“Damn Sallie Mae”

Going to college is the goal for most high schoolers and for a lot of people who wish to further their education. Paying for college is what deters the majority from attending. Do I blame them? No! College is not cheap and if you don’t have scholarships it can run you into a lifetime of debt. Is it worth it? Maybe, maybe not. I would like to think so but in today’s economy a Bachelor’s degree is being treated like a high school diploma. Jobs after graduation are not guaranteed and most places want you to have a Master’s degree or higher. My question is how can we get Masters degrees when we are swimming in debt from undergrad?

It’s hard to pay for school coming from middle and lower class homes. We don’t readily have assistance and often times our parents can’t do much because their credit doesn’t allow them to or quite frankly, they don’t have the money. That makes us targets for loans, especially private ones. Every time I get mail there’s a letter from Sallie Mae offering me money and trying to persuade me to take the bait. It’s easy  to fall victim when you can’t afford tuition and you run out of options. I haven’t taken out a private loan yet but I’ve taken out subsidized loans through school, sometimes taking out more than I needed just to receive a refund check. When looking at ways to fund college it is very important to explore all options and if you find yourself considering a private or unsubsidized loan, or any loan at all, you have to be very mindful. Do your research on deferred payments, interest rates, and loan repayments. Talk to your financial aid counselors before accepting, the last thing you want to do is get caught up and find yourself in a very bad place after graduation. If you don’t need the loan, DO NOT take it out. If you don’t need the amount offered please consider reducing your loan to fit the amount you need, just because you get a refund check doesn’t mean you don’t have to pay that money back. There is no such thing as free money! Take advantage of the resources on the web, there are many scholarships out there, some you don’t even have to write essays for. A few sites that I love are fastweb, cappex, and scholarships.com.  If you plan to study abroad the Gilman Scholarship and  Boren are great to look into, applications for Spring 2016 have just opened. If you need more information on loans you can go here please educate yourself before agreeing to sign a loan agreement. Don’t let Sallie Mae ruin your life, treat her like that ex you can’t stand and tell her to swerve every time she hits you up.

Loans are the reason I hate school but love education. Good luck and best wishes on your journey to higher learning! Thanks for reading, Be Blessed & Stay Humble.

Here’s a quick overview of Direct Subsidized Loans:

• Direct Subsidized Loans are available to undergraduate students with financial need.
• Your school determines the amount you can borrow, and the amount may not exceed your financial need.
• The U.S. Department of Education pays the interest on a Direct Subsidized Loan
  • while you’re in school at least half-time,
  • for the first six months after you leave school (referred to as a grace period*), and
  • during a period of deferment (a postponement of loan payments).

Here’s a quick overview of Direct Unsubsidized Loans:

• Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
• Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
• You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
• If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

Information obtained from Federal Student Aid