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Old 09-11-2012, 10:47 AM   #1 (permalink)
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Default Your Student Loan Expieriences

I'm a senior in high school and I'm really curious about student loans and what you guys have seen with them.

I plan on going to a 4-year university so any stories relating to one would be a plus.


And stories about scholarships and tips on scholarships would be fantastic
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Old 09-11-2012, 10:56 AM   #2 (permalink)
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If you can get Federal loans, do it. Stay away from Sallie Mae. Please, please heed my warning. They are bloodsuckers and limit you to nothing in terms of repayment (Going back to school is the only option for deferment). All of my federal loans were deferred by simply asking them to be (for 12 months) while I looked for a job in the state of the economy two years ago. The people at Sallie Mae literally laughed at me. I tried talking to numerous customer service representatives as well as managers and one told me he found it hard to believe I couldn't find a job. He then told me he had two jobs and it's pretty bad if I can't get out there and find at least one (basically calling me lazy). Their interest rates are insane compared to the Federal loan rates but I had no choice at the time. They also have a "smart option" loan that you begin repayment immediately (in the fine print, they make it easy to miss). Who the hell wants to begin repayment on a loan while I'm still in school? The whole reason I borrowed money was because I had none.

I'd be interested to hear about scholarship tips as well as I'm applying at William & Mary next fall for my MBA.
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Old 09-11-2012, 10:59 AM   #3 (permalink)
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If you can get Federal loans, do it. Stay away from Sallie Mae. Please, please heed my warning. They are bloodsuckers and limit you to nothing in terms of repayment (Going back to school is the only option for deferment). All of my federal loans were deferred by simply asking them to be (for 12 months) while I looked for a job in the state of the economy two years ago. The people at Sallie Mae literally laughed at me. I tried talking to numerous customer service representatives as well as managers and one told me he found it hard to believe I couldn't find a job. He then told me he had two jobs and it's pretty bad if I can't get out there and find at least one (basically calling me lazy). Their interest rates are insane compared to the Federal loan rates but I had no choice at the time. They also have a "smart option" loan that you begin repayment immediately (in the fine print, they make it easy to miss). Who the hell wants to begin repayment on a loan while I'm still in school? The whole reason I borrowed money was because I had none.

I'd be interested to hear about scholarship tips as well as I'm applying at William & Mary next fall for my MBA.
My tip, find an employer that will pay for your MBA. That's how I got mine and there are plenty out there that will do it!
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Old 09-11-2012, 11:00 AM   #4 (permalink)
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rule number 1 about going to college
state college is cheaper than private
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Old 09-11-2012, 11:14 AM   #5 (permalink)
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so I took my time through college, and now im paying for it with my loans. if you're taking loans, don't #@#@#@#@ around and get done in a reasonable amount of time.

thankfully as a teacher I can get a good chunk forgiven eventually, but I have to pay down to that amount first.
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Old 09-11-2012, 11:27 AM   #6 (permalink)
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Here is the most helpful hint you will get.

Get an entry level job in the field you want pursue with a company that offers educational assistance.

If you want to go to school 1st just make sure the loan justifies the salary on the end of the loan.

Don't get $100,000 in debt to become a teacher making $28K a year
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Old 09-11-2012, 11:28 AM   #7 (permalink)
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^ that that that
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Old 09-11-2012, 11:41 AM   #8 (permalink)
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Here is the most helpful hint you will get.

Get an entry level job in the field you want pursue with a company that offers educational assistance.

If you want to go to school 1st just make sure the loan justifies the salary on the end of the loan.

Don't get $100,000 in debt to become a teacher making $28K a year
I see what your saying but I'm going into Aerospace Engineering so I pretty much need a degree to get into an entry level position, so my choices are pretty much limited to one haha
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Old 09-11-2012, 11:43 AM   #9 (permalink)
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I see what your saying but I'm going into Aerospace Engineering so I pretty much need a degree to get into an entry level position, so my choices are pretty much limited to one haha
How are the job prospects for that? I know a friend of a friend who works for one of the big companies in that field and it seems like he's facing a possible layoff a few times a year.
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Old 09-11-2012, 11:46 AM   #10 (permalink)
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Move to Ireland SO much cheaper. College fees are 2,250 euro, then add accomadation which is around 3,000 euro and then food expenses. I know some people have moved to the US for college but only on scholarships
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Old 09-11-2012, 11:46 AM   #11 (permalink)
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I see what your saying but I'm going into Aerospace Engineering so I pretty much need a degree to get into an entry level position, so my choices are pretty much limited to one haha
how interesting. i started out as an Aero... then quickly realized I sucked at Calculus.
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Old 09-11-2012, 12:01 PM   #12 (permalink)
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How are the job prospects for that? I know a friend of a friend who works for one of the big companies in that field and it seems like he's facing a possible layoff a few times a year.
From my research it varies depending on the companies and what aspect of aero you decide to specialize in. Any idea what he does and the company he works for?

There is slight job growth, but by the time I graduate the job growth is predicted to be much stronger with the US government investing in aerial military drones, private companies trying to provide access to space (with NASA out of the picture), and the need to redesign aircraft to meet environmental needs (reduce pollution, better fuel efficiency, etc.)
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Last edited by AKHMERICA; 09-11-2012 at 12:04 PM.
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Old 09-11-2012, 12:03 PM   #13 (permalink)
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From my research it varies depending on the companies and what aspect of aero you decide to specialize in. Any idea what he does and the company he works for?

There is slight job growth, but by the time I graduate the job growth is predicted to be much stronger with the US government investing in aerial military drones, private companies trying to provide access to space (with NASA out of the picture), and be needed to redesign aircraft to meet environmental needs (reduce pollution, better fuel efficiency, etc.)
He's with Boeing, but the issue may be that he's on the space side of things.
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Old 09-11-2012, 12:23 PM   #14 (permalink)
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I owe quite a bit. My undergrad (consolidated with Sallie Mae) are in deferment while I attend graduate school. My undergraduate loans are around 1.75% interest. My graduate school loans are at 6.8% interest.

I've had been paying (before deferment) about 10 years on my undergraduate loans. I never made excess payments because the rate was so low (and the interest reduces taxable income). Any extra money I put toward mortage payments or invested.

When I was an undergraduate I didn't understand the value of the money I was borrowing. When you begin paying it back you realize what your time actually cost.

Borrow if you must (most need to), but understand you must pay it back. Only borrow the minimum that you can get by with.
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Old 09-11-2012, 12:27 PM   #15 (permalink)
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I don't use social media other than linkedin.com

Create and account and network! Extremely important in today's job market.
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Old 09-11-2012, 12:44 PM   #16 (permalink)
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I see what your saying but I'm going into Aerospace Engineering so I pretty much need a degree to get into an entry level position, so my choices are pretty much limited to one haha
You get an entry level job in Lockheed Martin and they pay up to $6,000, I believe, a year towards college. It may take you 6 or 7 years but you are also working while going to college.
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Old 09-11-2012, 12:49 PM   #17 (permalink)
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$1200 more $ and I'm paid off!! (PS I graduated in 2000 - did a refi in 2004/5 - had about 15k in loans)

What I had for 4 years of loans was nothing compared to most others. Low income family at the time got me lots of money I didn't have to pay back...also state school helped.
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Old 09-11-2012, 03:21 PM   #18 (permalink)
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I will be at around 120k in loans when I finish medical school. If I am lucky, I will find a job that will pay most of that for me. PHS and the military are decent routes for that.
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Old 09-11-2012, 03:30 PM   #19 (permalink)
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I was lucky.

1st Year Undergrad:
- Loan $12K
- Scholarship $4K

2nd Year Undergrad:
- Loan $12K
- Scholarship $2K

3rd Year Undergrad:
- Loan $12K
- Work Study $2K

4th Year Undergrad:
- Loan $12K
- Work Study $2K

1 Year (12 mos.) Master's:
- $10K Loan
- $8K Scholarship
- $5K Work Study

In Canada, OSAP (government lender), you only have to pay back a portion of your loan. So for the first 4 years I have to pay back $7K/$12K each year (total $28K). I should never have taken the $10K loan for my Master's, but oh well. So I ended up owing $38K.

I started paying it back March 2012 and I currently owe $21.5K -- just trying to pay it off as soon as possible. Good luck, and don't forget to work!
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Old 09-11-2012, 03:39 PM   #20 (permalink)
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I lived at home while going to school, and have ZERO experience with student loans. So, I offer this instead: KNOW your major before starting. This will save you time, energy, money, and a ton of frustration. I did 2 years at a local JC while working, continued on to a 4-year with my undergrad requirements taken care of, and managed to graduate with the pink slip to my degree. Stay on top of what classes you need, avoid ones you don't, and treat college as a job and not a sandbox. You're paying good money for an education, so you might as well get what you pay for.

Sure, you can do the typical college thing, shack up with girls, skip classes, get drunk all the time, and join a frat, but you'll pay for it when you finally decide that responsible is something you're going to have to be.
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Old 09-11-2012, 03:42 PM   #21 (permalink)
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Avoid student loans if at all possible, if not, make sure you switch lenders for your federal loans, that way you can consolidate them after the fact if the rates are lower. I did that and my rate is 3.375 and I get a .25% discount for automatic payment.
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Old 09-11-2012, 03:50 PM   #22 (permalink)
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Avoid student loans if at all possible, if not, make sure you switch lenders for your federal loans, that way you can consolidate them after the fact if the rates are lower. I did that and my rate is 3.375 and I get a .25% discount for automatic payment.
Does the same apply to graduate school federal loans? When I finish school will I have the option to consolidate with a new servicer?

I had assistance from my father when handling my undergraduate loans. He did the consolidation and now my interest rate is under 2% (serviced by Sallie Mae). The 6.8% and 7.8% for graduate school is terrible.

I took out over $100K as an undergraduate (I owe $12K now) and another $50K for graduate school.
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Old 09-11-2012, 03:54 PM   #23 (permalink)
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Sure, you can do the typical college thing, shack up with girls, skip classes, get drunk all the time, and join a frat, but you'll pay for it when you finally decide that responsible is something you're going to have to be.
A very tough decision actually. I was the intellectual, studious type with a weekend alcohol problem in high school.

College turned me into a fulltime social king. I regret that I spent longer as an undergraduate than I should. But, the connections and the networks I created living in an off campus dorm and joining a fraternity actually exceed what I lost from poor class attendance.

You can always learn a skill on the fly, but getting that opportunity takes a network.
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Old 09-11-2012, 07:47 PM   #24 (permalink)
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All of my student loans were forgiven because I'm a disabled veteran. Go to college, kick some ace, get some ace, join the military as an officer, bail after one or two tours, not to mention a tour or 5 in the box, get a few things put in the medical file, VA says you have X Y Z disability...POOF student loans are forgiven...and if you are lucky you got to see a few combatants chests splatter open at the hands of freedom!!
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Old 09-11-2012, 08:12 PM   #25 (permalink)
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being in west jordan what colleges are you looking at?
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