be paying right now. For instance I could pay $X per month right now, I just can't afford the $5,500 per semester right now. What are the suggestions to do? :dunno:
 
#2
#2
volwindy said:
I've been getting advice and will talk to my parents about this as well, but I want to see what everyone says, get more advice. Thankfully so far I have not had to have any student loans so far, but that will now change, I just can't do it as tuition just rises everywhere!

I've read where these loans you don't start paying until 6 months after you graduate. Well I don't really need that since I do have a full time job, I could be paying right now. For instance I could pay $X per month right now, I just can't afford the $5,500 per semester right now. What are the suggestions to do? :dunno:
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pay as much as you can as soon as you can. Starting your professional life with as little debt as possible will reap great rewards.
 
#4
#4
no doubt, i had one small student loan like 3,500 for summer school one year since the scholarship didn't cover summer school. classes were a grand each. lets just say the interest on the loans blow a big load. i've been paying more each month, i'm about 700 dollars away from having it off
 
#5
#5
holdemvol said:
pay as much as you can as soon as you can. Starting your professional life with as little debt as possible will reap great rewards.
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Well I'm already a professional. I have my associates degree and I'm going back for my bachelors.

Vol Mania 21 said:
no doubt, i had one small student loan like 3,500 for summer school one year since the scholarship didn't cover summer school. classes were a grand each. lets just say the interest on the loans blow a big load. i've been paying more each month, i'm about 700 dollars away from having it off
Click to expand...

You could pay it off right now if you wanted to right? You don't have to have a set time? Half of my loans will have no interest and another half will if I use that route, not sure what that would all mean in the end.
 
#9
#9
volwindy said:
Well I'm already a professional. I have my associates degree and I'm going back for my bachelors.



You could pay it off right now if you wanted to right? You don't have to have a set time? Half of my loans will have no interest and another half will if I use that route, not sure what that would all mean in the end.
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ya i could if i wanted to, but i'm also trying to add more to my savings account and other funds. see my payments are only 50 a month, but i pay more than that to get it out of the way
 
#10
#10
volwindy said:
Well I'm already a professional. I have my associates degree and I'm going back for my bachelors.



You could pay it off right now if you wanted to right? You don't have to have a set time? Half of my loans will have no interest and another half will if I use that route, not sure what that would all mean in the end.
Click to expand...

The point was when you are finished with school you will be well served to be as debt free as possible.
 
#13
#13
volwindy said:
Then why do they say payments won't start until 6 months after you finish school?
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the payments won't start until your done but the money you would use to make the payments could be put to much better use. If you invested the money that would have been making student loan payments properly your life will be much sweeter in the long run financially speaking. Compound interest is a beautiful thing.
 
#14
#14
Make sure you get a Stafford type loan. That keeps the lender from selling your loan to another bank and then the new loan holder jacks up your interest rate by combining your loans (a cute thing I notice is usamerican bank sells the loans between departments so the loans all go to the highest interest rate) .

your original lender may, and probably will sell your loan, but the rates should stay the same. Thus look at your interest rate you are getting, it shoudn't be more than 6%. Only take out loans you have to have, and check them monthly to make sure nothing is being attached or altered. If you end up taking out more than one loan over time, DO NOT CONSOLIDATE YOUR LOANS.
 
#15
#15
they key is when they start charging interest not when you have to start paying. get the ones that delay them charging interest.
 
#16
#16
MontereyVol said:
Make sure you get a Stafford type loan. That keeps the lender from selling your loan to another bank and then the new loan holder jacks up your interest rate by combining your loans (a cute thing I notice is usamerican bank sells the loans between departments so the loans all go to the highest interest rate) .

your original lender may, and probably will sell your loan, but the rates should stay the same. Thus look at your interest rate you are getting, it shoudn't be more than 6%. Only take out loans you have to have, and check them monthly to make sure nothing is being attached or altered. If you end up taking out more than one loan over time, DO NOT CONSOLIDATE YOUR LOANS.
Click to expand...

Man I did not know all of this. I have no idea about loans since I've never needed one thankfully, but man is this a headache for the directions to take!
 
#17
#17
My sister is dealing with a balooning student loan debt. She graduated Med school and cannot make ends meet due to some of the practices the loan companies are pulling on her, that and she wont fight for her rights.

So I took power of attorney and got her into court. Her problem is she was in Iraq (also in the Tenn Gaurd) and sallie mae sold her loan to another bank. The new bank consolidated her loans without her consent and her interest rate on her 5 individual loans all went to the loan with the highest rate 9% after they consolidated.

The holders of your loans are not going to be on your side so you have to watch them. keep it simple.
1.(like Droski said) try and get a loan you dont pay interest on until 6 months after you graduate. You can make payments before interest kicks in
2. Get a Stafford.
3. dont sign anything new, get a loan you can handle and dont sign anything later that sounds like a better deal, just pay off your original contract.
 
#18
#18
MontereyVol said:
My sister is dealing with a balooning student loan debt. She graduated Med school and cannot make ends meet due to some of the practices the loan companies are pulling on her, that and she wont fight for her rights.

So I took power of attorney and got her into court. Her problem is she was in Iraq (also in the Tenn Gaurd) and sallie mae sold her loan to another bank. The new bank consolidated her loans without her consent and her interest rate on her 5 individual loans all went to the loan with the highest rate 9% after they consolidated.

The holders of your loans are not going to be on your side so you have to watch them. keep it simple.
1.(like Droski said) try and get a loan you dont pay interest on until 6 months after you graduate. You can make payments before interest kicks in
2. Get a Stafford.
3. dont sign anything new, get a loan you can handle and dont sign anything later that sounds like a better deal, just pay off your original contract.
Click to expand...


Thanks, thats a lot of help. I was offered two kinds of loans from the school, so I will have to look into those more specifically.

I just need to go with my original plan, get the cash from mr7. :birgits_giggle:
 
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