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When I got my student loans, I had to do a whole bunch of online orientation. It included the various repayment plans, and even what the monthly oayment would b
by twblalock 10y ago
When I got my student loans, I had to do a whole bunch of online orientation. It included the various repayment plans, and even what the monthly oayment would be under each plan, and how much total interest each plan would eventually cost me. I think its a federal requirement that this information is provided before the loans are disbursed.
If someone doesn't take the time to understand their student loans, which are one of the most important things in their lives at that age, I just don't know what to say.
- OrwellianChild 10y agoI'm glad you got that coaching, but I don't think that is very universal as a practice... My student loans were handed over with the usual fine-print paperweight. I had prior knowledge of how they worked, and fortunately never had to seek payment remediation, but that's just me being lucky. I want a system that mandates supportive care of the customer (who, in this case, is not a professional financial investor, but most likely a kid without a wealth of life experience to draw on).
- twblalock 10y agoI was a kid then, and if I hadn't been given an explanation of how the loans worked, I would have looked it up. I was borrowing tens of thousands of dollars, and I wasn't about to screw that up. I always look up the terms of any loans I take, including student loans, car loans, credit cards, etc. Honestly, is that too much to expect?
- Glauc 10y agoMust be those gosh darn millennials. Regardless, this is a separate issue from a loan servicer falsely advertising that it will help you cope with dept.