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View Diary: Student Loans: a bubble waiting to burst (214 comments)

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  •  While on the subject, what can I do about (7+ / 0-)

    private student loans? I went to a public university, but I guess between a combination of stupidity, my lack of credit as an 18 year old, and my parents' then average at best credit rating, ended up with around $80k in private loans through Sallie Mae and AES. I got a job right out of college and I can make the monthly payments of nearly $700, as well as rent, car, living expenses and still have some extra spending money. I'm not hurting. But I'm going to be paying on these damn things for 16 more years. I applied for a consolidation loan through Wells Fargo (the only bank I could find offering private loan consolidation), but the interest rate they offered far exceeded the rate on my loans so it was not worth it. Am I just stuck paying these loans until I'm in my 40s unless I win the Powerball jackpot?

    "How come when it’s us, it’s an abortion, and when it’s a chicken, it’s an omelette?" - George Carlin

    by yg17 on Sun Dec 09, 2012 at 09:59:57 AM PST

    •  BTW, I should mention that Wells Fargo offered (6+ / 0-)

      a terrible rate despite my perfect credit with a score in the high 700s, (It was 774 when I purchased a new car in October), no missed payments and not a penny in credit card debt. I'd hate to think what kind of rate they're offering people with average credit.

      "How come when it’s us, it’s an abortion, and when it’s a chicken, it’s an omelette?" - George Carlin

      by yg17 on Sun Dec 09, 2012 at 10:02:28 AM PST

      [ Parent ]

    •  As far as I know, you're stuck (3+ / 0-)

      paying them.

      This is why this topic infuriates me.

      On top of the fact that, at present, my office is within earshot of the financial services department at my University. This is new. I swear students order loans like they order Big Macs at a drive through, with literally ZERO counseling. None. Nothing. Nada. Zip. Zilch.

      I'm not aware of any workarounds for these loans either, but that's way outside of my field: I wonder if there are any?

      Click the ♥ to join us on the Black Kos front porch to review news & views written from a black pov - everyone is welcome.

      by mahakali overdrive on Sun Dec 09, 2012 at 10:28:14 AM PST

      [ Parent ]

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