Warning to new college students: AVOID PRIVATE LOANS AT ALL COSTS

Back when I was 18 and times were simpler, my parents, older brother, essentially everyone that was older than me by a decade or more told me, “Keith, do whatever it takes to go to college.  Once you finish college you will be able to write your own ticket.  YOU’LL BE MAKING THE BIG BUCKS”  Foolishly I believed this.  I can’t fault them though, perhaps at one time what they were saying was true.  Unfortunately now, that isn’t the case and I highly doubt it ever will be again

See, the difference is, back in their day the economy wasn’t a gaping asshole for one, not as many people went to college so it actually set you apart, and also it was generally cheaper to go to school.  None of those points are true now.  You are not guaranteed a job straight out of college, and if you get one you are definitely not writing your own ticket.  The luxuries of benefits and decent wages for new employees are mostly a thing of the past now.

So now you are out of school, and after 6 months guess what?  The loans want their blood.  They need to be fed, and if they are private, they have an insatiable hunger.  Let me explain the main difference between private and federal loans.  Private loans (such as citiassist loans from citibank aka the devil) will not stop requesting your money for ANY REASON other than if you go back to school.  You could be in the hospital, while unemployed, on welfare, and they will not stop asking for money.  They will slowly eat away at any credit you have left.  They are totally and utterly unwilling to help you in any way.  While you are not paying your loans, they will call you multiple times a day with an autodialer.  Sure you can talk to the agents on the other line if you aren’t immediately put on hold, but other than potentially making them almost cry (which I did) they can do absolutely nothing for you.  The calls will continue, no matter what you say.

Now I know you really really want to go to school and maybe you aren’t eligible for federal loans because your parents make too much money a year (laugh my dad made 50 grand a year and had two other kids to take care of and they said he made to much) but you might want to bite the bullet on this one.  If it is too late to bring your grades up and get scholarships, work obscenely hard over the summer to supplement any federal loans that you may have actually gotten.  And for the love of god, go to community college.  Here is the dark secret that colleges don’t tell you, a gen ed at Harvard is just as good as a gen ed class from anywhere else.  So save some money and go to community college.  Also, if you are going to take out tons of loans to go to school, either make sure that you are actually getting a degree that is worthwhile and will actually get you a job (not Asian studies) or work your ass off so you can potentially go to grad school for free, where you can then leave and get a job that will pay you.  Because at the end of the day, bachelor degrees just don’t have the same weight as they used to.  I mean, think of all the frat guys you see on campuses nowadays.  They are graduating with bachelor degrees.  Kind of shines a light on things doesn’t it?

These guys probably have bachelor degrees. This is your direct competition. There are hordes and hordes of these people looking for jobs. GOOD LUCK

Remember this, private loans will stick to you FOR THE REST OF YOUR LIFE.  Student loans will not leave you even in bankruptcy.  You cannot escape them.  They don’t want to work with you.  They do not care about your hardships.  Don’t make the same mistake I did.  Avoid avoid avoid

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