<p>All I know is that I should stay away from Sallie Mae and any affiliated companies.</p>
<p>Also, would it be difficult to get a loan of around $17,000 a year?</p>
<p>bumperooni</p>
<p>Anyone....?</p>
<p>Come on now.</p>
<p>I don't know if it would be difficult, but it sure would be foolish.</p>
<p>If you can do so, wait. The current situation regarding student loans is a credit balloon waiting to explode. The recent inflow of cash from Congress and the Bush administration really only fed the maw of already massively profitable companies. But even so their stocks are way, way overvalued and they will only use the recent inflow of governmental cash to cover for their reckless investments in other areas. These recent inflows of governmental bingo money was not, and is not intended to benefit students. And politically its really not being perceived as a reform or anything which is really going to help struggling families with educational costs. The plus ultra of academic conservatism the "Chronicle of Higher Education" has already posted several essays on how its only a sop to the larger SL companies. And if they cannot even win over the Chronicle, they've already lost much of the voting populace.
However, what's more important and disturbing is the fact that in our currently troubled economy there are currently thousands and soon will be millions who will no longer be able to pay the tolls levied by the loan cabal. When this does happen, and it will likely occur by late summer there will be substantial political pressure on candidates and those currently in Congress. (it has already begun, I am involved in local and regional politics and have listened to candidates who are already targeting the SL problem as a keynote issue) If they do chose to ignore this potential disaster, politically they are committing self immolation. And if they continue to overtly allow their agenda to be set by the lobbyists for these corporates the same result will follow. Plus there is already substantial overseas pressure on the US government to do something which cleans up the US credit industry, in which the SL's are a major problem. Warren Buffets recent statements in Germany are indicative of major financial players who have overseas ties losing their patience...especially if a little reading between the lines is applied.
That's why it might be prudent to wait, because the politicos will have to do something which actually benefits students and do so in some substantial manner to avoid a potential political and PR firestorm. They may not do this out of any genuine interest in providing the means for an affordable education but they will certainly do it as a tactic of political defusing.
A close analogy would be the current controversies resultant from the mortgage mess. In this case the Bush administration had elected to take no real action, and so provoked much bitterness and the perception that they are disconnected from the populace. And as a result many in the GOP are tripping over themselves to distance themselves from being perceived as being too overtly associated with Bush. And the Democrats are virtually in political rapture, they've been handed a political present with ice cream, bows and glitter.
Very soon a similar situation is going to arise with the SL mess, and from the experience with the mortgage crises neither GOP or Democrats will dare ignore the issue. Especially if they wish to stay in D.C. And particularly since the numbers affected are much greater.
And 17,000 a year, gods no. Under the way the current regulations don't regulate the SL companies you will find that it will be virtually impossible to pay that amount back. As the unilateral refinancing occurs its not uncommon for effective interest rates to rise to over 20%. And this little trick is used by several of the larger SL corporations. Unless Warren Buffet or Bill Gates are in your family, and they really like you,,,don't do it.</p>
<p>sorry for sounding like a complete idiot, but im also in the same situation and i plan on getting a fixed loan for the same amount. Is it a smart idea to stay away and if i do, im up a creek without a paddle. I got no finaid, not even calgrant.</p>
<p>Well I wish you well, as the whole situation is chewing up the dreams and ambitions of a lot of people.
As is obvious I work in academia (for now) and I have never seen students as scared of their future and of the debts incurred to attain that future. And its doubly disturbing because many of us in academia try not to comment on these troubles whilst teaching. But students are intelligent, and can see the troubles looming, or have seen them already happen to their compatriots. </p>
<p>Our whole educational support and finance system has been misdirected to the wrong ends to benefit the wrong people. And unfortunately until the mess is cleaned away, there will be futures deferred and futures unrealized. </p>
<p>If you can...wait for the creek to subside, getting into it right now could wash you away...</p>