Robbery
 

I just paid off my student loan in full. I had borrowed the money initially thinking that I would just let the money sit and make interest on it while I was in school. I got socked however because I thought the school was paying off the student loan in our reimbursement deal and they are not doing that they are just reimbursing my tuition. So, I waited to pay it off.

THE BENEVOLENT GOVERNMENT IS LOANING MONEY TO KIDS AT 6.8% INTEREST!!! That is highway robbery when you can buy a HOUSE for 3.5% interest or so!!

I am sick. These kids are getting out of college with basically a mortgage over their heads and no house to show for it and few jobs.

Sickening.

Re: Robbery
 

Yep.

My wife graduates in June and we will be looking at about $51,000

Re: Robbery
 

My SIL's student loan bill after getting his Masters degree is almost what my house cost!

However I don't blame the government. How is it the governments fault? I had a student loan when I went to college and understood that nothing is free. I paid interest (a lot more than 6.8%).

BTW - 6.8% is not a bad interest rate. To compare a student loan interest rate with home mortgage rates is not really fair. How about comparing it to credit card interest rates? At that 6.8% is a bargain!

The idea of student loans is not for students to "let it sit and make interest on it". When that happens it just becomes one more government program intended to help people that gets misused.

Re: Robbery
 

I looked at my student loans and couldn't believe it. There are 3 different student loans that are now around $1200 to $1500 per loan. Because of loss of employment and some time when I was dumb and refused to pay on the loan, I've already paid more in interest than the principal amount of each loan.

Re: Robbery
 

I appreciate your honesty in saying "and some time when I was dumb and refused to pay the loan".

Too many times we don't do our part in meeting an obligation and then whine when it cost us in the end. When these things happen it is not satan persecuting us or even God sending us a trial. It is simply us bringing consequences onto ourselves. I have been there and done that! More than once sadly.

Re: Robbery
 

I do think the interest rate is too high.

But the reason I think that is because it is the government that is always harping about wanting to find ways to help us Amuricans get educated so we can keep the high paying jobs here, etc etc.

Re: Robbery
 

I know it wasn't satan, or even God trying me. :lol I got mad at the school because it changed from one entity to another, and the new admin wanted us to re-take some courses which would lengthen the semesters and cost more. So I left and felt for a long time that I shouldn't have to pay since I didn't complete the courses. It wasn't until dear ole uncle sam began garnishing my fed tax returns that I decided I better start paying up. Still paying, but now I'm more upset that I didn't suck it up and finish since I'm stuck with the payments without the benefits of getting the degree.

Re: Robbery
 

I really disagree with your thought process. Here is why. They give out quite a bit of (what at first seems to be) free and easy money to these kids who have no idea what a dollar earned means. These kids borrow more than they should and have boatloads back to pay.

Back in the day, tuition was cheap. Now, since guaranteed student loans have become available, college costs have skyrocketed! Do you see the correlation? The kids are paying some pretty hefty salaries and the like. Now, tuition is way, way up there and, while the Fed holds interest rates at zero, the government is charging 6.8%!!!

If you play your cards right (no pun intended) your credit cards will be zero percent interest, as ours are. I tried to pay off my loan today on my credit card so I could get 1% cash back. Then, I was going to turn around and pay the credit card off. Do you know they would not let me?? I think I know why. The government knows that you CANNOT DECLARE BANKRUPCY ON STUDENT LOAN DEBT. The benevolent government does not allow you out of your student loans for ANY reason, but they know that credit cards are unsecured debt. Looks like they are in bed with the credit card companies on that one.

If I am smart enough to make money on money they loan me rather than pay through the nose 6.8% interest forever more, more power to me, I'd say. ;) It is not misuse, it's smart use. The money was offered to me because I was in school. I took it and I payed it off.

Re: Robbery
 

Guaranteed student loans are not really helping people, are they? It looks more like a money making scheme, frankly.

Re: Robbery
 

You had a right to be mad. They should have grandfathered the old students in. But of course, not paying didn't help the situation.