Crestfallen.nu

I hope I get a very high-paying job.

Four years ago, while I was getting ready to go off to college, I was short a couple of thousand of dollars for my tuition. I had a couple of loans from the college, but it, along with financial aid, wasn’t enough. My next solution–take out a third loan. Because of my age, I had to get a cosigner. Unfortunately due to several circumstances, I wasn’t able to finish, and that means I had to repay very early–all three loans. Due to the interest rate going up and down on the third loan, it’s going to take me until I’m about 70 before I’m finished (unless I become a millionaire before then). This will also mean that if I were to take out a mortgage loan, I would have a big loan to pay, along with this one. I honestly hope that I do become a millionaire by that time to avoid it.

I had a pretty nasty experience with loans, and I’m still young. The interest rate on some of these loans are variable, meaning that they go up and down whenever the lender sees fit. I got sucked in with a $13,000 loan that turned out to be a personal loan rather than a student loan (although it was said so). Now I have to pay the price. At one point it was 10%. Eep. Any loan that has over 5% APR is too high.

My parents has done the refinancing thing a few times, and it’s helped with lowering the interest rate and getting it fixed, but also they got money to help with bills and home improvement. We got our fence replaced with the money. I think that’s probably one of few perks of a loan. Some people go and get auto loans to get the car that they want. It works for them. It can work for a lot of people. However, unless I really have to (and sadly, I will have to), I’m staying clear of any loan. I’ll take my chances with credit cards.