Dear college graduates, recent graduates, and the one’s that are about to graduate. I’m going to tell you about the things THEY (The schools, government, and state officials) don’t tell you. Ironically EVERYONE is fighting to lower tuition rates (I’m all for it), but NO ONE breaks down how it actually works in terms of paying for college and the steps afterwards. It’s like a revolving door. #ReallyImportant We’re all not fortunate to go to college for free, have parents who can write a check for a 4-yr degree. A good majority of America are working students who are trying to make ends meet. If you fall into that category, here is some helpful advice.
We all know we have a 6 month grace period after we graduate, but what we really don’t understand is that the grace period is for you to set up some type of payment plan or plan for deferment/forbearance. The ideal scenario would’ve been to pay as you borrow with your tax refund, but your parents file for you and you never see a penny of that right? Not too ideal.
If you are still in college, PUT YOUR FINANCIAL AID OFFICE TO WORK. Their job is to advise and set up these kinds of things. Talk to your parents about making sure that a portion of the tax refund is put towards what you’ve borrowed. If your a working student, open up a CD (contact to your bank) and begin to put away 10-50 dollars each time you get paid towards your loans. You have the upper, take advantage of it! I’d rather graduate debt free more than anything.
If you’ve just graduated, you need to go online to the fasfa website and get a print out of all loans you’ve borrowed. Once you’ve done that, if you’re available for deferment or loan forgiveness APPLY NOW. Get this, we think “loan forgiveness” means they write a check and we pay nothing, WRONG. Loan forgiveness means you pay in a shorter period of time that’s all. Back in October of 2012, President Obama put in motion the Pay-E (pay as you earn) plan. It’s pretty self explanatory and is said to be the best plan option. However, if you wait till after the 6 month grace period, your loans will become defaulted and you will not be eligible for this plan. The earlier the better.
1-2yrs plus Post Graduates:
Here’s the category they love. This group has been successful running from Sallie Mae. You’ve gone 2-3 years, if more I’m impressed, without being contacted, emailed, nor paper trailed by Sallie Mae. If this is you, it’s time to stop running. If you plan on making a million in the year or so, don’t let me stop you. But if not, I suggest you to start NOW. Contact an organization to help you set up a plan to pay. The personal affiliate who I work with for my loans is http://www.studentloanpeace.com. Now be careful when choosing a company to work with, some are very misleading and fail to explain critical information.
Why is it that people (mainly the school you attended) fail to inform you on this EXTREMELY helpful information? Your guess is as good as mines. However, if I had to guess, I’d say because the school’s already paid. They don’t care. In their defense, the number of students to be helped is massive. That still doesn’t justify anything because I believe the government should REQUIRE this, but everyone wants a profit these days. I hope this information was helpful and informative. I had to find out the hard way.
College and degrees are nice, but when you can’t afford it and have to borrow in order to pay, it’s a female dog! In the words of Drake, “REMEMBER…,” you know the rest. #WorstBehavior Happy paying. #SallieMae
“Education, as in all things, have a price.”