<p>There was a clip posted yesterday on Yahoo about a guy who did just what Blossom said. He graduated, thought he owed about $50k in loans but really it was closer to $75 because of interest and miscalculations. He got a JOB, lives near Milwaukee, and works. He lived on the cheap, paid one loan off at a time (while paying on all of them) and it took him about 3 years. Not realistic for most people because he had a good paying job, but you have to decide you are going to pay the loans and then do it.</p>
<p>Student loan disclosures are just the same as any other loan. Truth in lending require the interest rate, APR, payments and terms to be in bold, black boxes at the top of the loan. It shouldn’t be a surprise that the amount in the box needs to be repaid. No one told this girl to major in creative writing or art history. Do we want loans to only be available to engineers or accountants and not to dance majors? I have two daughters headed to college, and I am hoping they don’t have to take loans, but if they do, I’ll be a lot more careful with the theater major than the engineer. The borrowers have to take some responsibility too.</p>