Auto loan, Credit Card, Personal Loan. Interest rate is very low compared to these. Your take on a good option and do you have to be fully enrolled, meaning a full time student at all times during the loan process? Thanks.
Would you recommend a student loan for consolidating outstanding debt?
#1 by book_allie on January 3, 2009 - 7:25 pm
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No. I recommend paying as you go. Cash. Don’t accumulate debt to begin with! I recommend taking no loans at all; It’s horrible to get out of college and find yourself faced with a huge loan. But if you HAVE to get a college loan, use it for college. Your education is more important.
#2 by Jerry T on January 6, 2009 - 4:25 pm
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No, I would not recommend it. Student loans are so you can attend school and get smart enough not to make stupid moves like using student loans for all the wrong reasons.
#3 by Eric H on January 7, 2009 - 3:53 pm
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I did. You can still get some low interest rates if you act soon. I turned a $300 per month payment into a $60 per month payment. Sure I have to pay for a longer period of time. But I’m only paying around 2.5% interest. The key is to use the extra money you have every month wisely. Like invest in something that will get you a much higher return on your money than the 2.5% your paying in loan interest.
#4 by Shone on January 7, 2009 - 10:08 pm
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I definately recommend They have a lot of good resources.