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
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.
