**College and Student Loans**

Apparently my parents want me on their taxes so i'll be a dependent for a while..

 

Colleges should be "shot" for what they charge for tuition. Private loan companies ie: sallie mae etc should be "shot" 3 times for the way they do business. Companies

 

Agreed, and its pretty much a crime...

And thus the loan cycle begins anew.

 

dependency (or being independent) on FAFSA is completely different than being claimed as a dependent on someone's tax return. i think the terms get confused so folks think being removed from a parent's return makes them independent on the FAFSA. this is not true. i explain this to many students and parents but it always comes up.

 

Enlighten me on the difference please

 

So I did a quick survey of my co-workers asking how much their student loan payment is, and for the most part, it's about 1% of their owed amount per month doing the standard repayment plan.

For example,

Co-worker owes $15K, she pays $150 a month
Another owes $50K, he pays $530 a month
Co-worker's husband's friend owes $300K, pays $3300 a month (She went to Med School).

So it seems like there is a 5 year repayment plan with the standard method... I haven't looked into it much...

 

Hmm... if this could (realistically) be applyed to me then im looking at payments around 350/month, which is alright, it's about a truck payment, and i didnt pay for my truck so that'll work out nicely

 

Typical repayment period is 10 years. If you're over 25K some holders have extended programs to reduce the payment (e.g 13, 20, 25 years).

 

Hopefully it'll take less than that if im doing well off enough.

 

i think they also have a 6 or 7 year term if you have a small balance, perhaps less than $10,000 or so.

 

DId you have a loan and how long did it take to pay?

 

You should watch this movie: Default: The Student Loan Documentary

 

Will do appreciate it brother

 

I just watched the documentary, powerful stuff man. It's actually pretty scary to think that something as small as 24K in debt can quickly grow near 90K in debt if you decide to default on your loans, I believe the 5-6K in debt that i have now (sophmore) i believe all of those are federal student loans, and hopefully if i have to get any loans, they will be of this type because from that video, Private loans SUCK ASS...

I will be working two jobs in the summer to pay back the loan that im taking out this semester so i wont have to worry about it, and i'll be applying for as many scholarships as i possibly can, I just don't want to be fucking over my head in debt, just for making the choice to go to college to pursue a degree.

Again, Thanks for posting that video.

 

Update, i called my financial aid office and apparently because i had over 30 credit hours last semester (24 transfer,14 in school) then i was approved for a subsidized loan for 1000$. so I quickly accepted it so it could get processed in time for the cutoff (jan 8).

I am currently now $6,466 in the hole, non-interest occurring so im happy about that because now i can sorta focus more on my school and get a plan together so i can start cutting the debt load down before the fall semester