Fed Financial
Okay to worry about paying off student loans? Reaching $60,000 and I still have two more years in college!!!!?
I just finished my second year in college. I have loan of $60,000 with interest rate of 10.25% - $50,000 on private loan (Sallie Mae Student Signature Loan) and the rest on federal subsidized loans. They are all under my name on my credit. How did this happen? I go to one of the most expensive private colleges in the country and I wasn't so particularly wise while filling out my FAFSA in my freshmen year. My parents are not in a financially good position to take out loans for me...even federal PLUS loans. I have to get about $13,000 more for my junior year. I see seniors graduating with much less debt than I have right now, and I always worry about paying off all these loans in the future!!!! Has anyone been in a similar situation as me? Am I supposed to worry or is this pretty normal????? Any advice for a poor college student? THANK YOU!
Public Comments
- You can gain experience and get your loan paid off by the United States Army. They have a loan repayment program that pays up to 65,000, for student loans. Check with your local recruiter. With you college experience, you will go in with advancement in rank also or possible become an officer.
- You are the one who signed for the loans you got You are the one who decided how to spend that borrowed money. So you are the one who has to pay it back, SO DO IT...find a way to put your efforts into honoring your committment to pay these debts. You shoudn't compare to others, these are your debts, The faster you pay them off, the better your credit rating will be... screw around with them, and you will have lousy credit rating and owe the same amount plus interest.
- Make sure you are preparing yourself well for a career that will pay the bills when you get out of college. Make sure you prepare the FAFSA well for your senior year also. Try to limit expenses as much as possible. Make sure you graduate on time and do as well as possible GPA-wise. You should also look into programs that offer loan forgiveness and loan-deferral. One temptation you should avoid is to immediately begin grad school to avoid making loan payments. That will just make your problem worse.
