OK - where better to ask about student loans than a board with many students or post graduates.
Here’s the deal. I got my bachelors in exactly 3 years from RMU. I just graduated last month with $25,000 in student loans.
When I checked the Sallie Mae (lendor) on repayment options, it said that I am enrolled in school until 2011 (3 more years). My payment is about $250+/- a month.
The question is; will they know that I graduated this semester and start my repayment soon OR can I hold out until 2011 for repayment. With my addiction of spending money I would rather wait the 3 extra years if possible. I make a decent salary but have a lot of child support and other debt I would like to pay off first. My interest rate on my student loans is only about 4%.
No they verify student status every semester with the university. Unless someone is completely clueless, they’ll know and you’ll get a replayment notice. If you don’t want to start paying now, you can try for a deferment.
28 years old with $100K in debt not being a homeowner = the suck
Ouch…
As others said, they do check with your school every semester…you’ll then have either a 6 or 8 month grace period before you’re required to start paying again. I remember dealing with this a few years ago- they are very flexible/helpful regarding repayment, so they should work with you if you need to adjust your monthly amount, ect.
You have the option to defer payment for a period of 1 year from the date of graduation…and a continuance if you enter Grad school. Otherwise both the school AND your lender will be contacting you regrading repayment.
Frankly asking if you can blow money before they “catch” that you graduated is pretty stupid. How old do you want to be when you finally pay off your degree? Keep deferring and ducking…you’ll be the only 50yr old still paying off your loans. Your line of thinking is what is failing the national economy.
If you have the money pay your shiit off ASAP. All day long I deal with people whose priorities are so skewed its not even funny. I had a lady yesterday who we were forclosing on because she told me she spends the majority of her income on her parrots. Like wtf is wrong with people.
Seriously, between my wife and I, I think we have about $120 - $130K and 95% of that is the house. The rest is my car ($280/mo) and her college loan ($120/mo). I can’t imagine being that much in the hole and not owning a house. I have some peace of mind knowing that most of my debt is from my house and if it weren’t for that I would be debt free for the most part.
I am around 32%. It will get a lot better once the wife finishes nursing school and gets a job.
It is great for the kids that my wife stays home, but imagine all of the cool toys I will be able to buy once she starts making some money.
