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2nd Student Loan Paid Off; Many More to Go


I've now paid off two of the four private student loans I took out from a Lehman's Brothers-based company called Campus Door (which eventually got bought out by Wells Fargo)...many more federal loans to go after that, but it's always a small little victory when I see a loan balance of zero. I made the decision to make postponements on my federal loans so I could focus on the private ones because they often have a higher interest rate and they are able to make rules that federal one can't. Namely, three months before I graduated, I was told I didn't have a grace period because the amount of times I changed school bit into that.

 

I'm just glad I didn't take out from Sallie Mae. Yeesh.

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Valkyrie

Posted

Congrats!  I have two federal student loans that I have been paying off for close to ten years.  It will be a long time before that balance reaches zero, though. 

methodwriter85

Posted

Consider yourself lucky you didn't take out any private loans. People in my generation got burned hard by that.

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Valkyrie

Posted

I do consider myself very lucky with my loans.  I have a very good interest rate and was able to defer for a year until I got a job.  I supervise students on a regular basis and am appalled at what they have to pay for interest rates.  The current rules suck, that's for sure. 

methodwriter85

Posted

I do consider myself very lucky with my loans.  I have a very good interest rate and was able to defer for a year until I got a job.  I supervise students on a regular basis and am appalled at what they have to pay for interest rates.  The current rules suck, that's for sure. 

 

The Campus Door loans started off at around 9 or 10 percent, though by the time they got over to Wells Fargo, they were 5 to 7 percent.

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