15.1.07

Follow The Yellow Brick Loan

I have about $60,000 dollars in student loans. I found this out the last time I called my loan provider. I wish the lady I was talking to had told me to sit down first. There was a long moment of silence and then me in disbelief whispering, "Oh my God." She was nice, though, trying to reassure me that she'd seen a lot of other loans that were a lot more than mine.

Sometimes my student loans aren't enough to get me through the semesters. There are two semesters in the each school year, but what do I do about the summer? I can either save my money or try to get personal loans. I've applied for a few and inevitably get declined every time. I guess it's because of the fact that I have so much in student loans already and since I'm a full-time student, I don't work. No income + high amount of previous loans = denial.

One semester, when I had appealed my financial aid denial to the college I attend (They had taken it away from me because I had failed all my classes. You just don't get a bunch of money given to you when you have a string of F's on your transcript.) and they denied my appeal also, my dad got secured loans to pay my tuition and the inevitable fees they always tack on for everything. I told him that I would pay him back, but it's been about a year or so since that happened and I haven't been able to give him anything. He hasn't mentioned it, but I think about it a lot. I don't know how I'm going to be able to pay him back and for that matter, my student loans will probably not be paid off until I'm in my 50s or 60s because I want to go to grad. school. That means applying for more loans.

My school mates tell me that I shouldn't worry about paying that stuff back right now, because when I finally get my degrees finished, I'll have a good career and I'll be able to make the payments no problem. That's what I'm aiming for.

This post is sponsored by Select Loans.

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3 Comments:

Blogger Zan said...

An education is worth it. You'll be able to make the payments. It's the best way to borrow money because the interest is so low and they are so forgiving. Just concentrate on your studies...

January 15, 2007 6:10 PM  
Blogger Kate said...

Yeah, um..... I'd be thrilled with a cute little $60K loan package. ;)

Not intended to one-up you... I just have deep sympathy for that moment of, "Oh, God," when the total is read off. It's horrifying.

January 17, 2007 1:35 PM  
Blogger Anias Nin said...

I thought I was going to faint when I heard it. It's a good thing I was standing by the kitchen table so I could just collapse into one of the chairs.

January 17, 2007 11:18 PM  

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