Usually it refers to trying to get money from someone who doesn't have anything to give. There's been a lot in the news lately about student loan forgiveness. I've not seen really anything related to helping parents who borrow money to help pay their kids tuition. There's just nothing out there to help. When we look at ONE of the loans outstanding, I will owe more in interest than the actual cost of attending school.
|Photo Credit - Renee Olson|
So.. looking at this balance, the actual cost of the tuition was roughly 49k. The interest is 63k. How is that even ok? Isn't this loan sharking? Currently "IF" I was able to afford the monthly payment it would take me 25 years to pay it off.
I went to the student loan site to try to get some assistance, maybe lower the interest a bit. The FAQ let me know that if I die... YES I die, my debt will be forgiven.
|Screenshot - http://studentaid.ed.gov|
So, I'm sitting here looking at this and realizing, if I ever did win the Lotto, taxes would get half and the student law interest would get the other half. And I'd still be sitting here with no ac.
If I don't win the lotto, I guess I'll be one of those people who die in debt... OH except for the student loans, they'll forgive those if I die.