life in and around NYC is insane

Wednesday, July 28, 2010

high finance

(cross posted at Midcentury Modern Moms

College is a real education -- in high finance.  You learn words like "financial aid", "FAFSA", "Stafford loans", "promissory note"...

You get to know the difference between scholarships, grants, government loans (subsidized and unsubsizied), parent plus loans, private loans...

The enormous amount of money that is required to obtain a decent education...

What I found fascinating...I took out 6 student loans (they were called "Guaranteed Student Loans" back them) in the late 1970's and early 1980's.  Those loans, long since paid back, are still in the government's computer database.

What's truly sad...those 6 loans (three undergraduate loans, each in the amount of $2500 and three graduate student loans, each in the amount of $5000)  virtually paid for three years of undergraduate study at the state university and three years of law school.   Even accounting for inflation, the cost of an education has increased 200% since then.

I am taking on as much of the burden of my daughters' education as I can, I do not want them to face the possibility of having to pay back the equivalent of a mortgage on their student loans...but it's going to be rough.


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