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Heartbroken

Malakia02Malakia02
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So the university that I go to for vet school has been unable to find a loan lender for this year other than Sallie Mae.  Sallie Mae's student loan package involves a 14% interest rate and a 5% disbursement fee (meaning I have to start paying my loans while still in school).  This would equal out to me having to take out a $55k loan with a 14% interest rate for just one year of school.  Not to mention the loans I have already taken out for my first year of vet school and my deferred grad school loans.  It has finally come to the point that the sacrifice is just not worth it.  I would have to be paying over 2k a month for 15 years to come close to paying it off.  That is too detrimental to my future family.  I am giving my school until the end of the week to come up with a new plan before I decide to withdrawal officially.  I am just going to have to get a job and apply to a new vet school next summer   :o(
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Re: Heartbroken

  • Heather822Heather822
    First Comment
    edited December 2011
    Aw man that blows.... What about taking out a personal loan through your bank....?
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  • PandaBurrPandaBurr member
    Combo Breaker First Comment
    edited December 2011
    Oh geez, that really sucks. There's no way for you to get federal student loans?
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  • sapphirebaby926sapphirebaby926
    First Anniversary Combo Breaker First Comment
    edited December 2011
    oh no that's awful! There aren't any other options for federal loans?
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  • Malakia02Malakia02
    First Comment
    edited December 2011
    Nope there are no federal loans since it is not a Title IV school
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  • noelle24noelle24
    First Comment
    edited December 2011
    Man that sucks. But maybe you could find a job and future vet school closer to your BF and family.  Think positively!
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  • AcrosthecAcrosthec
    First Comment
    edited December 2011
    That really sucks; I'm so sorry!I'm with Noelle, try to find a positive.  Apply to UGA!  They have a great vet school, and since you'll be in Ga, I will put you and your BF up for a weekend if you want to come down and go to the beach. :)
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  • fletch102483fletch102483 member
    First Comment
    edited December 2011
    Sallie Mae is a terrible company...in my experience
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  • sapphirebaby926sapphirebaby926
    First Anniversary Combo Breaker First Comment
    edited December 2011
    that does really suck but I agree with noelle on this one - this could be a blessing in disguise!
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  • rubyslippersxorubyslippersxo
    First Comment
    edited December 2011
    sorry to hear that but trust me when i say you're doing the right thing by not going with SM... i had no choice to use them when i went to cosmetology school way back when and they have been nothing but a nightmare... it is disgusting. everything will turn out how it is supposed to!!
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  • ndzenowskindzenowski
    First Comment
    edited December 2011
    Have you looked at private loans? My loans are through sallie mae and my interest rate is currently 6% - thats beyond ridiculous.
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  • AnneAndJJAnneAndJJ
    First Comment
    edited December 2011
    That is definitely very unfortunate! As a few other people have mentioned, have you looked into getting a private loan from your bank? I know a lot of people who have taken out a line of credit for school, and are not paying nearly that interest rate.
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  • Malakia02Malakia02
    First Comment
    edited December 2011
    Thanks for the kind thoughts ladies.  I have explored the option of a private loan through both my bank and my parents' bank- unfortunately with the economy like it is I have been turned down from those as well. It is not the end of the world if I leave vet school, I can try again later on down the road.
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  • Heather705Heather705
    First Comment
    edited December 2011
    I know this may be a long shot, but there are a few vets around where I am from (Alabama) that sponsor students through their schooling as long as they sign on to the clinic afterward for a set period of time, usually two years. So, the vet pays for the college to get a certified co-worker. Could this be an option for you, perhaps?
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  • aggiebugaggiebug member
    First Anniversary First Comment
    edited December 2011
    are you trying to go to St.George? if so why? its beautiful but the education is not quite on par with the rest of the US. Virginia Tech (I saw your wedding was going to be in VA) has a great school, should be cheaper and there are probably more options for federal loans. What state are you a resident in? (I am about to start my 3rd year of vet school at Texas A&M)
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