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Started By
Message
FAFSA Student Loan BS
Posted on 6/27/25 at 11:02 pm
Posted on 6/27/25 at 11:02 pm
My oldest is going to a SC college in the fall and we just got the financial package. The statement provided INCLUDED a $5,000 FAFSA loan. We obviously turned it down but it was included in the statement.
When my wife started asking questions, this loan starts accruing interest upon acceptance and it had a prepayment penalty with billing starting 6 mths post graduation or leaving the institution. You can’t pay it off early and it accrues the whole time you’re in school.
It’s crazy that these loans are being pushed. We didn’t seek it out…it was just sitting there making the amount due look better.
Is this standard practice?
When my wife started asking questions, this loan starts accruing interest upon acceptance and it had a prepayment penalty with billing starting 6 mths post graduation or leaving the institution. You can’t pay it off early and it accrues the whole time you’re in school.
It’s crazy that these loans are being pushed. We didn’t seek it out…it was just sitting there making the amount due look better.
Is this standard practice?
6
Posted on 6/27/25 at 11:08 pm to SquatchDawg
Good lord that sounds awful.
Posted on 6/28/25 at 5:40 am to SquatchDawg
quote:
prepayment penalty
Who is the provider on the loan? I just did some googling and I don't think this is supposed to happen based on the results.
Posted on 6/28/25 at 6:54 am to SquatchDawg
What college was pushing this? Assuming private and not a public school?
Posted on 6/28/25 at 8:04 am to SquatchDawg
quote:pics aren’t loading
My oldest is going to a SC college in the fall
Posted on 6/28/25 at 8:47 am to SuperSaint
Student loan companies are predatory and the main reason our student loan debt in American is so outrageous. I have a friend who’s been paying the min for a decade and now owes more than he originally took out. How is that possible
So glad I listened to my dad and gave up my dream school for a state school and graduated debt free and my wife at the same college graduated debt free. This set me up for life I feel
So glad I listened to my dad and gave up my dream school for a state school and graduated debt free and my wife at the same college graduated debt free. This set me up for life I feel
Posted on 6/28/25 at 8:48 am to tigerbacon
quote:
Student loan companies
You mean, The Department of Education?
Posted on 6/28/25 at 10:23 am to SuperSaint
To the question above..
Private religious school….theyre the only college in SC that has an accredited aviation program which is what he wants to do
I think the loan was the Federal Govt
He a dude SS
Private religious school….theyre the only college in SC that has an accredited aviation program which is what he wants to do
I think the loan was the Federal Govt
He a dude SS
Posted on 6/28/25 at 11:01 am to SquatchDawg
Joke redacted - it was over the line.
This post was edited on 6/28/25 at 11:03 am
Posted on 6/28/25 at 1:38 pm to SquatchDawg
They have this at all schools. It means you were deemed as not needing grants but they will set you up with those other loans in a heartbeat.
Posted on 6/28/25 at 2:54 pm to Ace Midnight
No because the contract the loans out to private companies
Posted on 6/28/25 at 4:20 pm to SquatchDawg
I am a college administrator.
Call the admissions office Monday. Say “you’re my top choice. I need that $5k to make it work or I will have to go elsewhere”
They will find the money.
Call the admissions office Monday. Say “you’re my top choice. I need that $5k to make it work or I will have to go elsewhere”
They will find the money.
Posted on 6/28/25 at 11:49 pm to SquatchDawg
quote:
He a dude SS
Post him in prison blues then.
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