I am seriously considering a online paralegal school to the tune of 10K. Now before anyone guffaws, this school has got EX employees who have gone thru the program. Since consumer law is the area I've chosen, well, it only makes sense to go where the enemy is getting trained.

One of the financing options is a Sallie Mae loan. The other options are payment plans and credit cards. The money is not an issue; I can pay for the course but I would like to know if there is any benefit by choosing Sallie Mae? What do I need to know about Sallie Mae? It's been ages since I've had a student loan. THe only thing the school said was that my rate would be based on my credit which is at 675 on TU.

If Sallie Mae is quoting you a rate based on your credit, it is a Sallie Mae signature loan and not a traditional student loan. You won't get the benefits of having a traditional s/l such as the lower interest rate, in school deferments, etc.

Ask Sallie Mae if you go into repayment right away after your money is disbursed to the school. Also ask what types of temporary forbearances they grant (suspension of payments) if you should run into trouble while in repayment such as temporary unemployment, etc.

Ask the school what their graduation rate is and who they are accredited by. This will also help you in deciding where to attend.

Thanks for the reply!

How is a signature loan different besides rate? Can I take a deduction on my taxes for this?

Is there a link you can give me for a run down?

Thanks again.

Ask Sallie Mae for the full disclosure of the terms of their signature loan when you apply. Their interest rates vary depending on your credit so until you are approved you won't get a rate. Try Sallie Mae's website for info on their Signature Loan.

Your tuition should be deductible or you should be able to qualify for the Hope/Lifetime Learning Credit, whichever would benefit you. Ask the IRS if you would qualify for sl interest deductions with this type of loan. After April 15th, of course

katwoman,

Based on your information under your name, which states (pun intended) that you're from Illinois, have you looked into the American Bar Association approved Paralegal programs for Illinois at the following link? http://www.abanet.org/legalservices/parale...rectory/il.html . You might have better luck with traditional financial aid through these institutions than a Sallie Mae signature loan route. Just trying to help.

Yes, rhl, I've looked.

The ABA approved programs are all classroom based. That's just the way it was when the ABA set the guidelines (before the internet online classes took off). In the near future this will change to include online learning. As you can appreciate, the bigger the body, the more energy it takes to move it along.

As for the program that I've chosen, it appears that many big name companies have had their employees take this program and I am very impressed with the course offerings, which include Alternative Dispute Resolution and Intellectual Property, courses that are not offered at classroom based programs in my locale.

But, I'm still open to any and all suggestions. This commitment will be for 13 months and I'm hoping something good will come of it. Lord knows we need more consumer advocates with the way things are going.