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Gen X keeps yelling at us for student loan debt but my dad cosigned mine at 17 and never explained the interest rate
I got my first loan statement in 2011 at a state school in Ohio and the balance was already $2,000 higher than what I borrowed. Nobody in my family sat me down to go over the numbers, they just said sign here so I could go. When I bring up how the previous group signed off on all this stuff, I get called lazy. Anybody else have parents who pushed the loan paperwork at them and then acted shocked when the bills showed up?
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lily_singh221d ago
Wait, is it really that deep though? I get being annoyed about the interest thing because yeah, that sucks to find out the hard way. But most 17 year olds aren't exactly begging their parents to explain amortization schedules either, they just wanna go to school. The whole system is messed up, sure, but blaming a whole generation for signing papers when they were probably just as clueless as you were seems like a stretch. At some point you gotta look at the people who set the rates and wrote the laws, not the folks who were just trying to get their kid an education.
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the_paul21d ago
Huh, fair point. Kinda changed my mind on that.
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