I went to a fairly prestigous liberal arts college which in my humble opinion was worth every dime. I feel fortunate every day for my wonderful four years of education. I knew back when I was applying to colleges that this particular college was very expensive but my parents wanted me to get a great education (having both gone to commuter colleges themselves). And off I went.
I signed some financial aid papers I think but hey it was over ten years ago so my memory is a little fuzzy. Now ten years later I find out what I was on the hook for!
In 1998, my freshman year, the tution, room and board and fees at my college cost $29,450. That seems like a bargain now considering the tuition, room and board now cost over $45k! And according to Aunt Sallie, I only took out $2,625 in student loans to pay for this year. Wow. Remind me to be nicer to my parents!
So you'd think I would be done paying back Freshman Year by now, right? Wrong. Since I ran and hid from Aunt Sallie for 272 days I accrued $4,330.46 in capitalized interest. Meaning my original balance of $$72,735.68 has increased to a current payoff of $76,243.81 (including monthly interest). Thus, in order to pay off freshman year I need to bring my principal loan balance down to $70,110.
Ah Freshman year. Dining hall food, dormcest, R.A.s, everything was new. Hopefully I'll pay you off before I turn 30!