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Student Loan, What Once Was Low Interest, Isn't So Low Anymore

Updated on November 22, 2010 / CC BY 2.0 / CC BY 2.0

Student Loans Will Hound You And They'll Dog You Too

They Said My College Loan Was A Deal, But That Was Just A Lie

I enjoyed college, it was worth it to me, whatever the price. I went to, what was at the time, the best "value" aka least expensive state college in Wisconsin to get my bachelors degree: The University of Wisconsin in Stevens Point. Great school, town, professors you name it.

Now that I've been out a few years (going on the second decade) I still haven't put much of a dent in my school loan. When I started paying back the loan the interest was, and still is, at 5%. Back when I graduated this was quite a deal! Back then, you could find a savings account for... brace yourself, 6-9%! Can you believe it! Now of course, you're very lucky if you can find a bank that will pay you over 2% with the vast majority of Credit Unions and Banks paying our more like 1%. Using savings accounts as a guide, that would mean that I am paying over five times the amount in interest on my loan as it would have appeared when I first graduated.

Perhaps I'm not being fair? I mean compared to credit cards, student loans are still cheap money. Lots of school loans hover around 6-8%, it could be worse. I just finished off paying a seperate school loan that was at 10%, maybe I should count my blessings. So what if comparing student loans to credit cards is like looking at a blind date versus a call girl, you still get more bang for your buck, literally.

It is difficult to watch conservative bankers and heads of giant propped-up mega corporations go before congress and say, "Gee wiz fellers, if we don't get a few billion dollars to help us out, all our workers will be out of a job."

Never mind that they will be pocketing huge bonuses as part of their bailout. Never mind that those same conservative money handlers spend all the rest of the year whining about government regulation. Just keep the gravy train coming!

I've heard a lot of chatter on the internet about college debt relief. Why can't my interest rate go any lower than 5%? I have consolidated my loans already, so that's not an option. But the government is still "by the people for the people" right? Where is our bailout? I speak for millions of American college graduates when I say, we could use a helping hand here President Obama, The Senate, The House of Representatives. The Supreme Court might want to consider throwing their paws in the ring too, now that those ultra conservative extremists are rewriting legislation to fit their payola neocon agenda. Why not sell out the Constitution to the People? Or are multinational corporations the only "individuals" with rights anymore? That's what the Supreme Court just passed judgment on correct? That Corporations have the same rights as living, breathing, human beings? That being the case, maybe my Student Loan could be considered a human being, a citizen with rights too. Maybe they could bestow some liberty upon my consolidated student loan. President Obama has recently moved some college loan relief forward, will it be enough? Let's hope he's a better financier than a bowler! I still have faith in the guy, at least we have some Midwestern ethics in the White House, with an Irish Hawaiian tan!

They said my student loan was low interest, but now it just seems high. Consolidation never caught a rabbit and 5% ain't no friend of mine.


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    • Ben Zoltak profile image

      Ben Zoltak 8 years ago from Lake Mills, Jefferson County, Wisconsin USA

      Everyone here thank you so much for your kind words. It makes me realize all at once that I should be grateful for having the opportunity for being able to go to school, which I really am. I guess I'm just feeling a bit jaded right about now in my struggle to pay bills and get on top of the game. I appreciate everyone sharing and I hope you all find some resolution here as well!

    • Niteriter profile image

      Niteriter 8 years ago from Canada

      Ben, I'm very sorry you had to go through all this pain. I found out fairly early in my life that a bachelor's degree is unnecessary. I was a bachelor for years and it didn't cost me a dime. All I did was lie about my name and make sure I was outta there before daylight.

      If I had met you earlier I could have save you a lot of grief.

    • prasetio30 profile image

      prasetio30 8 years ago from malang-indonesia

      blessing you have the chance to get loan. There is no student loan in my country. And to get scholarship is difficult. thanks for showing me this information.

    • mbwalz profile image

      MaryBeth Walz 8 years ago from Maine

      I have kids approaching the college years. It becomes a choice: hawk my old age security (which most financial advisers agree is a BAD idea) or let 'em do it on their own!

      It's really not an easy decision, especially with one probably heading to art school. I keep telling her, make sure you have a back up skill more valuable than waitressing! Not very romantic, but practical usually pays the bills more effectively.

      I was so lucky to go to a state college in the 80s. Between my parents paying my tuition ($3000) a year and me working and paying everything else, I made it out without a loan. I dream my kids can do the same.

      You're right. If we can bail out 2 car companies in a country that only needed one of them, we can help out the people not working a robotics line belonging to a Union making obscene amounts of money. The future relies on new skills, college degrees, advanced training, and helping those with student loans to get out from under that debt!

    • yenajeon profile image

      yenajeon 8 years ago from California

      This is so true. I went to a more expensive public school in MICHIGAN and have no idea how I will start paying off the debt. It would help if there were jobs in this country.

    • stars439 profile image

      stars439 8 years ago from Louisiana, The Magnolia and Pelican State.

      Dear Ben : I hope everything works out to your advantage. If I learn, or hear of anything that can help you in some way or form I will keep you informed. God Bless You.

    • Ben Zoltak profile image

      Ben Zoltak 8 years ago from Lake Mills, Jefferson County, Wisconsin USA

      Hello, hello I agree!

    • Hello, hello, profile image

      Hello, hello, 8 years ago from London, UK

      I am sure Mr Obama would and could do more if he wasn't stopped all the time by the opposite just to show him up he can't deliver what he promised.