the Cost of Personal Loans

When I finally made the decision to go back to school I was unaware of how much college cost! I was in for a rude awakening! I had my heart set on it so I went to the school office and applied for financial aid, to which I did not qualify. So I decided on a student loan. The loan advisor was very upfront with the payment plan. I would not start paying until 6 months after I finished school and my payments would be $52 a month. I didn't think that was a bad deal at all.

The loan paid for all of my school fees including my books. I had the loan paid directly to the school so that I did not spend the money unneccesarily. I have almost completely paid off my student loan and I have run into a financial hardship to which I just quit paying on the loan, since I had no money to pay the loan back and then I was advised by the loan company I could apply for a program to suspend my payments for 1 year until I got back on my feet! I was impresed. I don't know many companies that would do that for you.

If you are purchasing a loan make sure you have all the details first. Research the loans. Will you be able to pay it all back? If you are not able is there a hardship program for assistance? Just a few of the questions to know the answers to before you sign that paper.