quote:
This isn’t true. To obtain a federal direct loan (subsidized or unsubsidized) students are explicitly told about how interest will be calculated and when it will apply. They watch a video

I can tell you anecdotally this is not true. Or atleast it wasnt 10 years ago. I know. I have loans I’m paying and I was encouraged to take out the max because it’s basically free money and I don’t have to pay until after I graduate. That was the extent of my consultation. No video. No explanation of payments plans or interest or anything

This post was edited on 8/9/23 at 10:55 am

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Posted by RealDawg

Dawgville

Member since Nov 2012

9502 posts

Posted on 8/10/23 at 10:31 am to Richard Grayson

Who better to understand long term financial obligations than those just starting higher education. Most of which

Colleges get paid from loans paid funds. Only thing that fixes the system. Pretty sure some legislator just proposed this.

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Posted by Dawgfanman

Member since Jun 2015

22583 posts

Posted on 8/10/23 at 11:24 am to Richard Grayson

quote:
I can tell you anecdotally this is not true. Or atleast it wasnt 10 years ago. I know. I have loans I’m paying and I was encouraged to take out the max because it’s basically free money and I don’t have to pay until after I graduate. That was the extent of my consultation. No video. No explanation of payments plans or interest or anything

Every student taking out a direct subsidized or unsubsidized federal student loan signs the agreement in the link on my post. Before signing it they watch a video. I witnessed my own son do this just last year.

Master Promissary Note

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