is it hard to pay back a student loan after you graduate from college??
2006-12-23 07:35:03 · 9 answers · asked by Amanda S 1 in Education & Reference ➔ Financial Aid
I know people who are expecting grandkids and still paying off the very last of their studen loans.
2006-12-23 07:36:36 · answer #1 · answered by amosunknown 7 · 0⤊ 0⤋
It takes planning and a reasonable salary to make it possible. I recommend you borrow as little as you can, since it does translate into a long term debt.
Loan repayments start 6 months after graduation. I started repaying mine, but had a period of unemployment later on that meant I could not repay the full amount. I contact the loan carrier and negotiated where I could pay interest only (which meant I paid hundreds less per month, but the loan was still there and I didn't touch the principle balance) and that helped. Most loan carriers will work with you in times of hardship. Still, it can take 10 years or more to pay off student loans and I wish I would have had that money every month for other things, namely retirement planning.
HTH.
2006-12-23 07:39:21 · answer #2 · answered by cottey girl 4 · 0⤊ 0⤋
if you've taken about alot of different loans for college, some banks will consolidate them and give you an interest free low rate. for example, i have just jumped on a deal that i will only have to pay $90 per month. Although this spans it out over a long period of time, its better than having a $500 payment every month
2006-12-23 08:25:30 · answer #3 · answered by Lizzy 1 · 0⤊ 0⤋
I graduated about 6 years ago...and I am still paying off my student loans.
Managed to buy a couple of houses, though...So I guess I could've paid them off.
My Sister's loans are aroun $150,000...pretty sure she'll be paying for quite some time!
2006-12-23 07:36:41 · answer #4 · answered by tellme 4 · 0⤊ 0⤋
absolutely not. Payments are really reasonable, and in canada any interest paid on student loans is tax deductible, so evens out just about. Not sure where you are from, hope this helps. (I borrowed 25,000 and my payments are under about 150 a month.
2006-12-23 07:41:20 · answer #5 · answered by memyselfandI 3 · 0⤊ 0⤋
I'm told it is. My professors are "just paying off" their loans, and they are around 35-40. PHD's, though.
2006-12-23 09:48:57 · answer #6 · answered by ♥Princess♥ 4 · 0⤊ 0⤋
It depends on whether or not you wasted your time in college or if you got enough skills to get a good job.
2006-12-23 07:44:03 · answer #7 · answered by art_tchr_phx 4 · 0⤊ 0⤋
Sometimes it is. Build a business instead...
2006-12-23 07:36:56 · answer #8 · answered by ? 4 · 0⤊ 0⤋
its not if your rich!
2006-12-23 07:39:46 · answer #9 · answered by Zachary Seckman 2 · 0⤊ 0⤋