topic Re: New to student loans in Student Loans

New to student loans

Cory88 — Thu, 10 Sep 2020 03:43:39 GMT

I have never had a student loan I had a scholarship the first go now I'm going back to get my BA. I know how the loans are outside of student loans but after reading a lot of people on this page it's made me nervous to get one on is issues with the servicers on the loan and even the gov student loan reps told me they will report all the time the info to the CRA wrong and I have to watch out for that. What do I need to know about student loans. Thanks!!

Re: New to student loans

ccquest — Thu, 10 Sep 2020 13:49:35 GMT

They cost a lot more in the long run and private loans are the devil.

If you can, pay as much as possible CASH and avoid taking out loans that are absolutely not needed. Make sure you understand the full cost of interest over time and that you will be able to pay them back in a definite amount of time.

Just turn on autopay and most issues people have are avoided.

Federal loans > private loans, you get certain protections like the 0% and no required payments right now.

Re: New to student loans

jasonbourne84 — Fri, 11 Sep 2020 17:02:37 GMT

@Cory88 wrote:
I have never had a student loan I had a scholarship the first go now I'm going back to get my BA. I know how the loans are outside of student loans but after reading a lot of people on this page it's made me nervous to get one on is issues with the servicers on the loan and even the gov student loan reps told me they will report all the time the info to the CRA wrong and I have to watch out for that. What do I need to know about student loans. Thanks!!

Congrats on going back. I'm a big believer in education. And you're truly in a great spot having a bit of life experience before going back.

First and foremost, borrow as little as possible. Continue to work at least part time. Pay a bit of your own way as you go. You'll be so much happier that you did.

Second, if you get unsubsidized fed loans, pay the interest while you're going to school. It will save you a bunch of money later.

Third, whatever you do, don't ever be late on paying your fed student loans. They will open multiple accounts (each semester and each loan are individual loans... after 7 years of school... I ended up with 20+ loans on my credit report). So even though your servicer will likely give you one payment, it will actually report as a bunch of separate ones. And if you bleep it up and pay late, there will be MULTIPLE lates. This means if you're going to ask for periods of forbearance/deferment that you make ABSOLUTELY CERTAIN that the servicer sends you something in writing confirming that arrangement before you skip a payment. I got burned hard by Fed Loan Servicing on this. Caused DOZENS of late payments on my credit report that are STILL dragging down my score five years later.

Re: New to student loans

lhcole77 — Sat, 12 Sep 2020 15:55:05 GMT

@Cory88 I echo what others have said. Be very mindful of how much you take. And if you do need them, go for subsidized first. Congrats on going back to get your BA. I'm a huge fan of education and the college experience as a whole. Good luck!

Re: New to student loans

Cory88 — Sun, 13 Sep 2020 21:28:26 GMT

I may just use my HSBC LOC and that APR is 5,99% as im in the into time for that after that it goes to 7,99%. The 5,99% is fixed for life of the advance and as I'm only looking at $520 my part for two classes as my employer is paying the rest of the cast with books covered. I just have heard of the nightmares with paying a student loan and the small increase will not cast me much and something to say about peace of mind and ease of paying.

Re: New to student loans

lhcole77 — Mon, 14 Sep 2020 04:51:04 GMT

@Cory88 wrote:
I just have heard of the nightmares with paying a student loan

@Cory88 The nightmare comes from not paying

Re: New to student loans

jasonbourne84 — Mon, 14 Sep 2020 14:20:11 GMT

@lhcole77 wrote:
@Cory88 wrote:
I just have heard of the nightmares with paying a student loan
@Cory88 The nightmare comes from not paying

lol. yes. God I love that show.

Re: New to student loans

Cory88 — Mon, 14 Sep 2020 20:49:23 GMT

@lhcole77 wrote:
@Cory88 wrote:
I just have heard of the nightmares with paying a student loan
@Cory88 The nightmare comes from not paying

Is it that going from one payment plan to another plan and not checking on and paying on the old one until the new one takes affect what is the issues people having?

Re: New to student loans

lhcole77 — Mon, 14 Sep 2020 20:54:06 GMT

@jasonbourne84 wrote:
lol. yes. God I love that show.

That's cuz you're a jabroni

One of my favorite shows

Re: New to student loans

lhcole77 — Mon, 14 Sep 2020 20:55:26 GMT

@Cory88 wrote:
Is it that going from one payment plan to another plan and not checking on and paying on the old one until the new one takes affect what is the issues people having?

I'm referring to people who just don't pay/default. That would be a nightmare.

Re: New to student loans

jasonbourne84 — Mon, 14 Sep 2020 20:58:37 GMT

@lhcole77 wrote:
@jasonbourne84 wrote:
lol. yes. God I love that show.
That's cuz you're a jabroni

One of my favorite shows

ha. All of this focus on finance/credit lately has seriously taken me away from any semblance of a fitness routine. #cultivatingmass

Re: New to student loans

lhcole77 — Mon, 14 Sep 2020 21:08:07 GMT

@jasonbourne84 wrote:
ha. All of this focus on finance/credit lately has seriously taken me away from any semblance of a fitness routine. #cultivatingmass

LOL--my mass is so cultivated that my fat is spilling over the back of my pants