Money College: One student's losing battle with private student loans
Filed under: Money College, Economizer, Student Loans
I will try my hardest to not make this piece a "woe is me" story and more on the dangers of taking out private loans (or any student loans for that matter).I would first like to clarify that I come from a financially unstable household. I was the first person in my family to go to college, I am an immigrant, and my parents did not put aside money for me to go to college. I went to a private university, and besides Stafford loans, I took out private loans from Sallie Mae. I could not get a co-signer, as no one in my family has good credit, and in hindsight, I should have probably gone to a cheaper college or a community college (and gotten a degree in something other than English).
The Sallie Mae Student Signature Loan looked like a good option at the time because I didn't need a co-signer and there was no cap on how much I could borrow. I didn't have anyone to talk to about financial matters and I didn't ask for help, either (not even a quick Google search), another bad decision. Private loans cannot be consolidated, something I did not know, and had I known, I would have changed my education plans entirely.
I moved off campus the first chance I got, and I worked full- or part-time, depending on my class schedule. In total, I borrowed approximately $43,000 from Sallie Mae, with an average interest rate of 9.5%. As of today, I have already accrued $22,525 in interest (on $43,000!), and the estimated total amount to be paid should I follow the monthly payment plans will be $123,350.
Read more...
http://www.walletpop.com/blog/2010/02/25/money-college-why-one-student-advises-avoiding-private-student/?icid=main|main|dl3|link3|http%3A%2F%2Fwww.walletpop.com%2Fblog%2F2010%2F02%2F25%2Fmoney-college-why-one-student-advises-avoiding-private-student%2F
God Bless,
Don
Check out my Web Pages and Blog’s too...
Don's Music and Poems at DonSongs.com
DonSongs! Download Both Albums in MP3's Free! Also, there's Pages of my Songs, Poems and Pic’s of me and friends:>) www.DonSongs.com
DonSongs New Site With Music Players for Both Albums and New Page Design...
Download The Whole Living Beings - Climate Control Album Free!:) We have our New Album Out Now! With me, Don Bishop doing Vocals and Lyrics and Marty Splawn Playing all the Music! And You can Download the whole Album Free!
http://bishopco.com/LivingBeings/LivingBeings-ClimateControl-mp3.html
And here’s an alternative Living Beings download site that also has smaller 64Kbps M3U versions for Dialup connections and it has Streams of the complete album too if you just want to listen online without saving the MP3’s. http://www.archive.org/details/DonBishopLivingBeingsClimateControl
Living Beings Blog has some MP3 Song clips from our Living Beings - Climate Control album. Also, I put up some of my favorite Pic’s. http://livingbeings.blogspirit.com/
And here’s an alternative DonSongs download site that also has smaller 64Kbps M3U versions for Dialup connections and it has Streams of the complete album too if you just want to listen online without saving the MP3’s. http://www.archive.org/details/DonBishopDonSongs002
CMU - Christian Music Underground
CMU was started by Don Bishop to share the music of myself and of course the rest of you guys who are among the non commercial artists out there who work hard at their music and want to Glorify, Praise and Share the Love of our Lord Jesus.
http://christianrocker.com/index.php?mode=player&type=radio&id=79
DonSongs Blog... This is a Collection of Songs written & Sung by Don Bishop from 01-1991 to 03-2002.http://donsongs.blogspirit.com/
I need help starting a ministry for Kids. Do you love Kids and Teenagers? If you feel a calling on your life to help the least of these grow up and learn to live and love and believe in Jesus, then please check out our vision.
Psalms 68 Ministries http://www.Psalms68.com
My Web Site’s Business Page, the Entry Point for all the rest. My New Site is at http://bishopco.com/mambo/ and my old faithful is at http://www.BishopCo.com
Classified Ads, Place Your’s for Free Here! Try out my free Classified Ads Site.
Don's Deals Free Classifieds http://epage.com/js/csp/c44364/b44364/r571658/?csp=44364
No comments:
Post a Comment