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Is it possible to ruin your life and career by being online?

Can Student Loans Like Sallie Mae Ruin Your Life?

  • I have to take out $75,000 from Sallie Mae. Can this truly ruin my life. I have heard so many horror stories about Sallie Mae. I'm sick of it!!! I hate it when people have to live in fear because of this. Can this truly ruin my life!? I plan to major in business. Not like some people that major in something that doesn't lead to a successful career. How much a month can they charge? With the amount i have right now? Thanks, I hope that everyone that is it debt any kind of debt will see light in their life. Not like everyone that all they do is cry about it. I'm forced to take this loan out, i already took out 20,000. I never give in to stress, i live life to fullest no matter what situation. Thank you all

  • Answer:

    Sallie Mae can't ruin your life. Choosing to NOT PAY your debts can have a significant impact on your quality of life later, but this is the case with any debt. A quick estimate when figuring payments on student loans is about 10% of the total amount borrowed. So if you have 20,000+75,000=95,000 in loans, your payments would be about $950.00 a month. A guide on borrowing is never borrow more than what you will earn your first year after graduating. This will ensure you will be able to afford the payments. Will you expect to earn 95,000 a year after you get your degree? If not, then you are borrowing to much. Federal loans have limits on loans for a reason.... stick with federal loans only and you will not be in fear of not being able to pay it back.

lejoncol... at Yahoo! Answers Visit the source

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Sallie Mae won't ruin your life any more than any other lender. You are looking at a debt similar to buying a small house and paying over the next 30 years. The key is to not get behind or if you do make sure you contact them. Payment deferments or forbearances do work. Ignoring your debt doesn't work. Do Not default on the loan, their collection charges are expensive and if they send it to a guarantor for collection you are looking at an additional 18 or more per cent added to the loan. Then you, not them, have the opportunity to ruin your life. Also, in default, you can lose your tax refunds and/or suffer wage garnishment while adding that 18% collection charge. In other words, if you borrow, keep them informed of what you are doing and if you need help.

bob - chicagobob

Just because you majored in Business does not mean you will not have a hard time finding a job, so do not insist that everyone who majors in something else or something not career specified has it hard. It all depends on networking and actual work experience. Entry level positions are limited across the board hun. Sallie Mae has crazy interest rates on some of their loan options so just make sure you read through everything even the fine print this way you understand what you are borrowing and how you will pay back. Make sure you consolidate your loans after you graduate. If you cannot afford to pay them back, defer the loans until you are able to pay back the loans.

♥CJ♥

Hi, I used "Credit Solution" to settle my loans.They managed to reduce my loans up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here: http://tinyurl.com/2mbuq6

Jennifer

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