Well, I tried to do it all on my own. For the last three years I have paid for my school on my own. I can't do it anymore, I have to start taking loans. I have 4 more semesters left so it won't be that much. I figure by the time I am out I will only have about $7,000 in loans. Thats not too bad. I have been saving approximately $200 per month to use toward my school but I just can't do it anymore. I feel I am living on a budget too much. I am not enjoying myself. So I should receive my check in about 6-8 weeks. I'm happy and sad at the same time
I think it's good to focus on your school and not have to worry about scraping and earning every single penny. Good luck!!!!
Been taking out loans and getting pell grants since 97....kbelle is right..it is nice to focus on school and not money...you'll pass your classes easier and get out quicker.....
I can't get grants eventhough I am now going to be full time, I make too much money. I do feel a relief. I do feel sorry for anyone dealing with these loans who screws up!
The best advice I can give you regarding your loans is to make use of the automatic draft option (my lender is Sallie Mae). It will give you peace of mind in the long run. You get used to knowing when it's going to pull out of your account and make sure you have the money in there. I swear, I would get so busy sometimes that I look up and the payment would be a week late. However, these loan organizations don't usually report you until you are 90 days late so don't worry about a week. They'll send you a reminder letter letting you know you missed your payment. They are also a great installment line on your credit report if paid religiously.
Molly, Don't feel too bad about the loans; actually they are going at 5.25% now, so you're getting a heck of a bargain. Consider them an investment in your future! Also, you can pay the interest now, so that you won't have so much of a payment later. Best of luck! Deb GO GREEN GO WHITE!
I have a choice of lenders: Wells Fargo BofA Citibank Suntrust Matadors Credit Union Nellie Mae Educaid AELMA/Southwest student I will not take Citibank because of my old loans. Which one sounds good?
I don't know. A lot of the people I know from law school including myself ended up getting bought by Sallie Mae. Sallie Mae hasn't been all that bad. They are pretty easy to access online. I've had some glitches with them, but they were mostly from credit ignorance. I started with my bank when I applied.
Molly, If you have a choice between a private bank loan and a federal student loan (i.e. Nellie Mae, Sallie Mae), I recommend going with the federal student loan. You have far less protection in dealing with banks and their whims. I'd go with Nellie Mae, then consolidate them (as long as they are ALL subsidized) to Direct Loans. You'll be hard pressed to find a lower interest rate right now. I guess I just don't trust banks and I feel that as long as a person doesn't screw up a federal student loan, that federal loans are safer in the long run. One thing about government bureacracy... they're excellent (to a fault) at record keeping and less inclined to intentionally hurt you.
The downside of the government bureacracy is that it takes 3 times as long to get anything done when you do have a problem.
Molly, From one CSUN alum to a future CSUN alum, stay away from Matador Credit Union. I had an auto loan with them ten years ago. They made more errors posting payments than any other creditor I've seen. They called my place of employment repeatedly saying I was delinquent. I wasn't. I had the cancelled checks. I finally refinanced the loan with another credit union just to get away from them. I don't think they're evil; just horridly imcompetent.
