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4 Important reasons NOT to get Financial Aide loans!
1) They don't go away.
Unlike with other types of debt, your student loans (in most cases) won’t disappear if you end up filing for bankruptcy because you can’t afford to pay them back. And while it isn’t true that your student loans can never be discharged in bankruptcy, it is very, very hard to have them reduced or eliminated.
- If you can’t pay your loans but don’t want to file for bankruptcy, loan holders will sometimes negotiate temporary reduced payments or deferments. But this might not be the best call. Why? Because your loan will usually grow larger while you are postponing payments or paying smaller amounts. And after you’ve recovered from economic hardship, your loan will be even more unmanageable than it was before.
2) You could be paying loans back until you retire.
- Currently, there is a cap of 30 years on the amount of time a graduate can spend paying off their student loan. However, because the terms can be changed, graduates could be paying off their student loans until they retire.
3) You probably won’t be able to buy a house for a long time.
- Traditionally, first-time homebuyers have been recent college grads. Now, many can’t afford or qualify for a mortgage with student debt dragging them down. And if you think that relaxing lending standards is the answer, I would hope that the 2008 mortgage crisis was not too long ago to remember.
4) Student loan delinquencies are rising.
- If you run the numbers without fudging, you get 30 percent. Some stats don’t count you late until you are nine months behind instead of the standard 90 days behind. And some stats don’t consider all the people who have gotten their loans deferred or are in other programs. But a more accurate figure is closer to 30 percent.
Don't attend an expensive trade school that requires Financial Aide debt of between $6,000 and $26,000. Instead, join us for one of the ATCC 90-Day Programs that start at $1175, including all books and materials!