The truth from the source:Loans taking over students lives
Fruzsina Eordogh blogged about her regret taking out over $200,00 in student loans saying that she owes so much she doesnt even keep track anymore!Eordogh says;
”I didn’t have anyone to talk to about financial matters and I didn’t ask for help, either (not even a quick Google search), another bad decision. Private loans cannot be consolidated, something I did not know, and had I known, I would have changed my education plans entirely.
I moved off campus the first chance I got, and I worked full- or part-time, depending on my class schedule. In total, I borrowed approximately $43,000 from Sallie Mae, with an average interest rate of 9.5%. As of today, I have already accrued $22,525 in interest (on $43,000!), and the estimated total amount to be paid should I follow the monthly payment plans will be $123,350.
Does that number seem high to you? It does to me, but I am not exaggerating, and I am not just pulling that number out of a hat. I have to make monthly payments of $690 for 14 years and 11 months. That’s more than I pay for rent..”
