lifehacker.com: It's important to understand the type of loans because each one has different rules and may be more flexible or more rigid when it comes to repayment terms. There are three main types of loans:
Federal Direct Student Loans: As the name implies, these are loans you borrowed directly from the U.S. Department of Education. These tend to have the best terms (i.e. lowest interest rate and more flexibility). You may have both subsidized and unsubsidized direct loans, with the difference being that the government pays your interest on the subsidized loans while you're in school or on a grace period.
2 comments:
This is a great article but I highly doubt that people that just graduated last year are reading articles if they don’t have a job that can pay down there debt. I just wonder what will happen when a lot of students are not able to pay down there debt even thorough they have a job. This article should be handed out to everyone that has graduated or is about to so that they know what they can do to make sure that they are able to pay this large debt down. Also it should be sent to people about to go into school so that they know what they are getting in to in advance. I hope to see more of this type of information in the future but I am sure that the banks don't like this type of information.
So my first reaction to this article was, UMM YOU COULD PAY THEM!!!! When I attended undergrad, I payed some of my expenses through loans and had very little idea of what that meant. Coming to Grad school I was much more aware of what I was getting into. This article is good and has some nice tips. The loan forgiveness programs are a great way to have help with your loans and also the moving to a certain city. This point is actually very tempting to me, because currently I am willing to move anywhere post graduation. But my question is do I want to move to small town to pay back my loans and work at a small community theatre, or move somewhere that work could be better. I realize that small town does not necessarily mean small community theatre, but I feel you understand my point. Education is great but one must be aware of what they are signing when they sign for all those "helpful" loans.
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