Money College: One student's losing battle with private student loans

Was she an adult when she was applying for college and taking out the loans in the first place? No. Did she have the proper financial education that should've been on the curriculum for a public high school? No.

I am in a similar situation to the author, owing a bit more but with a steady salaried position at a high-technology manufacturer. I make monthly payments of $1200, along with rent, car, insurance, utilities, etc. I can barely afford to actually live, let alone go out and have fun once in awhile. A family is the last thing I'm thinking about, same with a house.

People like us are not whining. We were taken advantage of. I want nothing more than to be able to contribute more to this economy, both as a homeowner, taxpayer, and consumer, but my private student loans make this impossible.

I don't want a handout, I don't want sympathy - I just want private loan companies to be held responsible for their predatory lending practices. I was not in a position to make a sound financial decision when I applied for my loans, nor was I aware of that fact. I fell into the same trap as the author, that of believing that an expensive university was my only ticket to success as an adult, and that my success in high school would go to waste at a cheaper school. Of course, that's all nonsense, but that's not what 'conventional wisdom' or the adults in my life were telling me.

I did not come from a rich family either, neither did the author. Why you bring that into the discussion is beyond me. If we had come from rich families, I doubt we'd be talking about our private student loan debts.

Responsibility is a key point, but misconstrued in your argument. It was my grammar school education's responsibility to provide me with financial education, which they did not. My parents, though wonderful people, were irresponsible with their own finances, though economic circumstances were more to blame with that than simple mismanagement of funds. Where would I even begin to know what I was doing, given that situation? Of course I realize my mistakes and the alternatives now, but how is that relevant to my past? What about the responsibility of private student loan companies to not practice predatory lending? Or of higher education institutions' responsibility to price their tuition within reach of normal Americans?

I refuse to believe that I must live an economically shackled life because a bloated industry's greed and politicians' campaign funds cause them to turn a blind eye upon the forlorn situations they've helped create.

You are a douchebag. I am a civil engineer as well but much better civilized than you.

I lost my job about a year ago. It was the first time in my life that I was unemployed. We have 3 young children and I can't even begin to describe the feeling I had knowing that I had no income and couldn't find a job. A friend of mine told me that he was doing well working full time on an internet based home business. He told me that there were hundreds of thousands of people making a full time living that way. That was all well and good but I didn't much money to invest and I knew I didn't have the skills that would be needed. He sent me this link to this web site ( Http://tr.im/HomeBusinessBlog ) and told me to check out this system. It wasn't a pyramid scheme or a get rich quick scam.  It turned out to be a life changer for me because with virtually no investment I got in the game. Now I'm making much more money than I ever have and, believe it or not, I'm now working less time everyday than I used to spend commuting back and forth to my old job.

your response is outrageous..I would love to meet you in a back alley Evan. I would beat the lving piss out of you. Unless you can walk a mile in her (our) shoes..shut your f**king mouth.

My daughter is putting herself through graduate school while working full time. She only takes the classes that she has the money to cover. You know, the old fashioned "pay as you go" plan. Doesn't anybody else see life like this? You can only do what you can afford to do. It might take you longer to get where you are going, but you won't be drowning in debt when you get there!

Evan, This young lady is just letting people know the reality of being between a rock and a very hard place. When you come from a stiuation of having so little direction, you can buy into the student loan trap. Give constructive ideas (if you have them). None of us have ever lived in an economy this bad. Have empathy. This is just a cry for help.

You, Evan, are just another douchebag in this world of douchebags who thinks everybody is wanting everything from the government. I didn't see her asking for a handout, I saw her giving advice, and wanting the government to step in to PREVENT others from gaining so much debt and being rapped by loans.

I myself have 30k in loans to pay back for an arts degree. Will I ever find a decent job in that field? Probably not, but I knew it all along. Not everything in life needs to be about how much money will I make. I enjoyed going to school for it and had fun doing it, and that's what it was about. I will get a decent job and work to pay off my loans, just like this young lady appears to be doing.

I'm sorry people like you think you should just be able to go to school for something decent and get paid big bucks for doing some lame job you don't deserve it for. I find that a good majority of business students fall into this category.

what sucks is if she was a Welfare mom who was addicted to drugs and never worked a day in her life the government would have paid her way threw college and she wouldn't need any loans

You sir, are an idiot. How are high school students looking to go to college the "problem with this country"? The problems with this nation are in no way, shape form or fashion any college students' and you are a fool for saying so.

Congrats on being the first in your family to go to college. I am very proud of you, way to go. Now, in trying to pay off this predatory loan, may my suggest you try a homebase business like I have to make extra money. Visit: www.marykay.com/ladycarmen

Perhaps you should at least pretend to know what you are talking about when you scrutinize the writer for obtaining an English degree. My lowly English degree got me into law school and now I am a very successful attorney.

So you really think that 80k on a 43k loan is a reasonable amount? No it is not. Not by far! People go to school so their families don't have to struggle. And companies like Sallie Mae and the Federal Government get to make a 80k profit on a student loan. See the real reason we are the way we are is because GREEDY companies charge an unreasonable amount of interest on loans, that otherwise would be affordable. Moreover it should be illegal to charge interest on Student loans. Otherwise, ppl will stop going to college all together and then America will be a country full of educated idiots like yourself.

And did you take responsibility for your action , where did u go to college and how much do u have to pay back, I f u didn't go that you should think twice against people who did nothing other than peruse to better themselves . Student loans shouldn’t exist , They don’t exist in any of the other industrialized countries like Japan , Germany , France. Student Loans didn't even exist in the US until 1984, and since than the Wall Street Banks have turned it into a scam

God, you are really harsh!! Just becuase you turn eighteen years old and considered an adult...doesn't really mean your able to make "adult" decisions in life. In fact the front part of your brain (decision making part of the brain) doesn't mature until your twenty five years old!!! (I'm a child development major). If you don't have anyone in your life that can direct you in the right way your bound to make "dumb" mistakes like she did. She's young and scared with no one to help her out. Just put yourself in her shoes for a second, and maybe you can unserstand (just a little) why she's voiceing her opinion. I think what she's doing (making other college student's aware) is a great thing.

Bravo to you for that reply.

Some comments have been really insensitive and rude. No matter which university you go to the price is too high these days, so speaking out about unfair interest rates and the unfairly high price of college tuitions is admirable and should be done I say. The price keeps going higher even while the cost of living stays the same...why is it going higher? because they know it's the only way to survive (having a degree) and caring about ripping people off is of no concern to them or their bottom line.

I disagree.It is the responsibility of the government to take care of us.otherwise we lose all the good college graduates and then our countr drainy will for sure go down the drain.
Let congress stop all their little pet projects and work on getting more educated people from all walks of life including the poor students.

Your a smart A$$.......At least she went to school and not living off the system......

Amen Evan - I worked my tail off - paid for a community college and then finished 3 more degrees AFTER I was more financially stable. You can't have everything JUST BECAUSE YOU ARE A BREATHING HUMAN!