<p>hmmm - I’m wondering if maybe they signed you up for their PARENT loan (which has a similar interest rate as their student loan) instead of the student loan with parent cosigner. I know that w/ the student loan payment is deferred until 6 mos post-graduation - this is what we have, since in 2009 they didn’t offer the parent loan option and we started with the student loan w/ cosigner that year. We stuck with the student loan last year (at which time they had started the Parent Loan option) for the precise reason you mentioned - deferred payment. We see these loans as OUR obligation (even though they are in our children’s names), and have told our kids as such -we are going this route just for the payment terms. We have been paying interest as we go.
As you and others have noted, once they graduate it will be easy to pay the loans down quickly, since we we no longer be paying out our EFC each year.</p>
<p>Maybe you should do what we did and take out their Student loan w/ you as cosigner (the Wells Fargo Collegiate Loan), not the “Wells Fargo Student Loan for Parents”
This chart compares their different loans:
<a href=“https://www.wellsfargo.com/student/loans/[/url]”>https://www.wellsfargo.com/student/loans/</a></p>