College Loans

[Bunnymedic]

Hey,everyone,I need to get a loan for school
Who do you have your loan through and want kind of interest rate are you paying?

I've been looking around and need a little help to find a good one-I would really like to delay payments untill I graduate if possible

I am only going to be a part time student
I also work full time and am independant,so it is hard for me to get any financial aid

Any help would be appreciated

 

[alphacheese]

Yikes, student loans are the scariest things ever! Most that I've heard of don't charge you interest until you graduate. Well, that's a misconception. They don’t require you to pay interest until you graduate, but that doesn’t meat they aren’t charging you unmercifully while you are attending college. So, you got a 10% rate, no interest until you graduate, hooray! Well all 4 years, for instance, that you were enrolled, they were charging you interest, and now that you’ve graduated you have to pay that interest of those 4 years. Not only that, but student loans are compounded interest.

So you had a $10,000 loan for 4 years at 10%, you are paying now $14,000! Happy graduation! So, for the sake of nice even numbers, you pay $1000 in your first year, so your principal is $13,000 but your interest for that year is $1300. And to boot, compounded interest means that they add it to your principal, how fair is that? So, after one year paying $1000 you now owe $14,300! What?! I now owe more than my original principal after 4 years of interest? YES! So, pay off $2000 this next year. Principal drops to $12,300, but don’t forget that the $1230 interest is now added to your principal, which is now $14,600! If you want to win at a student loan, you got to have a lot of money saved up to pay it back, which doesn’t make any sense because that’s the entire reason to get a loan anyway.

I know a 54 year old doctor who is still paying off his student loans from college and med school. He makes tons of money, and still has trouble paying it off! Because each year that compounded interest pounds you!

 

[Bunnymedic]

yeah...
after researching some of the laon options on the internet,I was beinging to think I will be in better standing if I get a credit card at 5% interest with the Crdeit Union and put it all on that!Of course that means I will have to start making payments as soon as I put money on it,but at least I would'nt be killed with all the interest!

 

[Bunnymedic]

Oh,one cool thing happened to day though...
I have already paid all the application and enrollment fees for my school and I need $275 this week to start my first class for the summer....
I was wondering what to do because I dont have a loan yet,and I didnt want to take the money out of savings.
Then my mom got the mail today,and in it was my refund check from taxes for $300.00!!God is awsome!

 

[redheadskiangel]

Oh,one cool thing happened to day though...
I have already paid all the application and enrollment fees for my school and I need $275 this week to start my first class for the summer....
I was wondering what to do because I dont have a loan yet,and I didnt want to take the money out of savings.
Then my mom got the mail today,and in it was my refund check from taxes for $300.00!!God is awsome!

That is so cool