
Like most people. In order to put myself through University and Graduate school I had to take out student loans. After the slight feeling of defeat that came along with signing that first promissory note had faded. I came to celebrate the arrival of my loan check in the mail each semester. “Loan Check Arrival Day” was a cause for celebration which usually started with a grocery store shopping spree followed by a much needed weekend out with my girlfriends at some dive bar on the Lower East Side. (MotorCity!)
But somehow in my brain, it didn’t really register, that these small installments would inevitably lead up to the huge insurmountable mother-lode of debt that would hover over me for years and years to come. Oh, and just in case you think I’m overdramatizing how much looming debt I had, I’ll tell you how much it was. Two years after I’d finished my graduate degree, with interest and all that stuff, I owed the government $60,000. See. I’m not just being a drama queen.
So, I guess I never really thought the day would come when I wouldn’t owe the government money, but somehow through a few strange twists of fate, last year I managed to pay off my student loans. They’re gone. Dead. Game over. In fact, in making my last payment I somehow managed to over pay, and my rich Uncle Sam had to mail me a refund check. Yep, the creditor that I thought I would be paying back for the next 30 years, ended up owing me $6.62. The irony was not lost on me.

Then just last month I came across the podcast
On Point with Tom Ashbrook about the whole student loan problem. Ashbrook interviews Allan Michael Collinge, who wrote the book “The Student Loan Scam: The Most Oppressive Debt in US History and How We Can Fight Back”.
Basically Collinge is trying to educate people on just how dangerous student loans can be. Sure, he’s trying to sell his book, but he makes some interesting points:
- Student loans are the only type of loan that you can never ever refinance.
- When students apply to for student loans, many aren't given adequate information about the terms of their loans, especially the fact that they cannot be refinanced.
- Certain Student Loan companies make it make it very difficult or confusing to pay student loans at the very beginning of the loan, then profit by putting an account into default and locking the borrower into a high interest rate for the life of the loan.
Advice for art studentswho dream of attending fancy art colleges: Consider every possible option before taking a loan. Then take only what you absolutely need to survive. Realistically look at what you will be able to pay back on a monthly basis. What kind of monthly income will you be bringing in 6 months after graduation when your loan grace period ends? Do you really want to be making $300 a month payments on top of the $1200 a month rent you pay for your crappy Brooklyn apartment?
*piggy image from artvex.com.