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Originally Posted by Phrysca
Financial aid is a drag, but because you have expenses that messes with your credit. This is how they get eighteen year olds to pay tuition for life because they won't be able to see the scam they are pulling. Make sure they didn't use your grants. When you apply for financial aid there are two grants that most (almost everyone) is approved. One being the Pell Grant, not sure the name of the other. It is a mess, and very frustrating, and unfortunately, I don't have the answers, but I hope you do get some answers. I don't have credit which is worse than having it bad. I'm not sure how my financial aid didn't show up on my credit report, but I you do suggest to get to rhe bottom of it. Good luck.
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Hi Phrysca,
Thanks for your encouragement. Since this financial aid is not for a BA (only Pell Grants are applicable to a BA degree), I took out Grad Plus loans instead. Fortunately, I learned that if I make IBRP (income based repayments) on time for the next 25 years, then the rest of my loan will be forgiven. I can’t help but scoff as I say that, b/c if I get dementia and forget who I am, my social security benefits will be garnished and I won’t have a dime to my name (a little extreme thinking worst case scenario of me, but it could happen).
As long as private loans make our gov’t money from the high interest rates, and does not provide any way for students to get their loans forgiven (our Dept of Ed will not comply with the law as its been shown not to, only forgiving 2% of student loans after being hounded by Congress), then student loan debt (a money maker for the Dept of Ed and the lien holders like Great Lakes), then it will always exist in this country. Nothing we can do about it unfortunately, except stop charging tuition and raise taxes like Germany and England and Ireland and France and the Netherlands does. But that’ll never happen.