Darren Patrick writes to us with $103,000 in student loans so far and says,
“I am happy to find this plain-speaking, straightforward depot for debt laden college grads. I am a graduate of NYU’s program in Metropolitan Studies and I have $104,000 in student loan debt. As a transfer student, I left George Washington University after two years and took 9 months off before deciding to return to school at NYU. I cannot overstate how pleased I was with my department, my professors, and the quality of the knowledge imparted while I was a student. I worked hard and graduated with a 4.0, highest honors on my Senior Thesis. That’s where my kudos to NYU (and myself) end. As the first in my family to graduate college, I was truly forging a path for myself. My parents have been long divorced and my father renounced the need to support me just before I headed off to college. My mother is a recovering alcoholic and drug addict who just turned 60, works in a grocery store part-time, and looks after my aging grandmother the rest of the time. Needless to say, there was no financial infrastructure to support my bid for college. My mother earned less than $20,000 per year during my time in school. When I got to NYU in the Spring of 2006, I was willing to take on some private debt because of my assumption that the paltry award of $2,000 scholarship would increase in the Fall when more funds became available. Come Fall, I had to fight tooth and nail to convince the university that it was worth it for them to support a top student who had no assets, no support, and no means of paying the bills without hefty private loans. As I worked my way to the top, even Deans – who are supposed to advocate for students – tried to convince me that my decision was a mistake, that I reached too high, and that I should probably withdraw and try to save. Nevermind the lack of financial soundness inherent in that advice. I reached out to the school which so aggressively markets it self as the “#1 Dream School” and had my hand crushed by a machine which insists it is not able to produce a pittance to support the students. This despite their aggressive New York real estate portfolio and recent announcement of plans to build an entire NYU campus in Abu Dhabi, UAE. By the time I needed another loan, I reached out to MyRichUncle, a subprime student lender who pegged me at 15.25% interest. They claimed that their interest rates were the first to take into account academic performance. Straight A’s gets you a 15.25%? I’d love to see what rates someone with a B would qualify for! By now, after a brief time in the job market during the worst recession in my lifetime, I have found a mild balance, but I live on a razor thin edge between making it and falling into the abyss. I support ScrewCollegeLoans and I can’t wait to help advance your experiment. I am also keen on Peer-to-Peer lending and would love to see pools of lenders or a non-profit start a P2P service geared toward student loans. I have often contemplated putting my student loan debt on EBay or CraigsList for a generously hopeful wish that some benevolent person would buy me out so I don’t have to serve banks which criminally exploit needy youths trying to advance themselves.”
Darren is now eligible for a split in the money we collect from donations.
Find out more about Darren at: http://dbdppc.blogspot.com
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Tags: darren patrick, george washington university, new york university, nyu, student loans
Darren,
You’re too young to remember the interest rates homeowners were charged on mortgages during the Carter administration. 17%+ was not uncommon at all. Now, 29.99% APR on a credit card seems to be a gift unless you are super well established with your credit card provider. I hate to tell you this, but with so many whiners out there it needs to be said… You have to exceed expectations in work just as you did in academia. Kick ass and you will rise to the top. The cream always does. If you’re that sort, I have no doubt the pain you feel now will be only momentary.
I could go on. I do this for a living. The main thing is that you borrowed money, you knew the terms and (hopefully) understood the repayment terms (consequences). Work hard. You’ll be fine.
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I’m a bit perplexed by your blog, linked from this article. Are you really concerned about your student loan debt, or is it a marketing ploy to get publicity?
Perhaps you should stop coveting “traditional kaiseki meals, from $120 at Rosanjin” and other such things:
“1) A small-to-medium Eames desk for my home office.
2) A pair of classic, shiny—but not patent-leather—lace-up black boots.
3) A trip to Iceland.
4) Blogging classes.
5) A traditional Japanese kaiseki meal.
6) A twelve-piece set of cast-aluminum pans. I already have cast iron, and I don’t like stainless steel.”
Many of us have a lot of student debt. Many of us worked hard and went to good schools. Some of us just pay it off (over long terms) and move on. Yes, the educational system has been less than way less ideal the past 15-20 years, but no one forced you to transfer from GW (The single most expensive school in an expensive city) to NYU (an expensive school in the single most expensive city). Last I checked, there were plenty of good public schools and community colleges – and many private schools offer up to full academic scholarships.
I don’t know you personally, but it seems you’d rather rail against a system that has “done you wrong” than take responsibility for your own choices. Congrats on your 4.0. In the real world, that doesn’t mean that anyone owes you anything – job, bailout, or otherwise. However, it shows that you have ability.
Like “seriously?” said, work hard and you’ll be fine. Of course, you may have to work your way up instead of landing your dream job immediately, just as you’ll probably have to live with those cast iron pans before getting the cast-aluminum ones.
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