Student loans?

Question

Schools offer student loans to those who need hlep with schooling..

Well I get some finacial aid and the rest i have to pay with student loans...
Then you get the six percetn interest rate and dont have to payt until six months after you graduate.

So where after you graduate and want to get a loan will you find this low intrest rate? NO WHERE.

So is it a good idea to just get the max student loan available now and just save it for future use...
Or no

Answer 1

As someone who once used your logic to justify borrowing lots of money, and is now paying it off, let me say don't do this. This is a bad idea for the following reasons:
1) If the government/lender is charging 6.8%, and you have the money in an online, high-yield savings account earning 5%, you're still loosing money.
2) You won't save the money. No one would. It would be spent on this little thing, or that "emergency" or something else.
3) You're adding risk without any reward. The risks are that you accidentally forget a payment, that you spend the money, that you don't have a job when repayment comes, etc. If you're going to take those kind of risks you should be making money for your effort.
There are 0% interest loans. They're when you pay for something with cash.
There are negative interest loans. They're when you save up money in a savings account.

Answer 2

What is your question? If SLMA is offering 6% then thats what you pay. After you stop going to school either by dropping out, or graduating, you will have to start paying your loan off. They will not make you get a loan to pay it off, they will carry the debt for you at 6% or what ever their rate is which is usually pretty low. An additional bonus is that if your not working or can prove that the payment will be a burden, you can ask for a short grace period with no payments so you can get on your feet. You cannot get that from any lending institution. Get the maximum you can from SLMA for each school year and use it. There will be some residual balances left between what the loan payout for the quarter is and what the school is charging. You will be responsible for that. Books you usually have to pay out of pocket as the SLMA funds are long gone by then for tuition. It all depends on the school and how much they charge per credit hour. Your have to take at least two courses per quarter if you get the Student Loan. If your getting poor info or no info from your schools lending officer, go to someone else who knows what they are talking about.