Student loans - Home Brew Forums
Register Now For Free!

Home Brew Forums > Home Brewing Community > General Chit Chat > Student loans

Reply
 
Thread Tools
Old 08-02-2007, 02:54 AM   #1
Ryanh1801
 
Ryanh1801's Avatar
Recipes 
 
Mar 2007
Addison,TX
Posts: 2,676
Liked 13 Times on 10 Posts



Anyone on here have any experiences with them? Most of the people I have talked to have nothing good to say about them, what are some things to consider and things to look at when getting one. I only have 3 semesters left, but am thinking of trying to get a summer internship that would be unpaid up in D.C., but it would be a opportunity of a life time, hopefully lead to a job that I could not get any other way. Main problem is there is no way I could afford rent on my house in Dallas and an apartment up there, plus living expenses. I would probably only need 5,000 or so, so it would not be a ton of money. I just have heard horror story's of people paying on them for 5 years and only paying off a few hundred dollars. Any info you have would be great, as I know nothing when it comes to these things.

Thanks

 
Reply With Quote
Old 08-02-2007, 03:22 AM   #2
Beerrific
 
Beerrific's Avatar
Recipes 
 
Mar 2007
Georgia
Posts: 5,562
Liked 55 Times on 47 Posts


Student loans are usually better than credit cards. The interest rate is lower and they are usually easier to deal with. The minimum monthly payments are almost 90% interest and 10% principal. To have an OK experience with them you have to pay more than the monthly minimum. I have one with Bank of America and have no specific complaints with them.

Also, as far as unpaid jobs are concerned. You should see if you can swing working ~30 hrs a week then get a part time job, even though that might be a lot of work you will have a little money to cover groceries. I had a friend that worked at the White House, unpaid, for a summer. He made a deal with his parents that he would graduate in 3 years so they paid for that summer in exchange. Housing in DC can get very pricey...get something outside the city on the Metro lines if you can.

 
Reply With Quote
Old 08-02-2007, 03:50 AM   #3
Ryanh1801
 
Ryanh1801's Avatar
Recipes 
 
Mar 2007
Addison,TX
Posts: 2,676
Liked 13 Times on 10 Posts


Quote:
Originally Posted by Beerrific
Student loans are usually better than credit cards. The interest rate is lower and they are usually easier to deal with. The minimum monthly payments are almost 90% interest and 10% principal. To have an OK experience with them you have to pay more than the monthly minimum. I have one with Bank of America and have no specific complaints with them.

Also, as far as unpaid jobs are concerned. You should see if you can swing working ~30 hrs a week then get a part time job, even though that might be a lot of work you will have a little money to cover groceries. I had a friend that worked at the White House, unpaid, for a summer. He made a deal with his parents that he would graduate in 3 years so they paid for that summer in exchange. Housing in DC can get very pricey...get something outside the city on the Metro lines if you can.
First off thanks for the info. Does your have a penalty for paying it off early. That was one of the things I have heard. I would definitely try and pay it off as fast as I can, I hate being in debt. I could try and swing a second job, but the two places im considering have a strict policy on where and who you can work for while with them.

 
Reply With Quote
Old 08-02-2007, 05:49 AM   #4
Brewsmith
 
Brewsmith's Avatar
Recipes 
 
Aug 2005
Torrance, CA
Posts: 6,252
Liked 64 Times on 59 Posts


There's no penalty that I know of for paying off early, but you might want to check the specific details because not all are the same. I am currntly paying off mine and my wife's. On mine it has the option to have the extra money applied toward the principal or just delay the next payment, which just adds to the interest. I always check the box to apply it toward the principal. BTW, mine is through Student Loan Corp., part of Citibank and my wife's is through Sallie Mae.
__________________
Fermenting:#160 Apollo/Calypso Pale Ale
Kegged:#153 Old Helicon Barleywine 2013, #157 Irish Red, #158 Mosaic IPA, #159 Bravo/Delta ESB
Up Next:Brown Porter, American Stout, Imperial Stout
My Recipes
Tuba Sonata

Smith & Co. Custom Tap Handles

 
Reply With Quote
Old 08-02-2007, 05:55 AM   #5
Ryanh1801
 
Ryanh1801's Avatar
Recipes 
 
Mar 2007
Addison,TX
Posts: 2,676
Liked 13 Times on 10 Posts


cool thanks for the info.

 
Reply With Quote
Old 08-02-2007, 02:06 PM   #6
Foreigner
Recipes 
 
Jun 2007
Posts: 259

A student loan is likely the best deal on a loan you will ever get (at least here in Canada).

That might not be enough incentive to get one though.

If someone offered you the least invasive nostril penetration would you take it?

Seriously though, it is WAY better than a credit card.
__________________
I try not to drink anything harder than Gin before breakfast - W.C. Fields

Primaries: Ed's Haus + Munich, Ed's Haus + medium crystal

Secondaries: suck :)

Bottles: Chili Stout, Dry Irish Stout, Bitter Ass IPA, Headstrong Munich Lager clone, Lawnmower ale with chocolate and munich malt

Bulk Aging: Wildberry Sweet Mead - Orange Vanilla Dry Mead

Up Next: Orfy's Old Speckled Hen and an IPA of some kind

 
Reply With Quote
Old 08-02-2007, 03:46 PM   #7
bigkevj
Recipes 
 
Jul 2007
Posts: 36
Liked 1 Times on 1 Posts


My wife and I both had our loans through Direct Loans, an I can say I did not have a bad experience. The interest rate was lower on the student loans than any other loans I had during the time, vehicles, mortgage, credit cards, etc. And I paid them off early without any penalty. Might look into that one.

 
Reply With Quote
Old 08-02-2007, 03:49 PM   #8
david_42
 
david_42's Avatar
Recipes 
 
Oct 2005
Oak Grove, Oregon, USA
Posts: 25,597
Liked 155 Times on 145 Posts


Granted my experience with student loans was a long time ago, but as with any credit line, paying the minimum each month really increases your total costs and payoff time. I paid mine in two years.
__________________
Remember one unassailable statistic, as explained by the late, great George Carlin: "Just think of how stupid the average person is, and then realize half of them are even stupider!"

"I would like to die on Mars, just not on impact." Elon Musk

 
Reply With Quote
Old 08-02-2007, 05:07 PM   #9
Chris_K
 
Chris_K's Avatar
Recipes 
 
Oct 2006
Chicago, IL
Posts: 97
Liked 2 Times on 2 Posts


Student loans are a necessary evil for me. I've got a considerable amount of them, but I wouldn't have the job I have, or the opportunities I've had without them. It's real ****ty to start off post-school with a big chunk of debt, but if it gets you to where you want to be then it's all worth it.

With that said, $5k is almost nothing, if that'll get you to DC, then I say do it. Be careful of the terms, but they tend to be better than any other form of credit.
__________________
Primary #1-Oatmeal Stout
Primary #2- Empty
Secondary #1- Empty
Kegged- Cream Ale
Someday/ Maybe/ Getting There- 'California Common', Impromptu IPA, Imperial Stout

 
Reply With Quote
Old 08-02-2007, 06:53 PM   #10
Ó Flannagáin
Registered User
Recipes 
 
Jan 2007
Wichita Falls, Tx
Posts: 2,998
Liked 29 Times on 21 Posts


Yea, 5k isn't bad, I took out about $5800 and I've been out of school for 8 months and that's down to 5100. I've been paying more than the monthly limit but I've also paid off 3k in credit cards since getting out of school. I imagine I'll have it completely paid off in 2 years, but hopefully only 1.

Not a bad idea if you need it, think about how lots of people take out 20k+ or 100k+ if going for doctor/lawyer.

 
Reply With Quote
Reply
Thread Tools


Similar Threads
Thread Thread Starter Forum Replies Last Post
Local Student is starts Organic Hop farm. Orangevango Hops Growing 6 09-16-2009 07:48 PM
Kegerator or student loans? mosquitocontrol Beginners Beer Brewing Forum 47 09-12-2009 06:30 PM
Student charged with making morphine laced homebrew Medo General Beer Discussion 3 10-28-2008 10:21 PM
Student Loans aekdbbop General Chit Chat 17 05-01-2007 03:09 PM


Forum Jump