For those who have completed school, I am super envious. Good for you for taking the giant leap into debt, all to pursue your dreams. I am having a VERY hard time committing myself to that debt. I feel like I am inching my way towards my career dreams, but the dollar tag is so discouraging. Here's why...
Today, I read through my Terms and Conditions of my collegiate loan. Now, my schooling isn't cheap, so not only do I have federal loans that I will have to pay back, I will also have to pay back private loans. For this year alone, I am having to take out $15,000 in private loans. This doesn't sound bad, until you read the fine print. I do not have a maximum interest rate on my loan, which means, whatever they give me now for the APR can skyrocket above and beyond what is listed on my documents. Case and point, based on a 25% APR, that $15,000 will turn into $124,086.60 after I am done paying it in 15 years. Please keep in mind this loan is only for the first year of my schooling. WHAT!?! I don't know about you, but I can see why they put it in fine print.
Anyways, needless to say, I am very overwhelmed. Everyone says I shouldn't worry myself over the cost, but it is very hard.
