I helped the bf put in all his loan applications for this next year of law school yesterday. I have no student loans myself, so it was interesting to actually walk through it step by step. As a grad student with no income, his process was extremely quick- maybe an hour total? (And that was WITH me insisting on reading everything and commenting on things aloud). I’m glad the process is so accessible, but I can also see how it makes it simple for people to take out the maximum amount of loans possible whether or not they need it.
Next step is getting him set up with a savings account for the loan money to go into- he currently has Bank of America and I just don’t see that as a feasible holding mechanism. I have Barclay’s Dream Account but you can’t put a large amount in to start. Anyone have suggestions/reviews/experiences with Synchrony and Ally??
