Ok…so…I work in a financial aid office at a college in Chicago. (Admitting that may get me thrown into a spinning propeller.)
Sallie Mae…I should probably stay as neutral as possible on this…let me just say there are better companies out there, but there are a few that are MUCH worse. It’s easy for someone to say “caveat emptor”, but how many of us really are ready for college at 18? (Lord knows I wasn’t.)
The student loan industry is going through some really nasty changes these days. (Economy, credit crunch, mortgage industry crash, etc.) The government is making changes to the loan programs – some are good, and some are completely self-serving. If you’re currently in college, starting July 1 the Fed is raising the amount of money kids can take out in subsidized and unsubsidized loans. (Google H.R. 5715) While it is still debt, it’ll help a bit in filling the tuition gap and might save some folks from having to go the private loan route. If you’re a student in Illinois, there’s some other programs coming up also.
For what it’s worth, I have – on MANY occasions – talked a student out of going to school if they had no clue how they were gonna pay for it. I don’t want people to screw up college like I did, but it’s easier to rebound from that than not paying back loans, going into default, and completely screwing your credit for the next 7-10 years.
Financial aid in college can be nasty all around…might explain why I jumped out of a plane. If anyone needs help with filling out a FAFSA or anything, lemme know. I'm not good for much, so it's nice to have some function.
Financial aid is daunting as hell…which is why I didn’t bother with it the first time around. Then again…that also contributed to me not finishing school. (Oh, hindsight…how you mock me.) Make sacrifices to the deferment and forbearance gods only as necessary. Oh…and don’t tell my boss I wrote anything here.