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Education loans are meant to make life easier and more comfortable. But, for me, it backfired. It did the complete opposite of making life easier for me. It just sucked me into a black hole of debt and despair.
My name is Alexandra Blair and this is the story of how I incurred student loan amounting to $1M.
I was the eldest of three siblings raised in an affluent suburb west of Los Angeles. My father, who didn’t finish college, owned a small construction business. My mother, a college graduate, worked mostly as a secretary. I found my true calling while I was still a teenager. Being insecure over my crooked teeth and an irregular jaw line, paved a way towards orthodontics for me.
After high school, I completed my undergraduate degree at a reputed worldwide university in the United States. I paid for my college tuition with money from my parents and by waiting tables at the small, cozy café near the school’s campus.
My parents had helped in paying the college tuition for all of us, that is, for both of my younger siblings too. But, Graduate school wasn’t part of the deal because they were unable to afford it being middle class and all.
I met and married my husband while at the undergraduate school, and graduated debt-free from there. I picked the USC dental school for my higher studies because of its prestige and because I wanted to live closer to my parents. My husband had no problem with it and he was exploring the opportunities in his own start-up business.
The dental school’s financial-aid director estimated that the basic four-year program would require $400,000 to $450,000 in student debt, including interest. My husband and I concluded that dental school was a good investment, given the salary I expected to earn.
I was like, we could make this work. There are certain things that are okay to go into debt for: a house, an education, a car.
So, we packed up for California in the same spirit. I got a job at USC as an administrative assistant, which provided a tuition discount. Our calculations were partly based on low interest rates that the federal government had set for students at the time. In the 2004-2005 school year, the rate for college and graduate students was 2.77%.
The following school year, which was my first year at USC, rates jumped to 4.75% for my loans. Those turned out to be the cheapest of the 50 loans I needed to finance my education. Unlike consumer loans for cars or homes, college students typically take out multiple loans each year—often at different interest rates, depending on what is available.
I know for a fact that my case is a little extreme.. But I also know i'm not the only one out there. If you have a bad student loan experience – share it in the comments here, it always helps.
This is why I’m never going to college.
You and your family made a lot of bad financial decisions.
I believe if you have too much debt you can get ahold of a.lawyer and get your students loans cleared
Long story short. Spoiled white girl from the suburbs promised to pay back tax payer funded massive student loans. She used her income to consume instead of repaying the loan, used the husband's inheritance to consume instead of repaying the loan. Put her loan on forbearance and basically stiffed the lender and said f you to the taxpayers who subsidized this whole charade. Got it.
0:31 um sorry but that’s not west of los angeles
You also didnt need a mercedez paying 390 monthly
I’m here before Graham Stephan reacts to this.
Dont matter still going to work at McDonalds
http://chng.it/WMwNynXt
Help sign my petition for student loans
Damn I don't understand–just go to Russia. College completely free there
Sorry, but gotta break it–you lost that money for nothing when there was an opportunity not to. Contrary to popular belief, the Russian college system is just as good as US, if not better. Sorry if this just made you want to oof but I just had to break it.
Moral of the story: "The best things in life aren't free. No one can have their cake and eat it too!"
One important fact only a small percentage of student loans will be forgiven in the end .so it's not a sure outcome at the end. They need to live on as little as possible and throw every sent at that debt until its gone…if they make a 600 000 a yr between the 2 of them they could live on 100 000..and throw the rest at the debt. The income will only increase orthodontist can easily make million per year if they have a large enough patient base. I paid 28 000 aprox out of pocket for my 3 boys too have braces over a period of 10 yrs. They charge alot.
I'll have you a watch: She made a LOT of Terrible decisions and didn't bother to research before diving into college.