life in and around NYC is insane

Wednesday, September 29, 2010

Nothing is ever forgotten

(cross posted at Midcentury Modern Moms)

With two kids in college I've become somewhat fluent in the language of financial aid -- FAFSA, Pell Grant, Stafford loan, PLUS loan, scholarship.....

I was browsing the federal government website, I needed to make a payment on my Parent PLUS loan, when I opened the link to my "account history" and disocvered....

the government never forgets.

There, in detail, were all of the student loans I'd taken out "back in the day" to finance my own education. 

In those days we called them "Guaranteed Student Loans."  I borrowed money for each of the three years I was an undergraduate, and for each year I was in law school.  the maximum you could borrow for undergraduate education was $2,500 per year, and $5,000 per year for grad school, so my total amount borrowed was $22,500.   

That covered a good deal of my tuition, room, board and expenses.  took me 10 years to pay it all back, and worth every penny....

the sad part is, that huge amount of money I borrowed as a student won't even pay for a single year at most colleges in this country today.

1 comment:

Suzanne said...

I took a loan this past year for school. In signing the documentation, It listed the loan I took my sophomore year of NCC.


I'm pretty fortunate, that would get me two undergrad classes now, but it won't pay for one graduate class.

Private University and out of state tuitions are insane. I applaud you for doing both at the same time.

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