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How do student loans work?

Anonymous
Posted by Anonymous
  • 90 Replies
For now I can afford to pay my tuition but when I transfer to university it's going to be around $10k a year and I just don't have that laying around.
How exactly do student loans work? Do you get like $20-$30k up front? Or is it like a line of credit you can use every semester to pay your tuition?
Posted by Anonymous on Apr. 10, 2017 at 12:10 AM
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Replies (1-10):
Anonymous
by Anonymous 2 on Apr. 10, 2017 at 12:13 AM
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Uh, it's get paid to the school, and you can usually get your books on account, then after the semester has started and they do the accounting for it or whatever, if you've taken out more you'll get a check minus tuition and books/supplies you bought at the bookstore so you can use it for..whatever else. At least, that's how it worked for me.

kristinm87
by Ruby Member on Apr. 10, 2017 at 12:16 AM
11 moms liked this
I think the way it works is you have to sign over your soul, then you pay forever. And ever.



And ever.
hotspice58
by Platinum Member on Apr. 10, 2017 at 12:17 AM
3 moms liked this
This. After you graduate or stop going, you have to pay your loan and promise them your first born as well as a kidney!

Quoting kristinm87: I think the way it works is you have to sign over your soul, then you pay forever. And ever.



And ever.
Anonymous
by Anonymous 1 - Original Poster on Apr. 10, 2017 at 12:19 AM
1 mom liked this
Is it sort of revolving like you can do this every semester?

Quoting Anonymous 2:

Uh, it's get paid to the school, and you can usually get your books on account, then after the semester has started and they do the accounting for it or whatever, if you've taken out more you'll get a check minus tuition and books/supplies you bought at the bookstore so you can use it for..whatever else. At least, that's how it worked for me.

Anonymous
by Anonymous 1 - Original Poster on Apr. 10, 2017 at 12:20 AM
Ok I get all that. It sucks. I know. Just trying to figure out how everything works. I'll be able to pay it back no problem. It's paying upfront that I'm trying to get ready for.

Quoting kristinm87: I think the way it works is you have to sign over your soul, then you pay forever. And ever.



And ever.
LeftieX
by Ruby Member on Apr. 10, 2017 at 12:20 AM
What's your major?
Anonymous
by Anonymous 1 - Original Poster on Apr. 10, 2017 at 12:21 AM
I'll get it paid back. I'm in track for a couple scholarships already as well. But I need to make sure I can pay the school and not get kicked out of classes. All my funding comes after I submit grades.

Quoting hotspice58: This. After you graduate or stop going, you have to pay your loan and promise them your first born as well as a kidney!

Quoting kristinm87: I think the way it works is you have to sign over your soul, then you pay forever. And ever.



And ever.
YuppyMom
by Ruby Member on Apr. 10, 2017 at 12:21 AM
Each semester your loans are renewed for the cost of your education you can not pay up front.
Anonymous
by Anonymous 1 - Original Poster on Apr. 10, 2017 at 12:21 AM
Engineering. I'm pursuing scholarships as well.

Quoting LeftieX: What's your major?
Anonymous
by Anonymous 1 - Original Poster on Apr. 10, 2017 at 12:22 AM
Do they collect interest while you're enrolled?

Quoting YuppyMom: Each semester your loans are renewed for the cost of your education you can not pay up front.
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