$120,00 For ONE Year Of College

Yeah; you read that Headline right - my private student loan will take 30 years of payments, collect over $100,000 in interest, and cost about $120,000 when all is said and done. That amount of money could buy me a house in some communities, or at least a really sweet car. The Government made these types of loan stipulations illegal in 2009; but guess when I took my loan out? 2007. If only my parents had waited two more years to have sex...

Me!

In 2007, I was a fresh faced 18 year old recently graduated from high school with my sights set on college - and only $20,000 standing in my way. I received a colorful advertisement in the mail from Chase Education Loans promising the bright future I was so desperately seeking, and snagged the opportunity immediately. Sure, I read the fine print - but at 18, I didn't quite understand the meaning behind "variable interest rates" and signing away my soul. I wanted to go to college, and Chase offered the solution. Problem solved!

During my first month at school, I received a piece of mail from Chase - my first piece of mail addressed to my dorm! I opened it up, and sat down in shock as I read the numbers printed on the paper - My $20,000 loan was in deferment until I graduated, but would continue to accrue interest during that time period. Over 30 years, I would end up paying $100,000 in interest - that's a grand total of $120,000 for my freshman year of college.

Once I'd obtained my bachelor's and my loan came out of deferment, I was sent a bill with a whopping total of $34,000 to start paying on - and a minimum monthly payment of $330. Out of that $330, only $30 goes towards the principal of the loan - meaning I'm paying $300 a month in interest.

Drowning seems to be the only way to describe how I feel when faced with the reality of my situation - although helpless, ashamed, and depressed are right up there as well. After 3 years of making payments on this loan, I haven't even scratched the surface - my statement this month says I still owe $34,171. The total hasn't gone down despite paying every month, it's gone up!

I've tried educational counselors, financial advisors, loan forgiveness programs (unavailable to private loan occupants), renegotiating the terms of my loan with Chase - you name it, I've tried it. I feel desperate and frustrated all at the same time; I went to school to provide a better future for myself and my family, and yet I've put myself into a predicament that I can't seem to climb out of. I'm desperately trying to make something of myself, and yet my student loan for ONE year of college is truly making it impossible for me to move forward!

Times are tough for everyone - in a struggling economy, we're all just trying to make it from paycheck to paycheck. My goals in life, however, are stymied by the weight of the decision I made at 18 - the decision to believe and trust in a company as prosperous as Chase so that I could go to college and accomplish my dream of a degree.

While I submit applications for second jobs so that I'm able to make more than the minimum monthly payment and combat this loan, I'm gracious for any and all donations - large and small - towards my cause, as well as advice on moving forward.

Thank you for reading my story – and hopefully learning from my mistakes!

http://www.gofundme.com/LindseyWithrow