Snowballing Loans, Taco Bell and My Escape to Brazil
I’ve never been wild about taking out student loans, mainly because the idea of being tied to multiple thousands of interest-gaining dollars makes me a bit queasy.
I mean, if I were given the option between eating a big ice cream cone and taking out multiple student loans, I’d probably have to go with the ice cream. Maybe that’s a poor example. Regardless, upon entering college I had no choice but to borrow an amount of money to equivalent a lifetime supply of Taco Bell. A significant sum, considering my weakness for Baja Blasts.
To add to the confusion, I had taken out both a subsidized and unsubsidized loan. The subsidized one was a fixed amount until I graduated, but the unsubsidized loan started snowballing right from the beginning. Luckily, this loan was significantly smaller than the subsidized one. Regardless, I was advised to pay it off as quickly as possible because at the end of four years, by a conservative estimate, I would owe approximately eighty kabillion dollars.
Fortunately, by the end of the summer I was able to pinch together enough cash from my job as a professional assassin (it’s boring, but it’s part of my life) to make a lump-sum payment that would cover the initial loan and the $33 of interest that had already accrued. Accrued. I’ve always wanted to use that word.
[Lead image via karen roach/Shutterstock]