Do you ever have moments where you wish you didn't have any student loans?
Having multiple student loans can be scary. For those who have multiple loans, have you thought about consolidating?
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Oct 13, '12
Meant this for student loans haunting you!
I feel for the many new grads out there looking for work and carrying student loan debt the size of a mortgage! There is such pressure to go to college from the time your young and when you don't have the money and college keeps raising tuition outrageously, just take out student loans. So many college students have student loans they can't pay and eventually default! The default rates are much higher because they only count if you default the first two years or now first three years, after that it doesn't count. Just like the unemployment rate vastly undercuts the amount of people without a job. The unemployment rates hovers around 8% but the participation rate in the economy is only around 55%, so almost half of working age people are not working! Granted some may choose not to or be disabled, but obviously the true unemployment is much higher!
To those already trapped in student loans you must pay them off no matter what, if you let them default, you will lose your ability to work as a nurse or any job that requires a license to practice! On top of that when you finally give in and get your loans out of default you will be stuck with a 25% charge on top of all the interest that has capitalized in the meantime.
You lucky ones who haven't take out student loans, be smart and take out only the absolute minimum. Jobs are not guaranteed just because you have a college degree, no matter what you get it in! It takes luck and connections to get good jobs. Hospitals and nursing homes have been raising patient ratios and using techs, PCA vs hiring more nurses! That makes it more difficult to get a job and makes the working conditions worse when you finally get one!
Deferring or forbearing loans only postpones the inevitable and in most instances the interest is capitalizing the loan is only getting larger and more difficult to pay off! You have no consumer protections, income based repayment only applies to govt loans, and you can only consolidate once if you get a bad interest rate you are stuck with it! You can't refinance like you can with a home or even a car!
Buyer beware with student loans. Do your research to protect yourself!
Last edit by brandy1017 on Oct 13, '12