WakeOfAshesPosts: 21,665destroyer of motherfuckers
Mine started out as a Staffard subsidized direct loan with a variable interest rate that hovered around 4% until the market crashed and I locked in at 2.8% fixed. Then SallyMae bought my loan and told me they were lowering the interest rate by 1% since I had 40 on time payments. I wish all my loans were 1.8% interest.
idk why he told me not to but he stopped me from accepting those this is all his fault really i was looking at grants/scholarships/loans ever since i was accepted and asked him to do the same fucker waited until now, ten days before my term bill is due, to start lookingten he puts it all on me to research rates when i dont even know any of the acceptable rates or terminology? its really getting to me
WakeOfAshesPosts: 21,665destroyer of motherfuckers
okay... So looking up tuition for you, i'm guessing you need about 24,000. So go back and ask him why you cant apply for the max 12k loan with Staffard Direct loans @ 6%, and then get another 12k with SallyMae @ 11%. That is just smart math. Sure you would have two payments when you are done with college, however those two payments would be less then 1 bigger lump payment with getting the whole thing at SallyMae. It makes sense.
Other than Staffard, I really dont think you can do better then SallyMae. SallyMae is almost like the government but with a private company face. I believe they will give you the best private loan rate... which sucks. Hell even 6% is bullshit.
SEE, MY MAN NATE, ASKED ME IF I GAINED WEIGHT. I SAID NAW, MY POCKETS GOT FATTER, THAT'S ALL. MONEY WAS A ISSUE, BUT, NOW THAT THAT'S SOLVED. I BALL, I BALL, LIKE KOBE IN THE FALL. PUT TROPHIES ON MY WALL, RATHER, TROPHIES ON MY MANTLE. DAWG, MY SHOWS BE OFF THE HANDLE, TAKE THE PROCEEDS, GO TO GAMBLE, HA! BET IT ON BLACK, AND PRAY I QUADRUPLE MY SALARY. IF I WIN, MAYBE THEN, I CAN PAY SALLIE MAE. TOLD HER I BE DEALIN' WIT SOME REAL LIFE SHIT. SHE BE ASKIN' WHEN, BITCH, WHEN I FEEL LIKE IT!
I don't know why your dad would say not to accept those loans. I have several friends who either got grants or loans by using FAFSA and they haven't had any problems.
ya i got one for my online classes.... the only thing is since its a fed loan they can garnish your wages maybe thats why he told you no bianacz
[-(
blue turbins
From Those Fishes - I Fingered An Old Bitch (i got Aids on my finger)
WakeOfAshesPosts: 21,665destroyer of motherfuckers
Let me give you some more info... Say you borrow 50k for 2 years at rutgars at 11% with a repayment term of 20 years. when you graduate form college you are going to have to pay 516 dollars a month for the next 20 years. After paying 516 dollars a month for 20 years you will have paid SallyMae 123,840 dollars. Basically borrowing that money from SallyMae at 11% cost you 73,840 dollars.
Now lets consider the other option. 25k @11% and 25k @6%. your two payments would be
loan1 = 258 loan2 = 179 total = 437
So paying 427 a month for 20 years means you will pay back a total of 104,880 for the same amount of money. Or put another way you will pay an extra 54,000 dollars to borrow that 50,000.
So in conclusion- getting the two loans instead of the one will save yourself 18,960 dollars. Not only that but if you pay a little extra on your loans, pay all the extra to loan 1 because it is a higher interest rate, and then you will be losing even less in interest.
Bottom line - I have no clue why he wouldnt be encouraging you to save money. i dont know about you but I think 19,000 dollars savings is worth applying for two loans.... dont you agree?
i do and im gonna demand that he sit the fuck down and listen to me instead of doing it his way its like im the one taking college more seriously than him
WakeOfAshesPosts: 21,665destroyer of motherfuckers
And here is something else to think about..... Say you went with the option #2 i listed with two loans... but say you made your loan payments be what they were for option #1 (ie... 516 monthly payment instead of 437).... If you paid that extra money to loan #1 25k @11%, that loan would be repaid in roughly 10 years instead of 20! And then your second loan would be paid off in 5 years if you kept the same monthly payment even though your fist loan was paid off. In conclusion you could pay off the 50k student loans in 15 years for the same price as option1 20 year plan.
wait, those federal loans dont let me borrow more than 5,700
oh really? sorry about that. I thought I saw a 12k max on that site somewhere. but rechecking you are correct. Still borrowing 5700 at 6% is still better then the full amount at 11%
WakeOfAshesPosts: 21,665destroyer of motherfuckers
Im really surprised to hear your parents didnt start a savings for your education. Kinda F'd up that they want you to start off your independent life from them with a 100k interest bill. Especially when you might have been able to work a little harder and come up with grants and such. that just sucks.
really sucks in general that we would do this to anyone in our society. An education should be free if the person wants to learn.
Comments
https://www.salliemae.com/student-loans/smart-option-student-loan/
idk why he told me not to but he stopped me from accepting those
this is all his fault really
i was looking at grants/scholarships/loans ever since i was accepted and asked him to do the same
fucker waited until now, ten days before my term bill is due, to start lookingten he puts it all on me to research rates when i dont even know any of the acceptable rates or terminology?
its really getting to me
Other than Staffard, I really dont think you can do better then SallyMae. SallyMae is almost like the government but with a private company face. I believe they will give you the best private loan rate... which sucks. Hell even 6% is bullshit.
I SAID NAW, MY POCKETS GOT FATTER, THAT'S ALL.
MONEY WAS A ISSUE, BUT, NOW THAT THAT'S SOLVED.
I BALL, I BALL, LIKE KOBE IN THE FALL.
PUT TROPHIES ON MY WALL, RATHER, TROPHIES ON MY MANTLE.
DAWG, MY SHOWS BE OFF THE HANDLE, TAKE THE PROCEEDS, GO TO GAMBLE, HA!
BET IT ON BLACK, AND PRAY I QUADRUPLE MY SALARY.
IF I WIN, MAYBE THEN, I CAN PAY SALLIE MAE.
TOLD HER I BE DEALIN' WIT SOME REAL LIFE SHIT.
SHE BE ASKIN' WHEN, BITCH, WHEN I FEEL LIKE IT!
[-(
blue turbins
From Those Fishes - I Fingered An Old Bitch (i got Aids on my finger)
Now lets consider the other option. 25k @11% and 25k @6%. your two payments would be
loan1 = 258
loan2 = 179
total = 437
So paying 427 a month for 20 years means you will pay back a total of 104,880 for the same amount of money. Or put another way you will pay an extra 54,000 dollars to borrow that 50,000.
So in conclusion- getting the two loans instead of the one will save yourself 18,960 dollars. Not only that but if you pay a little extra on your loans, pay all the extra to loan 1 because it is a higher interest rate, and then you will be losing even less in interest.
Bottom line - I have no clue why he wouldnt be encouraging you to save money. i dont know about you but I think 19,000 dollars savings is worth applying for two loans.... dont you agree?
its like im the one taking college more seriously than him
really sucks in general that we would do this to anyone in our society. An education should be free if the person wants to learn.
http://www.cbsnews.com/8301-505123_162-41240377/student-loans-the-best-places-to-borrow/