Student Loans (serious financial advice only please =)?

Question

Okay, so I got a $7000 loan at the begining of last semester to pay for the things my scholarship didn't pay for... Good news- that should be the only loan that I will need during my schooling. Bad news- it is on the plan that you pay after you graduate and by the time I graduate it will have accumulated $30,000 in INTEREST alone! There is no way that I can graduate in that much debt!! I have $2,000 accumulating interest at a fairly decent rate in my mutual fund, but itis by no means growing as fast as the interest on my loan!!! I just am at a loss for how they could charge such a high rate!! Is there anyway I can get outof this mess?

It is from Sallie Mae and that is no misprint! thirty thousand dollars ofinterest in 4 years!

Answer 1

Serious financial advice...You need a lawyer, and/or a calculator or both.

Answer 2

You should definitely look for a consolidation loan, and check directly with the government sources (Sallie Mae, etc) and not the clearning-houses. The interest rate you are paying sounds entirely too high, unless it will take you 10 years to graduate! Consolidation loans are pretty common. Some have requirements that the original loan needs to age for a certain amount of time before you can consolidate, so make sure you read the fine print. Regardless, you definitely need to shop that interest rate around!

If this is a misprint and you are acumulating $3000 of interest not $30,000, then that's a whole new ballgame...

Answer 3

i really dont know what kinda of loan you have but maybe you could do in-school consolidation from another company with a better loan rates ( i think). and when you do that, you can ask for a in school deferment so you dont have to pay while in school but interest does accumulate