I’m 18 and a senior in high school and thing about attending this program after I graduate high school, and I was wondering how the paying off the loans would work and how much I’d have to pay a month and how long it takes most people to pay off. The other question I have is about the admissions prerequisites needing either an associate’s degree or work experience equivalent to that. I have had about three part-time jobs in the last two years, one of them being the army national guard which I am currently in would that qualify me for admissions?
You’d have to check with admin on both. The 2yrs equivalent generally means 2yrs continuous but they make the decisions.
As for the loan the payments vary based on amount, credit, term etc. Also know at 18 you’ll need a co-signer.
Why would I need a co-signer?
Obviously I don’t know your personal finances, but most 18yo’s don’t have the credit history nor the debt to income to obtain an $85k+ unsecured loan.
The actual monthly payment is hard to estimate since it depends on the loan amount, interest rate and loan term. Once you apply you’ll know. I recommend applying to both Wells Fargo and Sallie Mae to see which one offers the best rate.
Payments are deferred for the first 9 months although interest accrues starting day one.
I would most certainly call the admissions department as they have the final word on the admissions process.
As for the loans, keep in mind that the Tuition Reimbursement Program can take a significant chunk out of your monthly loan payments.