Student Loans for Life
After reading the Article Student Loans: Debt for Life by Peter Coy I was shocked at what I found. Being a loan taker myself, I never realized how messed up and corrupt Colleges actually are. This Article really brings in some good insight into what I am getting myself into, that more than likely by the time I am finished with school I will be in a good amount of Debt. On average graduating students after the year 2010 will be in $25,250 as said by Bloomberg Business Week. That’s a hefty amount of money right there, and that is just on average! Who knows it could even possibly be more for me, depending on the situation I might find myself in the next 4 years.
Already I have taken out $3,300 for school to help cover the cost of tuition for my first year, and I am currently in talks with my parents on whether or not I need to take out more just to help get me through next semester. If that becomes the case then in reality after my first year of school I will have already put myself in $6,600 worth of debt. Nearly seven grand after my first year, are you kidding me? That would mean after graduation I will be in $26,400, well over the Nations national debt average. That will make me rethink my priorities big time, it will have a huge toll on my career choice. As talked about in the article many College graduates have to take on part time jobs like waiting tables, retail stores and even janitors for crying out loud just so they are able to get their feet on the ground.
After reading this article I really had a feeling that most Colleges are corrupt, that they disguise actual cost in financial awards and cost of loans in letters sent out to incoming students. What I mean is that there have been instances when colleges do not identify key loan components, that they will actually use abbreviations such as “L or LN”. As mentioned in Student Loans: Debt for Life. If asked about this fact I found out that Colleges say that they were limited in the number of characters
Already I have taken out $3,300 for school to help cover the cost of tuition for my first year, and I am currently in talks with my parents on whether or not I need to take out more just to help get me through next semester. If that becomes the case then in reality after my first year of school I will have already put myself in $6,600 worth of debt. Nearly seven grand after my first year, are you kidding me? That would mean after graduation I will be in $26,400, well over the Nations national debt average. That will make me rethink my priorities big time, it will have a huge toll on my career choice. As talked about in the article many College graduates have to take on part time jobs like waiting tables, retail stores and even janitors for crying out loud just so they are able to get their feet on the ground.
After reading this article I really had a feeling that most Colleges are corrupt, that they disguise actual cost in financial awards and cost of loans in letters sent out to incoming students. What I mean is that there have been instances when colleges do not identify key loan components, that they will actually use abbreviations such as “L or LN”. As mentioned in Student Loans: Debt for Life. If asked about this fact I found out that Colleges say that they were limited in the number of characters
Bibliography: Bloomberg Business Week “Student Loans: Debt for Life” Web. 06 September 2012 by Peter Coy