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- Paying for College
Student Loan, What Once Was Low Interest, Isn't So Low Anymore
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.