Student Loans?

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1

I’m attending ECC this spring semester, and while ECC is rather cheap (~$3000 a semester) including books,labs ect…
I could afford to pay up front for it, but my parents told me to check out school loans. I wouldn’t have to pay anything up front and that way I can have cash while i’m in school for other things.

I’ve seen a bunch of commercials (astrive ect…) for student loans…If I take out a loan and wait to make payments untill I graduate, can I just pay the loan upfront as soon as I graduate? Or will there Interest compounded throughout my schooling?

Anyone have any suggestions, or what they did?

2

From what little I know, try to avoid private loans. Seek gov’t assistance. At ECC you should be able to get all the $ you need from gov’t loans…

3

Unless you’re getting government subsidized loans (or other subsidized loans), interest will build up while you’re in school. Not a great idea…

4

rgr. Thats what I was looking for, government subsidized loans…

5

Interest is compounded while in school… you can pay on the interest while in to stay ahead of it getting out of hand.

If you can comfortably afford school, then that maybe the best bet. 4 years at 3k a semester can add up and the payments could get pretty wicked.

If you are kind of up in the air if you can afford it or not, you could take out a loan here or there to help ya out. Just keep in mind you have a 6 month grace period after you get out of school to start paying them back, pretty much 6 months to find a job or consolidate loans.

After all is said and done depending on how long you will pay off the loans they could end up being 3x more than what you took out in loans

6

kinda off topic…

I know a girl who is attending canesus to be a teacher…she takes out $35K a year in loans… for 4 years.
I wouldn’t want to know the payments on that.

i’m undecided on what I want to do…
I can get a chase stamford loan for around 6.5% and pay the interest while in school, i may do that.

7

well grants are 100% out of the question for you due to the income bracket you’re most likely in.

If you’re going to pay for the spring symester with loans, you better do it online asap. It’ll take 7-10 days to go through to the school and the payment for ecc was due the 2nd. Classes start in two weeks, but there’s a window etc etc.

8

If you don’t have to take out a loan, don’t.

And fyi (just learned this yesterday) if you ever had to declare bankruptcy, you still have to pay student loans.

9

meet with someone in financial aid at the school and ask them questions.

That astrive looks like a fucking scam.

Don’t borrow anything from sallie mae, they are the devil.

I refinanced my federal loans to a company called great lakes, they are excellent. My private loans are through citi (my employer).

10

sallie mae does have a ton of loopholes they really do suck and are not pleasant to deal with…

11

fucking :ham:.

12

And this is why I’m not at Cornell.

:slight_smile:

13

When I’m finally done I’ll probably be around $250k in the hole :slight_smile: