Submitted by Will Felton (not verified) on October 10, 2007 - 05:36.
I was fresh out of a small rural high school. I was on my way to college. I was 18, living on my on and ready for the world adulthood. First day was orientation. Lined up along the path were tables with all these beautiful, young, professional, rich looking people. Those men and women saw me as fresh meat. One after another, like a cafeteria line, I was given gift after gift after gift and all I had to do was to give my information to a credit card company. Weeks later the party didn’t stop because those shinny cards came in the mail. I could never afford the expensive clothes, the neat toys, etc. Now I could. The world was my oyster and I didn’t know that I couldn’t eat them. Swipe after swipe, never knowing of interest, due dates, hidden fees, small print; I charged like a Spartan. The bills came. It was over. I had to take a full time job to help offset the money, next thing I know I am applying for a student loan. I lost my scholarship. My parents made too much money (funny, I didn’t know teachers and farmers were too rich) for a grant, even though I hadn’t lived with them for a year and half. The student loan people, all beautiful, young, professional, rich looking, wanted my information, too. However, there was one catch - - a video. I had to watch a video explaining how the money comes and when I will pay it back – after college. The new shinny things were pamphlets and fliers, I think. I was a little leery, but they were going to give me money for my books and tuition and then they were going to double that to give me living expenses. The loan was two different loans. I don’t remember that in the video. Oh, I could give that second loan back. But what mild, mannered 19 year old would give money back. I had bills now.
To the end…I just paid off my last credit card from when I was 18. I am 35 years old now. When I graduated college, the bills for my student loan came. No one told me that the interest would change, that I would be paying until I am (and get this) 68. On my 68th birthday I will send in my last payment note for the student loan. That is with a payment of $300 a month. That is if I don’t have to defer again due to financial situations. I am a teacher only 8 years into it. I am working on my Master’s. Those loans (which are for tuition and books only) will be added to my previous ones, as will my doctorate loans. I think I will probably die before I pay them off.
I never knew anything about interest, fees and credit when I was 18. I am slowly rebuilding my credit now. I was not taught in school or by my parents. I would have been more cautious if I would have known that I will never be debt free - - ever.
EAST
Submitted by Will Felton (not verified) on October 10, 2007 - 05:36.
I was fresh out of a small rural high school. I was on my way to college. I was 18, living on my on and ready for the world adulthood. First day was orientation. Lined up along the path were tables with all these beautiful, young, professional, rich looking people. Those men and women saw me as fresh meat. One after another, like a cafeteria line, I was given gift after gift after gift and all I had to do was to give my information to a credit card company. Weeks later the party didn’t stop because those shinny cards came in the mail. I could never afford the expensive clothes, the neat toys, etc. Now I could. The world was my oyster and I didn’t know that I couldn’t eat them. Swipe after swipe, never knowing of interest, due dates, hidden fees, small print; I charged like a Spartan. The bills came. It was over. I had to take a full time job to help offset the money, next thing I know I am applying for a student loan. I lost my scholarship. My parents made too much money (funny, I didn’t know teachers and farmers were too rich) for a grant, even though I hadn’t lived with them for a year and half. The student loan people, all beautiful, young, professional, rich looking, wanted my information, too. However, there was one catch - - a video. I had to watch a video explaining how the money comes and when I will pay it back – after college. The new shinny things were pamphlets and fliers, I think. I was a little leery, but they were going to give me money for my books and tuition and then they were going to double that to give me living expenses. The loan was two different loans. I don’t remember that in the video. Oh, I could give that second loan back. But what mild, mannered 19 year old would give money back. I had bills now.
To the end…I just paid off my last credit card from when I was 18. I am 35 years old now. When I graduated college, the bills for my student loan came. No one told me that the interest would change, that I would be paying until I am (and get this) 68. On my 68th birthday I will send in my last payment note for the student loan. That is with a payment of $300 a month. That is if I don’t have to defer again due to financial situations. I am a teacher only 8 years into it. I am working on my Master’s. Those loans (which are for tuition and books only) will be added to my previous ones, as will my doctorate loans. I think I will probably die before I pay them off.
I never knew anything about interest, fees and credit when I was 18. I am slowly rebuilding my credit now. I was not taught in school or by my parents. I would have been more cautious if I would have known that I will never be debt free - - ever.