<p>Parents came to me with the "You decided not to go to a community college, so you'll have to pay for it!" speech, and want me to get 'the big loan'. How should I go about it? Anyone have any experience? How do these work? What companies are recommended for their low interest rates, where did you find your low rates and good flexibility? Any help is appreciated.</p>
<p>I'm not really sure about your question though...but that sucks. It's annoying because colleges assume your parents will pay some, and therefore expect you to pay more than you would normally be capable of paying..</p>
<p>My question simplified is where is a good place to get a good loan, and how do loans work (how is interest accumulated)?</p>
<p>A good place to get a loan is through the college. I don't know where you go, but some schools have independant lenders who will pay off your entire debt(in loans of course..) after your federal financial aid is subtracted. This is great for people like me who will be getting little-to-no support from my parent and I REALLY dont care how much debt i'm in after college because I have the ability to be satisfied living the life of a ham sandwich in terms of how unmaterialistic I am...</p>
<p>You guys are my heroes.</p>
<p>i'm paying for college, but i'm also going to a CC for two years. Such is the fate of those with parents that can't afford 40k a year. My parents do have great credit though, so I'll likely be getting Stafford Loans with my dad cosigning. It's good to at least have parents in good standing...makes the process of borrowing far easier.</p>
<p>I'm also paying for college. It's a bit easier for me however since I'm Canadian and most of us only pay $5000-10000 tuition to go to university. Still, working, going to school and paying rent is a lot tougher than it seems, whether you're paying $40K for your education or 5k.</p>
<p>ICrisis, I'm with you on the working, paying rent, and studying life... it's busy, and rough. Nevertheless, I think it looks better on a resume if you can show 4 years of work experience along with a bachelors degree and a decent GPA. I think employers--i.e. the real world--can appreciate the commitment and dedication it takes to work through school, and I also think it's justly rewarded.</p>
<p>A2Wolves6, did you apply for any scholarships or for the FAFSA?</p>
<p>woooo somebody else has to pay for stuff too!</p>
<p>yeah...my parents cosigned my loan - that was their contribution. i went through salliemae, and while they're customer service is EXCELLENT the processing is slower than death and the website tends to leave out crucial pieces of info (like to send them a copy of your SS card!). it's not bad - i'm going to a public school and will pay approx. 5k/year after my scholarships. still, starting off life 20k+ does NOT appeal at ALL!!!</p>
<p>Thanks hokiegoalie, it looks like my school has a partnership with Sallie Mae. When do you sign for the loans? so basically the charges on your bursar bill the school pays for, and when you graduate, then they expect you to start paying it? That's what i'm looking for, a lender that will basically pay what my family and I don't have money for. We can pay a certain amount, just not what we are being expected to pay.</p>
<p>I did apply for many scholarships and I did file the FAFSA. I got about 16K from the school, which is good. About 4K are in loans, the rest is free money.</p>
<p>Call your school, they'll give you info on where to start.</p>
<p>im paying my own way.. of course its less than 1k a year but thats still money i have to come up with</p>
<p>Yep, I have to pay for my college education too. Almost 20k for tuition alone. I probably won't have to take out a loan my freshman year (have a good amount savings, have a job, will get another one on campus and keep the job at home meaning that I'll have to come back every weekend...oh, well...). I'm really against taking out a loan, because the idea of having to pay off thousands of dollars as soon as I graduate is a little frightening, plus there's interest too... But as I said, by sophmore year, I'll probably have no other choice.</p>
<p>have you guys ever thought of...public schools? I have full scholarships for everything, but even if I didn't the rates for everything at UF is only like 15k a year, including room and board. Given it might be more in other states, but they're not all 40k a year.</p>
<p>I have most of my need met, it's just that my parents want to take out loans to cover the EFC, as it will be easier to pay for college over 10-20 years than over 4. Trust me, i've looked at all options.</p>
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I have most of my need met, it's just that my parents want to take out loans to cover the EFC, as it will be easier to pay for college over 10-20 years than over 4. Trust me, i've looked at all options.
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<p>pay as much as you can, as fast as you can...</p>
<p>in the end... it's much cheaper...</p>
<p>How much cheaper? How does interest accumulate? If the rates are 5-6%, how does that work? Say I have, oh, 10K per year that I want to take out, meaning 40K. Does that mean they charge 5% to my loan each year? I'm confused as to how interest works.</p>
<p>My parents actually feel guilty that they cant pay for my college education. They paid for my bro all the way through. He never worked or anything but that was a different scenerio.
I'm getting financial aid though and I'll have to work and what not to make everything work. I'll probably also have to take a loan though I havent figured that out yet.
My dad will give me an allowance though. Not much probably but as much as he can manage.</p>
<p>Im paying for college myself even though my parents and even my grandparents were willing to pay for it. Im 18 already and my life is in my own hands. I dont want depend on my parents for my college funds. I got a decent bit of loans and Ill work during the summer to pay for the rest. I do computer modeling of stock trends for my father's company and I already got a part time job offer near the college Im going to so I should manage pretty well. Anyway my parents will cover the cost if I cant manage it myself so I do have a safety net.</p>