Look at SallieMae’s page below. Fast answers right there for you…low interest rates, no fees, no payment while in school, and borrow up to 100% if you need too. It makes it all sound so doable.
Easy peasy, just click on one of the two “Get Started” buttons and you can get this loan easier than you can get healthcare.
Even the disclaimer at the bottom of the page makes it sound so wonderful and harmless. Heck, that disclaimer is even encouraging you to get a federal loan before you get a private loan. Isn’t it nice? They can all work together.
Making it sound easy to get a loan is key. If it sounded hard and difficult like the health care exchange you most likely would avoid it and try another avenue.
The only reason I even got involved in this is that I have some family members who asked me about loans and another who got money from a loan and had no idea the terms of the contract for taking that money. These two things sparked enough concern to me I figured I would do a little research to answer them. My intent was to write this as a blog, hit a couple of key points and be on my merry way. Well, needless to say, it was NOT that easy!
While digging for those couple answers I found more and more hidden factors that are destroying those carrying this debt. I went from two initial questions to fifteen concern factors that could destroy your financial future. It has for many already!
It can not be addressed in a blog post, but can in a newsletter and an important one.
These fifteen factors are not nonsense but truly important questions and knowledge you MUST know before and after student loans are taken. It’s the fifteen things you don’t hear about and MUST KNOW!
Things such as:
-How interest is calculated daily and you get the short end of the stick.
-Making early payments does not stop interest!
-Why your monthly payment varies from month to month.
-Why deferred loans are costing you more.
-Understanding how payments are applied towards your loan can save you money.