I graduated from Ole Miss and now I have to PAY for it?! Help me understand these loans. 🎓

[Borris]

I need someone to explain student loans to me like I'm five. I just graduated from Ole Miss (hotty toddy! ) and the "real world" is hitting me hard. I knew I had loans, but I guess I just... didn't think about it? And now there are all these letters and websites and numbers and I'm so overwhelmed I just wanna cry.

I have, like, three different loans? There's one with "subsidized" in the name and one with "unsubsidized" and I don't remember what that means. And there's this thing called "interest" that keeps growing even when I'm not paying? That seems unfair.

My grace period ends in November and I don't even know where to start. Do I consolidate? Do I pick an income-driven plan? What's the difference between standard and extended? Why does no one teach this in school?!

I'm working at a coffee shop right now (looking for a "real job" but it's rough out here), so I don't have much money. I just want to do whatever keeps my credit from being destroyed and stops these calls from collectors.

If anyone can explain this stuff in plain English, I will owe you my life. Also, any other Mississippi grads struggling with this? We should start a support group. Or maybe just a group cry.

 

[DafnaCross]

The "interest growing even when you're not paying" thing IS unfair but that's how unsubsidized loans work . The subsidized ones didn't grow interest while you were in school .

For right now: get on an income-driven repayment plan ASAP. Your payment will be based on your income, not your balance . If you're making coffee shop money, your payment might be $0. Seriously. Then when you get a higher-paying job, your payment adjusts.

Also, Mississippi has some loan repayment programs for teachers and nurses if that applies to you . Probably not helpful now but good to know for future.