loan problem

November 5, 2007

Loans. I have them.

Within the next month, I’m going to join the thousands (if not millions, now) of college graduates who are paying prosperity to financial institutions of all shapes and sizes for the next fifteen to twenty years of their lives. My grace period will come up, and I’ll be sucked into the atmospheric decompression unit it known as Pay Back Time.

Typically, the paying back is more revengeful than sheepish. I anticipate that ever instinct I have that will want to rage out will be demurred by another piece of floating sea trash bill paper. Just another slice of life to stuff in a drawer.

When did becoming educated become something to apologize for? I imagine there is a warehouse somewhere, crammed from floor to rafter with enormous mason jars, slowly collecting money; coins, checks, bills all gently sloshing around, dancing almost. Happy to be free of the grimy hands of degree-holding peoples everywhere. Thousands of such jars simply contain a scrap of paper with “I.O.U.” scribbled in sharpie with a dotted-line box reading “place diploma here” below it.

What will be my repay? Almost twice what I’d be willing to afford to make up for my momentary lack of judgment when deciding to borrow money in the first place. This is before consolidation. If I don’t consolidate, the good part will be that going to grad school will stop me from having to pay back the loan until I graduate. If I don’t consolidate, I will also have to pay more than $200 a month out of salary that barely lets me live comfortably as it is.

If I do consolidate, then I will have nearly half as much to pay out of pocket, but will not be allowed the same free standing “I.O.U.” again should I decide to return to school, which I likely will do in the next five years.  It’s a conundrum most foul.

I’ve considered the option of signing up for school now, and suffering a couple months of heavy bill bombardment. However, nothing seems more misguided than trying to go back to college to avoid paying bills.

Is this what growing up is really like? Is this what I had to look forward to all this time?



  1. Ahhhh Yes, the age old debate of student loans. Sounds like you have your hands full, but let me throw in yet another wrench 😉 Say you find a job in your field, and as you work day in and day out you start to realize you could have gotten this job without the degree(and thus without the mortgage payment each month)….. Your meaning to tell me I could have did this job without my education?

    That’s when your head will start to spin.

    I feel your pain, as do countless others. I try convincing myself it’s all for the better. As for your 200$ a month, I’d rather trade you places. Mine is $500 bucks a month o.0

  2. There was a rumored student at ENMU who stayed there for years to avoid his student loans. I’ve no idea if it’s true but I’d advise against doing such things. Gaining a heftier bill to avoid a smaller one not so good. Keep your head up, you’ll get through. 🙂 *HUGS*

  3. Yeah, I’m with you, ‘Bugs; student loans DO suck. However, there was no way of getting where you are – or where you’ll go – without going to school and, sadly in our society, there’s no way to go to school without some SERIOUS financial aid. It’s a sad comment about our country that some of the basic needs of a successful society – namely health care, housing, and education – are too expensive for nearly ALL to afford without the acquisition of debt.

    My advice (though you didn’t ask for it), is to NOT go back to school. Button is right – adding MORE loans to your commitment isn’t the way to go (unless you know there’s a plum job waiting for you at the other end of the Master’s). Another bit I’d advise is to pay off a little more than you owe every time you make a payment and to have it automatically paid from your computer or your bank. I paid about 50 bucks more a month (and it came out of my account without my having to think about it) and I paid off my loans a couple of YEARS ahead of schedule…

  4. K…that’s very astute of you. And you’re offer to trade places is generous, but…uh, I think I’ll pass.

    Button… I know of someone like that. She intends to get degree after degree until she is dead. Words from her own mouth.

    Chili…you know, I wonder if getting my Master’s in Fine Arts, like I want to, will do me any good at all. I don’t like the career-driven path of things, but it is the better reality…at least it’s slightly more cushy that way.

  5. Let’s just say J is doing the “I pay $300 for a semester’s worth of school at community college, and then I don’t have to pay $400 a month? Sign me up!”

    I actually have more debt from my Master’s because MY GODs the money they throw at you when you’re an independent student. And I said yes, yes, yes. Oh well.

  6. I agree with Mrs. Chili about paying more than the minimum. The same technique works for any sort of financing. That way you’re not stuck only paying the interest wondering why in hell the balance is always the same.

  7. Mrs. Chili sent me. I was just thinking about this today.

    In the many years since I graduated, loans have become the unavoidable hurdle, while grants and scholarships have not kept up. And student loan interest rates have gone up up up. Meanwhile banks have also gotten bigger and even more politically powerful.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: