Repaying private college loans

Guys, it's LVA, where it's all criticism all the time.

Anyway, the OP did set the stage for some adverse reactions. And folks did give some options. I guess the moral of the story is if you have a specific problem or question of a complex and volatile nature it's better to seek out professionals in the real world than gamblers on a chatboard.

Glad to see Doc and PJ continuing the second coming of the 100 Years War. I personally think government responsibility falls somewhere between their extremes of total paternalism and some unfettered capitalism that of course has not ever been unfettered.

Going unscathed in this discussion are the colleges who have increased their tuition at several times the inflation rate so that the only way to go is to get loans. When I graduated 30 years ago my tuition was less than $3k per year. It is now over $20k

Whats even funnier is that they're teaching the same crap. My tiny private school charged 12K/year in 1990 for a Computer Science degree. Fast Forward 20 years and that tuition is now 25K/year and they are teaching the same exact classes....COBOL, Visual Basic. Thats like focusing a psychology degree around the philosophy of Sigmund Freud.

Well, if you're talking public institutions, as with the general mess we're in, blame the voting public, ultimately.

If you're talking private institutions then you should be celebrating capitalism at work, shouldn't you?

Well, if you're talking public institutions, as with the general mess we're in, blame the voting public, ultimately. - Indirectly yes, but since public college financing gets buried underneath other budget discussions, it is only recently becoming an issue

If you're talking private institutions then you should be celebrating capitalism at work, shouldn't you? - but since the federal govt has made it so simple to get a loan the feds have contributed to the problem by creating an unlimited funding source and as a result no need on the part of colleges to rein in costs.

So in other words, in both regards it is voters abrogating their responsibilities who have caused the problems.

Remember, EVERYONE is pissed off. 95% of seated Senators and Representatives will be re-elected in the next cycle.

So I guess everyone is happy with the status quo.

Since very few have offered the OP with suggestions to his question, perhaps the rest of you can help me with my dilemma. My car payment is due in a few days. Should I pay it or gamble the cash to see if I can win enough to pay off the loan in full?



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Seriously, SantaFeRail, I commend your daughter for completing her education. Her degree is something she earned and is something to be proud of. If in this tight economy, it takes her longer to reach her goals, so be it. I'm sure she will get there.

Is refinancing a student loan any different from refinancing a car or trading in a car to get a better deal?

While it doesn't help the original poster with his question I would second the idea of community colleges. My son has been working full-time and attending college part-time for several years now. He takes a couple of classes each sememster and is paying as he goes. It is not cheap - about $1600 a semester including books but better than being in debt. He will have his AS in Water Quality in another year along with both his "D" license in water and wastewater. Most students can complete at least their first if not two year at the community college and then transfer to a 4-year college or university. Here in Colorado you are assured admittance to any state college or university with a 2.0 and an associates degree from the community college program.