Student Loans (serious financial advice only please =)?
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However, there could be a problem getting the loan if you have already met your financial aid budget or you are on financial aid suspension for some reason.
Since every student's situation is different, you should go into the Financial Aid Office at your school & talk to a financial aid counselor. Ask if the Stafford is a possibility for you. If it is, you can use the money you receive from Stafford to pay back part of the loan you have. If not, ask what other options you have to pay your bill. If you're a dependent student, ask for information about the Parent PLUS Loan, & share that info with your parents.
Also, if you have the second half of your private education loan coming in for second semester, you may want to consider canceling it. Even if the Stafford idea doesn't work out, hopefully you can find another private loan with a better interest rate.
Student Loans (serious financial advice only please =)?I also took out a loan this year. For 6600.00 or there about. I simply do not believe that is right. Now, I'm no expert, but that would be.... about 400% interest. Seems impossible. I am going to go to Sallie Mae and find out. I also have my loan there. Mine can be paid back over many many years at a very low payment, if I choose to do it that way, however I thought the interest rate was around 10%. You can go on-line and ask them to send you your financial records. If what you are thinking is right, you will pay 3000.00 a year interest alone for the next 10 years. Doesn't add up. That's almost 50% interest a year I think that is illegal. Like I said in the beginning, I am no expert and certainly hope you are wrong or I will be in the same boat!
Student Loans (serious financial advice only please =)?I am on my way to graduate school next September and I am trying to avoid getting loans as much as possible. I'm applying to two competitve scholarships which cover almost all of the tuition cost and I can only hope to get it.
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