Mama Knows Best

I recently found out that I will have to start paying back my student loans this fall.  Bum deal, no?  I thought so too!  I always thought that you had 6 months after graduation to have to start paying back, but apparently the company I am working with has changed their rules. 
When I applied for student loans, I probably should have talked to someone about private education loans.  The private education loans through ActEducationLoans.com have appealing options and a much lower interest rate than that of the company I am using.  For instance, you have the option for  immediate repayment, interest only repayment, or deferred repayments. 

Taking the option for immediate repayment is ideal for someone that can afford to pay back their loan right away.   In the long run, you pay the least amount of money and get out of debt faster.  I chose to have my loans deferred, so that I was not having to worry about the money right now.  Although my loans are no where near those who attend major colleges/universities, I still find my $15k in student loans quite ridiculous!  I am just grateful that $15k is not per semester/year.

I recommend for those of you who are going to college or already in college trying to find grant money and scholarships first…  If you cannot get help from either of those two options, I recommend shopping around for student loans.  You might just find that private education loans are the way for you to go!

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