Here is what I want to know: how many times do I have to inform Sallie Mae that I am still in school, and I shouldn't be paying anything for interest on my subsidized loans?
If you are a high school student: DON'T GO TO A EXPENSIVE COLLEGE, and if for some reason you should decide to go to ignore me for that...DON'T USE SALLIE MAE.
Not only are their interest rate horrible, they compound interest daily. You may not know what that means, but basically it means that you have to pay interest EVERY DAY to or else you pay interest on your interest. Yes. That $1500 loan may be only costing you $5.00 a day but if you don't pay it for the month, you just racked up a nice 150$ in Interest. BULLSHIT.
And if your loans are subsidized (the govt pays the interest while you are in school) you have a fightin chance to pay down the loan. Oh, but drop below half time, and your loans enter grace period, which is the time between school and repayment and he interest starts building. DAILY.
Basically, do the smart thing. Go to community college and knock out the easy classes. Then go to an expensive college for the major classes. Don't do it the opposite. Your 23 year old, frustrated self will thank you. Or rather, they won't because they won't exist because you did he smart thing.
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