Student Loans (serious financial advice only please =)?
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Student Loans (serious financial advice only please =)?If there is any way possible, pay that interest off as you go ( I think you have the option for yearly, as it accrues). I know it is hard, almost impossible. The problem that they don't tell you with a student loan is you must pay the INTEREST off which accrues daily before you can start paying on the principle which also accrues daily. It is a trap you will never get out of without literally making a double payment, one to the interest and a second one CLEARLY MARKED "PRINCIPLE". I paid mine off, but I paid dearly. For a $8,000 loan I paid almost $28,000 after interest. It just takes so long, and it took forever before I figured out the double payment thing. If you don't pay that way it is almost impossible to get it done.
Good Luck
Student Loans (serious financial advice only please =)?Fill out the FAFSA (http://www.fafsa.ed.gov) & take out as much from the Stafford Loan as possible. The amount you can take out will depend on your grade level & your dependency status (whether you are dependent or independent by FAFSA's standards). Depending on your income (& your parent's income, if you're dependent) & the cost of the school you're attending, you could be eligible for some subsidized funds (interest-free while you're in school). Whatever is not subsidized will be at a 6.8% interest rate.
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