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What did you have to learn the hard way?
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this post was submitted on 03 Aug 2024
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Do not take out private student loans.
In 2005 the original balance on my only private loan was $30,000. After almost 20 years of $500 on time monthly payments, the balance is $37,000. Yes, you read that right.
This loan will be dragging me down, making my life difficult until I die. College wasn’t worth this bullshit.
Wait so you've been paying $6,000 per year towards a $30,000 loan for 20 years and the balance has only grown since then? Jesus what was the interest rate on that albatross? Is it higher than 20%?
I mean at that point wouldn't it make sense to get a private bank loan to pay off the other loan with a much lower interest rate?
The interest rate is variable, it goes up and up and up. And to those suggesting I just refinance, oh I've tried. I've had three refinancing applications denied in the last month alone.
And any federal forgiveness would not apply to this private loan, so yeah, a decision I made when I was barely an adult will haunt me for the rest of my life.