What The Lenders Don’t Want You To Know About Your Student Loan

A college loan has given people all over the United States a chance to further their education, even if they are not making enough money to afford education. Education loans can be a big help in paying for college. But student loans are also big business for greedy lenders. Those liars will tell you that they offer generous, low interest rate repayment options. Bull! They want you to be in debt for life paying them 200% to 400% more in interest on the loan (over your life time) than your actual school cost! And they want to keep you paying $350 or more, per month, every month, until you are 70 years old! They aren’t doing you any favors. These bankers are out to screw you as much as they can. When many countries offer their citizens free education, America is the biggest loser when it comes to enslaving the population in debt for the rest of their lives.

But for most of us, this is the only way we can afford to go to school and so we bend over and grab our ankles in front of the private bankers to get a student screwool loan. If you are looking for a screwool loan, be aware that there are many different types of loans. Try to find the student loan that fits you the best. For example, there is a loan called the Federal Stafford Loan. The Federal Stafford Loan is the most widely used loan in the student education loan program.

What Is A Deferment?

If for some reason you are unable to meet your monthly payments, consider a college loan deferment. A deferment is a suspension of payments for special reasons. Usually, those who borrowed their first Stafford Loans after July 1, 1993, are eligible to defer payments if they are enrolled in at least half-time at an eligible school, unemployed, in a graduate fellowship program, in a rehabilitation training program for people with disabilities, or suffering economic hardship.

How I Got In Trouble With My Student Loan

I consolidated my Federal Stafford Loan with Wells Fargo. Back in 1999, interest rates were high and so I was locked in at 8.5%. The reason I consolidated my loan was to have one easy payment. Bad reason! What Wells Fargo didn’t tell me is that once I consolidated my loan, that was it for life. I could not later refinance the loan at a lower interest rate because the Department of Education prohibits that. What a bunch of bull. You can refinance a car, a home, but not your student loan?! If a finance company can pay off my student loan and then I borrow