Student Loans

[mistanice]

What are some things I need to watch for when getting a student loan. I've been offered 2 loans from my school. A PLUS loan, and a Stafford loan. My next step is choosing a lender, but this is where i'm stuck. What am I looking for in choosing a lender?? I need some help from you current and former students! thx

[hawkfan]

Originally posted by mistanice
What are some things I need to watch for when getting a student loan. I've been offered 2 loans from my school. A PLUS loan, and a Stafford loan. My next step is choosing a lender, but this is where i'm stuck. What am I looking for in choosing a lender?? I need some help from you current and former students! thx

Now i'm probably missing something, but it seems to me that all lenders are pretty much the same. But, it would probably be a good idea not to switch lenders, stay with the same one all through school. Also, when it is time for repayment, do not forget to consolidate your loans. Your payments will be a lot lower.

[zeus63]

I would most definitely stick with a big name lender (Wells Fargo, Loanstar Systems, Sallie Mae, etc) But, like was mentioned before, pick one and stick with it, it will make your life much easier when you have to start repaying

[Haunta Yo]

Check to see when the loan STARTS accruing interest...
Big money loans that start accruing the date issued are costly in the long run.

You also need to understand that student loans MUST be repaid even if you declare bankruptcy...

I'll never understand if Sallie Mae goes under because unlike other loans that can default, there is NO RISK for them?????

[Sweetwater Red]

Originally posted by mistanice
What are some things I need to watch for when getting a student loan. I've been offered 2 loans from my school. A PLUS loan, and a Stafford loan. My next step is choosing a lender, but this is where i'm stuck. What am I looking for in choosing a lender?? I need some help from you current and former students! thx

LISTEN TOO ME! THIS IS VERY IMPORTANT! DO NOT AND I MEAN
DO NOT BORROW MORE THAN YOU NEED! IF THEY OFFER 20K
AND YOU ONLY NEED 10K...BORROW THE 10K!

[Diocletian]

Do not get a student loan it will haunt u and your future spouse forever.......trust me

unless your parents are rich and u can cry back to them when your 24-28 and in debt up to the eyesockets, with changing phone #'s every 6 months....lmao



i don't reccomend them at all, do what u can with basic grants, or just work and earn the money for a certification that will get u into a good company, then maybey you'll get lucky enough and they will pay for your college


or you can join the millitary, 3-6 year tours and plenty of $$ for college, plus you get experience in a field




if you get a student load just forget about having fun until it's paid off, and usually that's in about 20-30 years, for the actual ones who do pay them off without reaching a settlement

[mistanice]

Originally posted by Diocletian
Do not get a student loan it will haunt u and your future spouse forever.......trust me

unless your parents are rich and u can cry back to them when your 24-28 and in debt up to the eyesockets, with changing phone #'s every 6 months....lmao



i don't reccomend them at all, do what u can with basic grants, or just work and earn the money for a certification that will get u into a good company, then maybey you'll get lucky enough and they will pay for your college


or you can join the millitary, 3-6 year tours and plenty of $$ for college, plus you get experience in a field




if you get a student load just forget about having fun until it's paid off, and usually that's in about 20-30 years, for the actual ones who do pay them off without reaching a settlement


Luckily I was able to go to a community college first and not having to borrow a dime. After transferring to a university, I have 50+ hours remaining til I get my bachelors, and grants alone will not cover everything. (apartment, transportation). I plan on only oweing no more than 10-12 grand after i'm done. I see that as pretty reasonable after looking what other students owe after they're done.

[DukeNukem]

student loans can be ok. they are definitely better than credit cards. plus towards the end when you finally become what they call an independent student you can get a boat load. you just have to spend it wisely. for instance my last year of school i qualified for around $12K. i really only needed about $2K. i also needed a new ride as mine was no longer dependable. the lowest finance rate i could get on an auto loan was about 6-7%. instead i took the full amount and used it for a big payment. with the consalidation that money is locked in a 2%. the payments are a pain but i would have had them anyway and at a higher rate.

tip 1: use the people you bank with if you can such as wells fargo.

tip 2: start a new checking account to put that money in. it is easy to track and you can reserve it for school, practical uses such as rent, utilities, etc..

tip 3: take as much as you want but don't waste on eating out, movies, trips, beer, etc... refer to tip 2.

good luck!

[sahen]

Originally posted by mistanice
What are some things I need to watch for when getting a student loan. I've been offered 2 loans from my school. A PLUS loan, and a Stafford loan. My next step is choosing a lender, but this is where i'm stuck. What am I looking for in choosing a lender?? I need some help from you current and former students! thx
PLUS and Stafford loans should have their interest rates set by the government so the lender shouldnt matter that much, but as said before just use the same one throughout school....

[sahen]

Originally posted by Diocletian
Do not get a student loan it will haunt u and your future spouse forever.......trust me

unless your parents are rich and u can cry back to them when your 24-28 and in debt up to the eyesockets, with changing phone #'s every 6 months....lmao



i don't reccomend them at all, do what u can with basic grants, or just work and earn the money for a certification that will get u into a good company, then maybey you'll get lucky enough and they will pay for your college


or you can join the millitary, 3-6 year tours and plenty of $$ for college, plus you get experience in a field




if you get a student load just forget about having fun until it's paid off, and usually that's in about 20-30 years, for the actual ones who do pay them off without reaching a settlement
if ur family cant help you out and u dont want to go into the military then u really dont have a choice....getting a certification and then working for a company may not be what people want to do AND if ur gonna go to college u might as well get a degree in something u like, working for a company that then pays for ur college is probably going to restrict whre u can get the degree, namely something for the company....also, it can take a lot longer if u go that route, pretty much any way u look at it, u'll be paying for college for a long time if ur not well off....

[Aesculus gilmus]

Man, this is just sad. The American Dream is basically over for most.

My only thought is that you who are colllege-aged were born too late.

When I went to college at UT-Austin, tuition there was $4 an hour. The total bill for a 15-hour semester, including fees, was less than $300. This was even true of the law school, of which I am also a graduate.

I guess the only good thing about those under 30 is they will never know how good times were, especially in Texas. Around the mid-1970s, it all began falling apart, but it didn't really hit home until the late-1980s oil crash. When the rest of the country experienced the mid-1970s stagflation, Texas actually benefitted overall because that was when the energy prices began skyrocketing.