Borrowing money for college is the easy part. Read through a few pamphlets of paperwork, sign your name a few times, and voila – you’re the proud owner of a student loan.
The problem is, few borrowers actually have any idea what their monthly payment might be in the future – at least, they don’t know until they get the bill in the mail.
Robert Farrington of The College Investor explains how his student loan story played out: “I still remember getting my student loans – I received an email from the financial aid office saying I was approved, and then I clicked the link. I chose “I Accept” about three times, and boom – $20,500 in student loans instantly,” says Farrington.
“I had no idea what my monthly payment would be or what it would take to pay these off. I just went about my day,” he says.
It wasn’t until years later that he found out how much he would actually owe each month, and what that really meant.
The problem is, few borrowers actually have any idea what their monthly payment might be in the future – at least, they don’t know until they get the bill in the mail.
Robert Farrington of The College Investor explains how his student loan story played out: “I still remember getting my student loans – I received an email from the financial aid office saying I was approved, and then I clicked the link. I chose “I Accept” about three times, and boom – $20,500 in student loans instantly,” says Farrington.
“I had no idea what my monthly payment would be or what it would take to pay these off. I just went about my day,” he says.
It wasn’t until years later that he found out how much he would actually owe each month, and what that really meant.
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