Blood From a Turnip

There's an old saying -   You can't squeeze blood out of  a turnip.

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.

Gee thanks.

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.



Feeling grumbly


6 comments

Loren Morris said...

That is just farking ridiculous!

sunshine97827 said...

My oldest daughter went to a state university and got VA help and we still ended up cosigning her student loans. After she graduated she decided that they were our responsibility and I ended up paying off $18,000 in student loans. I know people who are nearing retirement age and still paying off student loans from the 60's.

Renee Olson said...

No kidding. This is only ONE of the loans I have outstanding. These are Parent plus loans so, really there's no hope they'll ever be paid off. I can't believe there's nearly 20k more in interest than the actual original loan amount.

Renee Olson said...

Looking at the amount they want (300.00 per month) which isn't going to happen, it would take 25 years to pay off. I'll be lucky if I can pay 1/2 that per month, which means more interest and a longer payoff. I'm 45 now, there's no way I'll have this paid off prior to my 80's.

Anonymous said...

It's so true, I never even finished up and my loan is much smaller but I am almost 40 now and I don't think it's gone down by much... also feeling grumbly...

Dawn Black said...

Can you get it refinanced? I refinanced mine and got a lower rate. I am still paying my own student loans from college though. Forever. I'm nearly 40 and I'm not going to have this paid off before I retire. And I don't even use my degree. I don't think taking out a loan for my any of my kids to go to school is even an option for us.