Emily Says The Thought Of Repaying Rented Money Never Hit Her

Sunday, July 5, 2009, AM | Leave Comment

There is an article at forbes.com titled “Tips On Consolidating Student Loans” by David K. Randall, published on 04.15.09.

Excerpts from the article

It seemed like Monopoly money to her. Emily, a New York University senior who prefers not to use her last name, took on thousands of dollars of student-loan debt without giving it much thought–until now.

Just weeks from graduation, she is applying for paralegal jobs in a tough market and suddenly coming face-to-face with the fact that in six months, she’ll have to start making monthly payments of around $250 on her $20,000 debt.

“All I had to do was sign on to the Sallie Mae Web site, check off a few boxes and wait for the money to be disbursed,” she says. “The thought of repaying it never really hits you until graduation is near.”

With three federal loans and seven private ones, Emily is in a situation familiar to college seniors and recent graduates across the nation

Moral of the story
The core of the article is that federal loans cannot be consolidated with private ones. That’s fine. I don’t disagree.

But what caught my eye was the statement “All I had to do was sign on to the Sallie Mae Web site, check off a few boxes and wait for the money to be disbursed,” she says. “The thought of repaying it never really hits you until graduation is near.”

And that is the core of the problem that so many of us have encountered in our lives over the years. When we rent money, we think it’s ours to keep forever and we don’t have to return it to its proper owner.

Like Emily, the thought of repaying rented money never hits us till the owner is at the door knocking, asking us to return the money or else…..

Read the full story “Tips On Consolidating Student Loans

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