If you had to do it all over again...

[Miriam3303]

and you needed to take out student loans, what would you do differently? Use different lenders? Not deal with Sallie Mae? Just curious.

[JadeEyedScorpio]

Nope. I used Wachovia mostly and liked them, so I used them for consolidations also. They had good benefits, like a 1% interest reduction after 12 payments on time. I feel like I am getting away with robbery because my rate is only 2.625 to begin with. Plus, I have a UPromise account that I can use to pay off these loans because Wachovia is serviced through AES. In two years, I have gotten about $150 free from this.

 

For grad school, I am using NorthStar because I am in a different state now and Wachovia evidently only waives the 3% origination fee in PA. So, to save the 3% I am going with them. They have nice benefit programs too (1.3% refund when you enter repayment for grad students). We'll see after grauduation who wins when I am eligible to consolidate again.

[IAmMyKidzMom]

If I had it to do all over again, I would NOT have ever gotten student loans.....screw you up for life!

Edited August 24, 2005 by IAmMyKidzMom

[LynnInMN]

For the most part, you do not have a choice of lenders. If it is a Direct Loan school, loans only originate with direct loans. Most guarantey agencies have the lenders lined up. So if Sallie Mae is their lender of choice, you have to use them!

[JadeEyedScorpio]

I was given a choice at both my schools. My friends also (different schools). Never heard of anyone being forced to choose a particular lender, unless its the DOE.

 

There are any number of lenders you can call up and arrange for them to work with you and your school, even if they aren't on your schools recommended list.

[LynnInMN]

With Direct Lending there is NO choice. It is only with the FFELP that there is sometimes choice.

[permafrost]

For the most part, the whole reason I went to school (and borrowed money) was based on a lie. Currently, my dispute is with the administration of the loan and feel that total disregard was given to the end product that many never realize.

 

The irony of the SL fiasco is that the interest , collection fees and other charges are totally uncontrolled. The reperting to CRA's is done with wanton abandone and ignorance. The result is totally incorrect information on a consumer report from 3 or 4 agencies all saying that they are trying to collect the loan and loan amounts that are 300% or more higher than they actually are.

 

What in the world does the DOE think they are creating with this nonsense. Do they not realize that a prospective employer will view a candidate's consumer report and see all thiss massize amount of debt and pitch the resume into the trash. Thank you so much.

 

With all that incompetence and greed taking place it astounds me to think that anyone could view this mess with anything but disgust.

 

So, probably no on the do it again.

 

pf

[bkaren96]

If I had to do over again, I would go to a less expensive school & not take out as many sl's...I paid out so much as when I consolidated it was @ 9% (undergrad & grad)...all that $ to become a teacher...I love my career but make nothing...

[Lennon]

If I could do it all over again, I would have saved all of the student loan rebates I had (from getting too much in student loans) and invested them whilst in school, and then used them to make big lump payments

[MisterJ]

It's been a while since I graduated from school, but even back then, I needed student loans. It scares me when I think what it would all cost today. $200K for undergrad; $150K for law school. All assuming I would have no financial aid from any source.

 

If I was a student today, I'd take a really hard look at state schools.

 

J

[snowpuppy]

I had to borrow sl's if I wanted a degree. Although I got grant money, it wasn't nearly enough to cover the cost of my education at a state school.

 

I wouldn't trade my 2 sheepskins hanging on my wall for sl forgiveness. This is America and nothing comes without a price. Time, sacrifice, committment and yup, the student loans. Your education costs you something.

 

It still amazes me that students whine about their indebtedness and yet wouldn't hesitate to buy that new Prada bag or the latest cellphone. One statistic the Feds published last year is that students generally graduate with more consumer cc debt than they do sl debt. One of DS's friends just graduated from college in June. His parents gave him a vacation to the Greek Isles.

 

For my graduation, I got to look for a better job.