- Femme - Posted March 26, 2004 I am having a major problem with student loans. I ,am planning to go in Nursing and my first two years I already spent $8,000.00 and I have a sickening feeling in my stomach whenever I think about how much interest would accumulate and how sinful it is even though I have no choice. That is the only source of money I have, I am right now concentrating on my studies and volunteering so I dont have time to work. For those of you who completed University or College already, how did you deal with your student loans? And what did you do about the interest :eek: . Have a nice day Quote Share this post Link to post Share on other sites
-Serenity- Posted March 26, 2004 I've to say Alhamdulilah... my dad financed most of it. I think I'll just end up with £3000 for the entire 3yrs...which I plan to repay in ma first year of work... Isn't student loan interest FREE? :confused: By the way...instead of volunteering, why dont you get a job that pays? + earn the rest of the year and save up. Actually study period is 9 months of the year of which we are off 2 months... so technically we study about 7 months and off the other 5 ...or atleast that how my uni operates. Quote Share this post Link to post Share on other sites
SCORPION_SISTA Posted March 26, 2004 Athena Student loans in USA are only free of interest for the first 6 months after graduation and then it starts to accumulate interest on it... Shaabella some of the things u can do is, first try to work during the times of summer vacation like 3 or 4 months...During that time, see if u can save a thousand dollars or something each year...Check if your school offers student work, that way you can work in the campus of your school and they are more flexible with your classes' schedule and you don't have to work for more than 20 hours or something per week...That money you make there can be used as your pocket money, and you can save all the money from summer work...So in next couple of years until you finish you might have half of it saved up...I don't know about canda's system, but as i said in USA students have about 6 months "grace period" on their loans...And it is possible without school and just working you would be able to save the rest of your loan when the time comes up to start paying you loan...It is crucial that you don't make any other debts on credit card or anything like that...The only debt/loan you should have is just school...Sometimes there are scholarships not for huge amounts but maybe a $ 1000 that you might be eligible for, look into things like that...Hope i helped, bee bye Quote Share this post Link to post Share on other sites
Khayr Posted March 26, 2004 Salaamz, let me tell you what I do with student loans since I'm in my 3rd yr now of 'Payments' Ok, please write this down somewhere and keep it in you borsoos/hand bags, stuffed away. 10 STUDENT LOAN 'PAYBACK' COMMANDMENTS 10. Never tell them that you WORK, if u're not making much, cause they'll want Paystubs not matter if u made $1 or $10,000 a month. 9. Never give them the right Phone Number, especially your Work Number. One time I was applying for interest relief and they asked me if my work number was the same and I already told them that 'I ain't working'. 8. Never,ever let your Relatives who just came over, pick up the phone from Student Loans. Wa loguu fadhaneeya! Relatives being proud of who you are, will tell them in a minute - Where you work and what your position is Its over then!!! 7. When the Loan center calls, tell them that you would or are Applying for Interest Relief. 6. When the Loan center calls, speak to them in Somali and not English and say 'Waar Nafta ba no kayntean, biriiska baan qa liqaa karaen, Naadaya and Hung Up! 5. When the Loan center calls, JUST DON'T PICK UP THE PHONE. Any 1-800 number, ain't gonna be u're Abti or Habeyera's number. Its a CREDITOR! 4. Double Up on your payments to get rid of them. Student Loans do show up on your Credit Score and never Default them or u're mess up your Credit for a Long Time. 3. Use as little as possible of the loan money and ask for as little as you need in the first place. U can make do, if u pay u're tuition by semsters, monthly and get student jobs at school and grants from the school. It can be done, you just have to be a Disciplined! Which means no maaqaxeyeds for the semster! Eggs for Breaks, Tuna for Lunch and Dinner! 2. Get a line of Credit from the Bank that has a lower Interst Rate and use all of it up, to pay the Student loans which have a ridiculous Interest Rate! 1. APPLY for INTEREST RELIEF and save u're money and pay them bank in chunks. Quote Share this post Link to post Share on other sites
underdog Posted March 26, 2004 You could always default and let the account go to 3rd party collection. Once it gets there you're not getting interest and you can pay off the loan. The only time that wouldn't work is if you're looking to get more credit, because your credit rating will go down the toilet. Quote Share this post Link to post Share on other sites
Jaabir Posted March 26, 2004 Student loans is one of the main reasons I have moved out of Canada where the only means of attending a university is getting a Loan. Thank god I don’t have to deal with that no more… BTW most of the university graduates I’ve met in Canada are either bad credit or in huge dept… Quote Share this post Link to post Share on other sites
Kool_Kat Posted March 26, 2004 Last time I knew, I only owed $18,000 for a 3yr period...Now it is $24,000...And believe me I am not planning to pay them back... Well there goes my credit...Oh well...It was messed up b4 I even graduated...With all them credit cards they offered and gave me on my first year...Let's just say the rest of my credit is history...They still give me credit cards, though (since we don't have to put our Social Insurance Number on the application in Canada)... Besides, they can mess up my credit as much as they want cuz I ain't planning on getting any loan for anything, since it is Xaraam/Sin...I just hope my life doesn't depend on it... Quote Share this post Link to post Share on other sites
king_450 Posted March 26, 2004 Khayr, everything you told the readers of this post is a way of cheating! if you work The Govt will find out ,or perhaps you don't file your tax return too Khayr, if you don't then not only you owe student loan , you also owe tax return to pay back.The sure way not to pay back your student loan is, if you can stay at school for the rest of your life, as long as you are in school and taking atleast six credit hours ,you will be immune to pay back any student loan , even if you are working and making a lot of dinaros.But plz pay back your student loan, so others will get the same chance you got.If not join non profit organizations who tuitor children,in an exchange for reducing or wiping out your entire student loans! Quote Share this post Link to post Share on other sites
underdog Posted March 26, 2004 Originally posted by Kool_Kat: Last time I knew, I only owed $18,000 for a 3yr period...Now it is $24,000...And believe me I am not planning to pay them back... I just hope my life doesn't depend on it... Well, You'll have to pay what you owe at some time. You can't go to Hajj with debt. Pay off what you owe. If the bank wrote off the debt and it's at a collection company, call them and arrange to make payments as long as no interest is accruing on the balance. They'll tell you that interest is automatically applied on the account...That's bullsh!t. Once the bank writes it off, they'll basically be happy to get back something. Quote Share this post Link to post Share on other sites
StarGazer Posted March 27, 2004 Hey KoolKat, ii waran gabar? Listen abaayo, a loan is a loan...you gonna have to make plans to pay them b4 u die. Otherwise you're gonna have to answer to the Most High....and no..I aint talking about the federal government. Besides, credit is everything... sometimes you can't rent a flat without them checking ur credit. Also Khayr, brotha did you think when we're taught not to lie...that the government was an exemption? Come on now....no1 is worth lying to...by compromising our character. You already know its dambi. I liked Xena's ideas, but I think there are better opportunities available in the States in terms of paying back your loan....ie. Workstudy or even working full-time during the summers. However whereever you may be at shouldn't excuse you from making plans not only to pay back but to actually to start paying. So my dear Shaabella, don't despair. You've chosen a good profession and as soon as you graduate you'll have a job waiting for u. By thinking about this shows that you actually do care about your future. You'll find a way Quote Share this post Link to post Share on other sites
7_steps_2_Heaven Posted March 27, 2004 good advices nomads, thats what I like about SOL. let me remind you fellow nomads, if u r in dept and u pass away, the muslims are NOT allowed to pray salatul janaasa on u. also...deen ninkii ku dhinta aakhirada maba la xisaabiyo, i heard. life is too short ppl, pay back what u owe, we r not strong enough 2 face the consequences. (severe hell fire) Khayr - say istaaqfurullah. kool-kat - ilaah hakuu fududeeyo macaanto, kulligeenba. I have to say alxamdulillah, my parents are dealing with my tution fees. salaams, LIVE LIFE TO THE FULL (without haraam) Quote Share this post Link to post Share on other sites
- Femme - Posted March 27, 2004 Please dont get me wrong guys. I am willing to pay my loans in full, because it is haram to cheat anyone whether they are muslim or not. I just wanted help in how to deal with the interest. I live in Canada, and the rule is that you have to pay back the loans in installments, 6 months after you leave school, whether or not you found a job. Thanks to everyone who replied. Assalamu Alaikum. Quote Share this post Link to post Share on other sites
LuCkY Posted March 28, 2004 Im Not sure if Ya'LL are aware of this but there are grants,schoLarships as weLL as federaL aid avaiLabLe to students.Many peopLe I have encountered toLd me that they didnt pay a dime out of their own pocket nor taken out any Loans to pay for schooL. Quote Share this post Link to post Share on other sites
Qac Qaac Posted March 28, 2004 wallahi if we are muslims, especially somalies, that we know each other, that we are not rich like our Paki muslims, and Arab muslims. we have to think. IS IT REALLY WORSE IT? to go to universities, thanks to university if i die now, no one will pray to my janazah, and if i want to go to the hajj i can't because i am in debt. now could somebody pls tell me, why we go through this. they tell us u could pay all of this in your first year of work, they are right. BUT HOW MANY PPL GET JOBS IN THEIR FIELD, let's say less 20% of the graduates, what are all the engineering graduates doing... anyways i think, as students of university, as the ppl who live in these countries, we should come up with solutions, don't put your daughter or your son with out knowing u will guarantee jobs for them in the future. p.s. and most of the stuff, u learned. is all secular, they don't remind u God. what did we gain... from this... Quote Share this post Link to post Share on other sites
Dhagax-Tuur Posted March 28, 2004 A$$ All this is an important issue to the students, and wonderful idea to be discussed. But since we [the students in the diaspora] are logging into this site from different regions of the world with different systems [loans system, that is], shouldn't it be ideal to break this into country-by-country? For example, I want to know ideas and ways of my region's system, not that of NZ. Just a thought. F.G. shouldn't this topic be in the Student section? that is 'cos, I had trouble finding it. Salams. Quote Share this post Link to post Share on other sites
