I am so pissed right now --
If you are one of those people who took out a student loan and didn't pay it back or used it for something other than your education .... FU!!!!
They have made it nearly impossible for a person to get a college degree unless you are either very rich and can pay for it yourself or very poor and can get grants.
I thought Obama said that he was going to make it so more kids could go to school? Wrong.
When I went to school, they had the GSL program - my dad had to cosign for my very first one because I had no credit history - interest rate was 1% .... each year after that I was able to get on my own.
I didn't have to pay ANYTHING until I graduated ... then each loan was paid back choo-choo train style, one loan at a time. as one finished, payments changed to pay the next one. I think the highest interest rate I had was 3% (maybe 5%) ...
Now they have to pay interest while they are going to school ... what he is paying for in his first year is more than what I paid for my last year at the University. Its ridiculous ... then he needs us to co-sign because he doesn't have a credit history because he paid for his first college himself and was smart and didn't use any credit cards.
It is so hard! I mean, we want to help him ... but with the economy the way it is right now ... now the heck can we be sure he is going to be able to get a job to pay it back within 6months of graduation? I mean yeah they will get him an 'outternship'/internship but there is no guarantee that the place he has been working at will hire him - after all, they can just get another student to work for them for free (or semi-free).
We are so conflicted right now -- on one hand we want to do everything we can to help our kid ... but on the other hand we have the other kids to worry about and a house to keep.
I don't know who came up with those 'actuary charts' but they are sooooooo wrong!
He would be better off if (a)the schools weren't allowed to be so money hungry - and no, it has less to do with public funding and more to do with salaries of the administration ~and~ (b)he could get a loan at a much lower interest rate that could be deferred til he was financially able to pay.
This new system MAKES students have to work while going to school - how are they supposed to do good then?
I feel like we are letting him down ... but really its not us. Everything I've heard about the economy really has me worried ... we have to keep a roof over our heads too.
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