Help! Student Loans!

[Nootropic]

So I just got the statement for my student loan, which was rather, unsatisfactory, you might say. Apparently you had to read the "fine fine" print to notice they'd ramp it up to a 14.5 interest rate. So now I'm looking quickly for another loan with a MUCH less expensive interest rate. Anyone know any good ones?

[Buffy]

The days of society believing that educating its students is a good thing is long gone (except of course when CEOs are trying to justify offshoring jobs! ). Student loans are now just another commercial endeavor, and as a result, their only purpose is to make money for the vendor. As students have no credit worthiness, they normally get loan-shark rates.

14% is actually pretty good for an unsecured, no-credit-record loan, although I haven't been in the market (and won't be) for a student loan in quite a while.

Good luck though!

Investing in the future is not a Conservative Value,
Buffy

[Nootropic]

Indeed, if only college were free...

coming back from my day dream, I am slightly disappointed because I do have a cosigner (my stepdad) whose credit is good, but not hold-the-phone great. I'll probably just end up penny-pinching and hunting for scholarships in my dwindling spare time. I suppose I get to be part of the growing statistic of Americans in debt. Huzzah!

[GAHD]

get a part time job somewhat close to the feild you're goin into or you'll be SOL with a BA

[CraigD]

Originally Posted by Nootropic

So I just got the statement for my student loan, which was rather, unsatisfactory, you might say. Apparently you had to read the "fine fine" print to notice they'd ramp it up to a 14.5 interest rate. So now I'm looking quickly for another loan with a MUCH less expensive interest rate. Anyone know any good ones?

Out of curiosity, from what institution did you get your loan?

As one of the more financially successful of my extended classmate family, I’ve had a good bit of experience with “rehabilitating” delinquent student loans. Every one of them has been a Perkins loan. Compared to a Perkins loan’s 5% APR over 10 years, starting 9 months after graduation or dropout, the rate you describe, and, I suspect, the terms, are terrible.

The Department of Education, and, with occasional exception, their contractors, in my experience bend over backwards to help their loan holders repay their loans, waiving penalties, deferring payments, completely forgiving the loan if you’ll teach Math or special-ed for a few years, etc. The main drawback with the Perkins is that it’s small (for undergrads, max $4,000/year, $20,000 total) and limited to poor students.

Though it’s likely not helpful with your current problems, Nootropic, I’d suggest you avoid your 14.5% student loan lender in the future. If you don’t qualify for a low-income loan, either due to your own or you family’s income, hopefully you or they can repay your loan(s) as quickly as possible via a variety of financial instruments.

[Racoon]

Student Loans are great until you have to pay them back..
However, They are comparatively low interest and reasonable about paying them back..

For those who may not know, Filing Banckruptcy won't eliminate your student loans.
Or everybody would spend $60,000 and file bankruptcy after graduation.
(Same goes for Child Support.. It doesn't go away)

You knew you were taking a loan. They do give you leniency between school graduation/dropout and finding work..

If the amount is high, then you're pigeonholed and you knew that going in.. A degree in todays economy isn't what it used to be.

If your loans are under $10,000 then thats a good thing and you can get out of that.

Was it A government subsidized loan?
Or something else?

[Nootropic]

Unfortunately I made the rather large mistake of going with Sallie Mae, who I might add is probably the worst company to do business with. However, I recently just cancelled my loan with them after talking to an advisor at Michigan State and she gave me this place to contact and I just got approved from them and they offter a MUCH lower fixed interest rate. The thing that floored me the most was that I would, after paying Sallie Mae everything, have given them $105,000! Not in the least bit ridiculous, especially with their astronomical interest rates, which were still given to me even with a cosigner with very good credit. Gah, they really have monopolized the student loan industry. Champions of higher education my ass.

I also realized I didn't really need the amount I had originally though I did since I have a federal stafford loan (I didn't qualify for the perkins loan) and about 1500 in scholaships each semester and I had applied for a full year of money, so now I'm only doing half a semester. I am so glad I got out Sallie Mae, as I have heard many, many unsavory things (and especially after being tossed around by their incompetent "customer service" representatives") about their virtual monopoly on the student loan industry. Just dodged a bullet!

Check this website out on Sallie Mae StudentLoanJustice.ORG- THANK YOU

[TheFaithfulStone]

14.5%?!?!

That's freakin' usury, pure and simple.

My wife is finishing an advanced degree, and as you can imagine, we have pretty substantial student loan debt. But even with our unsubsidized loan, we only ended up with a 2.5% rate.

14.5% is nothing short of criminal, and as you've no doubt realized, people will buy that loan from Sallie Mae (or you can transfer it) to a lender with much better rates.

Now I'm just pissed off.

TFS