As someone in college who has a hefty amount of both public and private loans, I really don’t know what is so “misunderstood.” I knew I had to take loans to go to school, I chose the school I wanted to go to, I know how interest rates work and I know I’ll have to pay it all back.
You are probably the exception.
The majority of people I know, who have loans, don’t know the terms of their loans, don’t know how many they have, don’t know if they are public or private....some don’t know if they are eligible for consolidation, or if they even are consolidated or not.
They stay in this state of denial - they don’t want to know.
Which makes it a perfect campaign issue for Obama - watch out, those evil one percenters are going to double your rates!....and some 55 year old hippie with a pony tail and outstanding loans thinks he will be affected.
I have a friend who’s daughter just went to one year of a private music school for voice at the tune of $49,000 a year. She received a grant of $25,000, leaving a balance for my friend to pay of $24,000. She has no way of getting a loan or paying it. Her home is in foreclosure, the cars are being repossessed and the husband wants to bail and just live with his brothers and do nothing.
She asked if she could contact one of my wealthy friends for the money. I said absolutely not. She then asked me for the money, not a loan, just give her the money, my answer was no.
Now the daughter has been accepted to a music school out of state for $52,000 a year. I don’t know how that happened since she is a horrible singer and is flunking out of the high school, but again she has come to me wanting me to ‘invest in her daughter’s future’.
My answer is again no, and I feel horrible that I have to avoid her now since I refuse to pay for her family’s foolishness.