<p>I'll be a Sophomore at my college this coming fall but there's a chance that I will have to take out a private loan between 10-20,000 dollars for the year in order to pay. Yes, this is including financial aid grants and stafford loans etc. Does anyone have experience with private loans? I very much want to return to my school but I'm also very wary of much it sucks to be in debt..so I'm trying to investigate all possible risks involved. Thanks-</p>
<p>Have you evaluated your chosen career field’s income expectations and the amount of debt you’re planning on accumulating?</p>
<p>I am taking out 3 private loans from Discover.</p>
<p>I’m not took knowledge about this, but I’ll offer some advice given to me by other people on the net:</p>
<p>-Look for private loans that give you deals to lower your interest rate. For example, if you set up automatic payments from your checking account, you could get a permanent interest rate reduction. Reductions in your interest rate will save you more money in the long run than say, a graduation rebate.</p>
<p>-Do not, under any circumstance, take out loans with SallieMae. The company claims to help out students with their college expenses, but they are notorious for being quite ruthless if you default on your payments and such. They also supposedly have very bad customer service.</p>
<p>I wish I had more advice for you but I don’t. Good luck.</p>
<p>scott: I don’t have a career field yet. That was one of the main reasons I wanted to attend college- to find out what exactly I wanted to do…regardless I have faith it will be worth it I suppose. </p>
<p>And thanks for the advice on Sallie Mae, I don’t think I was gonna think of them anyways considering they went bankrupt awhile ago.</p>
<p>Just please don’t go borrow 80k to get a job as a school teacher or pastor.</p>
<p>Those types of jobs are great, but you’ll never be able to pay the debt.</p>