Question:I need some advice here...I just got approved for a 20,000 dollar sallie mae tuition answer loan. The interest is ridiculous, the total cost of the loan is 89,000 dollars with a 20 year repayment. the monthly payments are 456 a month once i graduate. Im really nervous to get this loan, but I really need the money to go to school. I don't know what to do becuase none of my parents can co-sign for me (they all have bad credit) and Im just really worried about what to do. I need that 20,000 to pay tuition and to live off of while I am in school (for my living expenses, transportation, books, bills, etc) I already have a 7,500 dollar private loan, and all the rest are federal stafford loans...but those have interest paid by the government while I am in school. I just don't want to screw myself over for the rest of my life paying off sallie mae her ridiculous amount of money.I just need some financial advice becuase I have nobody to turn to for that, as both of my parents have bad credit
Answers:
First take into consideration what your employment will be after graduation. If you will have a high income then this loan is nothing. Perhaps you can look into jobs that may pay off tuition or student loans if you work for them , start reseaching now.
I am a single parent of three children and two semesters from graduating. I figure the odds were against me completing my education anyway, I don't care how much money I have to borrow to finish college and I am up to 21,000 dollars in debt with just a bachlors. I will worry about how I am going to pay it back later , a college education can earn you way more than failing out or not attending at all. If you need to money to be succsessful by all means take it.
i think that is way too much. Try a bank like chase
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