Friday, February 3, 2012

{Student Loans-My Enemy}

Let's face it, college is NOT cheap. I think I was paying $900something A CREDIT on my grad school classes. I have no idea what it cost me in loans for undergrad. All I know is it's a lot. I don't come from a well-off family by any means. And by living in New York, nothing is cheap. I believe I paid $3.73 a gallon for gas yesterday. *Cries*

My mother helped each of her four kids that went to college out as best as she could. Being that she was a single parent, she knew she'd have loans out too. We all have loans out from undergrad. I would have probably had more out if I did not go to a state school for under grad (a state school in NY is called a SUNY or a CUNY). When it came time for grad school, we were on our own. I respect her in that instance because most grad schools think you, the student, are supporting yourself and will essentially give you more money in loans to help pay for it. That's evil because then you end up taking out more than you should and live off of it.

Well, when I started grad school, I deferred my undergrad loans. I think I received a paper awhile ago that stated they were deferred until 2018?! While that can be good, the amount of interest I would accrue is enough to send me into thinking I'll have a heart attack. I got a loan paper in the mail today that had loans disbursed on 12-24-2009..I'm thinking these are my grad school loans considering I started in January 2010. With interest, a $20K loan went to almost $45,000! HOLY CRAP. Apparently they have me set up on the 30-year repayment plan and by paying only the minimum, it would be paid off in...2042! And I'd be 55! As in my first kids would probably be in college or something by that point! HOLY CRAP!

I basically went into panic mode and then asked my brother to explain the letter to me to make sure I knew what on Earth it was explaining. He reassured me that it was because of interest and if I made more than the minimum monthly payment, I would pay it off quicker. It just sucks because I pay rent while living at home and my phone bill, and of course gas. I know it was something inevitably going to happen and I would have to pay it back eventually. The reality of it all is just setting in and makes me cringe.

I hope that I nail this certification test (which I should really go study for!) and get certified because then I will start applying for jobs. I feel like once I get an actual teaching job and feel somewhat more financially stable/secure, I can pay it off in bigger chunks.

Anyone else feel this way about student loans? Any advice on how to deal with it and/or stay organized while paying off loans? I am OPEN and a tad desperate for suggestions!


  1. I totally feel you!!! I'm paying for school and my parents are paying the rent on my apartment but I constantly feel as though I'm barely getting by! We can do it though! :)

  2. Ugh I know what you mean! I just suggest paying it off as fast as you can.

  3. Student Loans freak me out SO bad. The interest rates are terrible! and to know you'll be paying it off for that long is not a good feeling.. ugh!

  4. Gahhh I wish going to college was easier and less expensive! That last cartoon is too true.

  5. Same here! I thought I was alone in this endeavor. I am also having difficulty paying for my college tuition. Plus the rent for the apartment! I decided to apply for a student loan to help me with these problems.

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  6. Aside from paying about the minimum, when you are able to, change your repayment term. I have a loan on a 20 year plan and I'm paying $75/month (I wish that was my only loan - hah!). If I change it to a 15 year plan, it only goes up to $100 which is really nothing when you think about it. It;s definitely worth calling and having them recalculate things for you.