What should I do regarding loans?

Question

Would most people recommend paying unsubsidized interest while in college?

Answer 1

Yes!!!

I wish I would have better understood loans, interest, and payments. I'm the first in my family to go to college and I don't qualify for subsidized loans so I took what I could get. Five years ago I took about a $3000 unsubsidized federal loan. Last fall I took out a $10,000 unsubsidized private loan and between the two I owe $1,500 in interest alone. I started making interest payments and that will help me in the long run. I didn't take more initiative to understand my finances because I was busy with school... and now that I'm graduated I owe more than I would have if I had just made some darn interest payments!

I don't regret taking out the loans or having the debt, but I do wish I had been more responsible with at least asking about it. So good job on that. :)

Anyhow, my recommendation from personal experience is to pay the interest as you go and you may not be paying much (if any) on the principal, but it will still be to your advantage.

Good luck!