The Price of an Education

When you get a loan to go to school, you don’t think about it much. I know I didn’t. I was happy to have the opportunity to go to university and teacher’s college. I love my job and would never think about going back and doing things differently. Truth is, I really needed those loans or I wouldn’t have been able to get through school and realize my career.

Yet, here I am all these years later and I am still in debt. I just checked the status of my student loans and was shocked to see that I still owe thousands and thousands of dollars. I am accumulating a ridiculous amount of daily interest compounded at a crazy rate. I thought student loans were supposed to be good.

It’s sad to know that I won’t have these loans paid off for quite some time. I am managing the monthly payments just fine. I guess this is the price of an education. Don’t get me wrong; it was worth it. I love my job. I just can’t believe that is actually costs me over four dollars a day for this career for the next 84 months. Wow! Who knew? The rate of interest is 8.7% too. Doesn’t this seem like a lot of money for someone just to go to school?

We need to do something about this. It doesn’t seem right. And school seems to be getting more expensive every year as well. I hope people will still be able to go in the future. I think it is important and everyone who wants to go on to further education should have the right and opportunity to go. It shouldn’t come down to money. That is my bottom line.

10 Comments on The Price of an Education

  1. I agree the price for schooling is alot of money and coming from a family that didn’t have a lot money before I wondered how would i get an education from college but i just learned that there are programs that i can apply for to go to college for free. and my grandmother has money for me and there is a scholarship i can apply for a teacher’s scholarship so i have a lot of options for me!!

  2. Yes there are lots of options for paying for tuition but there are a lot of expenses of simply going to school. Nothing is free in higher education. I just hope that you can go and that it will not put you in debt for ten years.

  3. Yikes! That is bad news Chase. S

  4. I actually refinanced my student loan six month out of graduation and my interest rate is like 2.98%, a bit more than half of what the original loans were. Of course, this lowered the monthly payments. But I double-up almost every month. Come tax return time I give myself an extra cushion as well. It’s a seemingly endless task BUT you have options and you’ll eventually get through it!

  5. Thanks for visiting MM. I tried to refinance my loans last week as well, but there is a tricky thing called collateral; it seems that I don’t have enough. I did start paying more than the minimum every month though so hopefully that will get it paid off sooner.

  6. i guess i agree nothing is free because you always have to give something back in return. so i guess that’s true high education is not free.

  7. I worked two jobs as a full time student, plus served in the military reserves and used Pell Grants — and STILL came out of college in debt.

    Something is definitely wrong.

  8. Yeah but what can we do about it? Debt seems to be a part of life.

  9. My brother is in college, so I know a bit about the price of an education, since it taxes my family a lot. I just never really looked into student loans. Now I will think twice. I guess we are lucky that we get the first few years off pretty easily, only buying textbooks, paper, all those things and then school trips and bake sales (which can add up quite a bit at times)

    I hope you pay it all off okay.

    My .02

    ~Ammietia

  10. Thanks for the comment ~Ammietia. I hope that the cost associated with a higher education doesn’t scare anyone away from school. I learned a lot, had a good time there, and now have a great career. The debt is an unintended consequence that is all too real. I wish we could do something to make higher education more affordable to all.

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