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.
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.
as of 2/22/26
@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.
@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?
@jasonbourne84 wrote:lol. yes. God I love that show.
That's cuz you're a jabroni 
One of my favorite shows