Student Loans are Wage Slavery

[halik]

Originally posted by: stateofbeasley
It's August, and many students will be heading off to college very soon.

If you or your child is taking out Federally backed loans (Stafford, PLUS, Perkins), or private loans, please watch this documentary:

NOW on PBS - Student Loan Sinkhole

And read some of these stories:

http://www.pbs.org/now/shows/5...dent-loan-stories.html

Student loans cannot be discharged in bankruptcy.

The Student Loan Companies like Sallie Mae make loans recklessly to any teenager who will sign papers, because Sallie Mae knows that the US government will pay them if the student does not, where it comes to loans disbursed under FFEL.

I have many colleagues from law school who owe between $100,000 and $150,000 in loans, and this makes paying the bills very difficult. $1000-$1200/month in loan payments over the next 20-25 years are not pleasant.

Don't buy the arguments of expensive universities and US News & World Report rankings that expensive schools are good. You can get just as good of an education at a state school as you can an expensive private school. I have been on both sides of the education field and my conclusion is that the education you get largely depends on the effort and sweat you put in.

Wrong-o. You won't get into top-end positions/firms with a community college/state school degree. That strategy only really works if you're planning on going to grad school in a well-ranked university.

 

[Red Squirrel]

Originally posted by: miniMUNCH
I feel no pity for students you amass huge loan debts to finance their education. Any 18 year old should be able to recognize the importance of 'counting the cost' and be plan their financial future. This is particularly true for 'smart kids' who get into expensive A-list colleges and universities.

I have said it time and time again on this forum and have encouraged all of the younger people i know...

DO NOT BUY INTO THE EXPENSIVE COLLEGE BULLSHIT.

Case in point:

I was working at a really nice Pharma company in the engineering department. I got my BS in ChemEng from Cal Poly Pomona. I good work buddy of mine in engineering got his BS from MIT. We were doing very similar jobs at the same company... i actually made a little more money than he did but we moreorless made the same money.

We compared our classes and textbooks... 90% identical stuff. We used the same or very similar textbooks. I had less technical elective classes than him but more core courses. But all in all we agreed that we got the same education and knew the same shit. Actually we agreed that one course that I was required to take (process control and dynamic system theory), that he didn't take because it was an elective, was an extremely valuable course (it is what made me more money than him, actually)... so in some respects i was actually ahead

My entire 5 years @ Cal Poly cost me under 11k... i paid it all out of my pocket by working summers and working in construction part time (my dad helped me wink here and there). I had zero debt.

My MIT buddy had 80k in student loan debt.

I ended up leaving that pharma job, which in retrospect may have been stupid, and went back to graduate school and got my Ph.D. in chemEng from a top 10 engineering university... my entire grad school experience was entirely paid for by my thesis advisor. Now no one even cares that i got my BS from some 'hole in the wall' school, even though my BS education was awesome, i think.

I now have a Ph.D. and still have zero debt of any kind.


So my take home message:

Unless you get a near full ride to the school... fuck those expensive schools. Stay in state. Do two years at a JC/CC to get your general electives out of the way on the cheap. ex cetra.

You being intelligent, determined and capable is what will make you successful, not the name of the school on your diploma.

You just took the words right out of my mouth. That's pretty much my point too when it comes to college/university costs.

 

[Tiamat]

parents have to cosign the loan in the beginning...

One of my friends has 150k in school loans from undergrad. He is paying 1600$ per month on loans and is doing fine. He just lives like a grad student while working at a normal engineering salary. His loans will be paid off reasonably quickly (~10 years).

 

[Special K]

Originally posted by: Sukhoi

Originally posted by: stateofbeasley

Originally posted by: Chryso
Yeah, making people be responsible for their actions is such a bad thing!
Are you retarded?

Frak you.

This isn't about the people who are now crushed under piles of student loans. This is about warning parents and the college bound exactly how dangerous these loans are.

I'm sure there are lots of people on this forum who have college age kids, or are headed to college themselves. They need to know the worst that can happen.

Dangerous? They're the greatest thing ever! Where else am I going to get 2.625% fixed?

No one can get that low of rates on new student loans anymore. That rate was only possible for loans issued prior to 07/06, which had a variable rate tied to the 91-day TBill yield. If you consolidated during 04-05 (or this year), you could get a base rate of 2.XX%. Incentives like autopay and consecutive on-time payments could bring it down to 1.XX%.

Unfortunately those deals are no longer available.

 

[Special K]

Originally posted by: halik

Originally posted by: stateofbeasley
It's August, and many students will be heading off to college very soon.

If you or your child is taking out Federally backed loans (Stafford, PLUS, Perkins), or private loans, please watch this documentary:

NOW on PBS - Student Loan Sinkhole

And read some of these stories:

http://www.pbs.org/now/shows/5...dent-loan-stories.html

Student loans cannot be discharged in bankruptcy.

The Student Loan Companies like Sallie Mae make loans recklessly to any teenager who will sign papers, because Sallie Mae knows that the US government will pay them if the student does not, where it comes to loans disbursed under FFEL.

I have many colleagues from law school who owe between $100,000 and $150,000 in loans, and this makes paying the bills very difficult. $1000-$1200/month in loan payments over the next 20-25 years are not pleasant.

Don't buy the arguments of expensive universities and US News & World Report rankings that expensive schools are good. You can get just as good of an education at a state school as you can an expensive private school. I have been on both sides of the education field and my conclusion is that the education you get largely depends on the effort and sweat you put in.

Wrong-o. You won't get into top-end positions/firms with a community college degree/state school. That strategy only really works if you're planning on going to grad school in a well-ranked university.

You could still go to a good state school that isn't a community college. I don't think the OP necessarily meant CC's.

 

[halik]

Originally posted by: Special K

Originally posted by: halik

Originally posted by: stateofbeasley
It's August, and many students will be heading off to college very soon.

If you or your child is taking out Federally backed loans (Stafford, PLUS, Perkins), or private loans, please watch this documentary:

NOW on PBS - Student Loan Sinkhole

And read some of these stories:

http://www.pbs.org/now/shows/5...dent-loan-stories.html

Student loans cannot be discharged in bankruptcy.

The Student Loan Companies like Sallie Mae make loans recklessly to any teenager who will sign papers, because Sallie Mae knows that the US government will pay them if the student does not, where it comes to loans disbursed under FFEL.

I have many colleagues from law school who owe between $100,000 and $150,000 in loans, and this makes paying the bills very difficult. $1000-$1200/month in loan payments over the next 20-25 years are not pleasant.

Don't buy the arguments of expensive universities and US News & World Report rankings that expensive schools are good. You can get just as good of an education at a state school as you can an expensive private school. I have been on both sides of the education field and my conclusion is that the education you get largely depends on the effort and sweat you put in.

Wrong-o. You won't get into top-end positions/firms with a community college degree/state school. That strategy only really works if you're planning on going to grad school in a well-ranked university.

You could still go to a good state school that isn't a community college. I don't think the OP necessarily meant CC's.

It depends what your goal is, but if you're shooting for prestigous/high end positions (wall street, google couple years back, microsoft, top law etc.) your resume with Sunny Valley State will the first one to get tossed.

Top firms recruit at top colleges, it's as simple as that.

 

[Gibson486]

Originally posted by: CanOWorms

Originally posted by: Gibson486
Yes....I am one of those dumb people who took out lots for school. Sallie Mae has me on a chain for the next 30 years Why can't the bail out help me

Income Based Repayment is your bail out. It started this month. Under IBR, student loan payments are capped at something like 10-15% of your discretionary income based on a formula including number of children, etc. After 10 years in public service or 25 years in private, your loan balance is forgiven.

ummmm....is that only for public loans? B/c, public loans ar enot my issue....priavte loans are teh ones that are killing me. It sucks too that no one consolidates anymore also.

If this is for any loan...dam.....I am gonna become a public school teacher then. What else qualifies as public service? Does it have to be a full time gig?

 

[CanOWorms]

Originally posted by: halik
It depends what your goal is, but if you're shooting for prestigous/high end positions (wall street, google couple years back, microsoft, top law etc.) your resume with Sunny Valley State will the first one to get tossed.

Top firms recruit at top colleges, it's as simple as that.

Depends on the field. You mentioned Google and Microsoft, but they and other engineering companies will recruit from Podunk University. There is less prestige in the name of the school and more in the skills of the applicant in engineering.

 

[CanOWorms]

Originally posted by: Gibson486

Originally posted by: CanOWorms

Originally posted by: Gibson486
Yes....I am one of those dumb people who took out lots for school. Sallie Mae has me on a chain for the next 30 years Why can't the bail out help me

Income Based Repayment is your bail out. It started this month. Under IBR, student loan payments are capped at something like 10-15% of your discretionary income based on a formula including number of children, etc. After 10 years in public service or 25 years in private, your loan balance is forgiven.

ummmm....is that only for public loans? B/c, public loans ar enot my issue....priavte loans are teh ones that are killing me. It sucks too that no one consolidates anymore also.

If this is for any loan...dam.....I am gonna become a public school teacher then. What else qualifies as public service? Does it have to be a full time gig?

I think that it's for public loans only. You should check it out.

Income-Based Repayment

 

[Gibson486]

Originally posted by: Special K

Originally posted by: Sukhoi

Originally posted by: stateofbeasley

Originally posted by: Chryso
Yeah, making people be responsible for their actions is such a bad thing!
Are you retarded?

Frak you.

This isn't about the people who are now crushed under piles of student loans. This is about warning parents and the college bound exactly how dangerous these loans are.

I'm sure there are lots of people on this forum who have college age kids, or are headed to college themselves. They need to know the worst that can happen.

Dangerous? They're the greatest thing ever! Where else am I going to get 2.625% fixed?

No one can get that low of rates on new student loans anymore. That rate was only possible for loans issued prior to 07/06, which had a variable rate tied to the 91-day TBill yield. If you consolidated during 04-05 (or this year), you could get a base rate of 2.XX%. Incentives like autopay and consecutive on-time payments could bring it down to 1.XX%.

Unfortunately those deals are no longer available.

Yeah...I remember those days. I only had a year and ahalf left of college. They kept calling telling me to lock in my PRIVATE loans at really low rates (like 1.9% before discounts). I became unfazed and said, "man, i can manage that". They told me that I could not consolidate until i graduated, so I said fine. Low and behold, I graduate, my interest jumps ALOT (from 6 to 10%) and no one wants to consolidate unless it is at a higher rate.

 

[halik]

Originally posted by: CanOWorms

Originally posted by: halik
It depends what your goal is, but if you're shooting for prestigous/high end positions (wall street, google couple years back, microsoft, top law etc.) your resume with Sunny Valley State will the first one to get tossed.

Top firms recruit at top colleges, it's as simple as that.

Depends on the field. You mentioned Google and Microsoft, but they and other engineering companies will recruit from Podunk University. There is less prestige in the name of the school and more in the skills of the applicant in engineering.

For entry level (just out of school), the name of the school and your GPA are the two biggest selling points.

The more prestigious the company, the more selective they will be about their talent. Top 10 degree will open doors for you. Before grad school I worked for very prestigious investment bank and out of the ~400 new analysts in my class, there was only 1 guy from a state school.

 

[Gibson486]

Originally posted by: CanOWorms

Originally posted by: Gibson486

Originally posted by: CanOWorms

Originally posted by: Gibson486
Yes....I am one of those dumb people who took out lots for school. Sallie Mae has me on a chain for the next 30 years Why can't the bail out help me

Income Based Repayment is your bail out. It started this month. Under IBR, student loan payments are capped at something like 10-15% of your discretionary income based on a formula including number of children, etc. After 10 years in public service or 25 years in private, your loan balance is forgiven.

ummmm....is that only for public loans? B/c, public loans ar enot my issue....priavte loans are teh ones that are killing me. It sucks too that no one consolidates anymore also.

If this is for any loan...dam.....I am gonna become a public school teacher then. What else qualifies as public service? Does it have to be a full time gig?

I think that it's for public loans only. You should check it out.

Income-Based Repayment

LOL...how does one get that much in public loans? Aren't they capped?

 

[duragezic]

Originally posted by: Special K

Originally posted by: Sukhoi

Originally posted by: stateofbeasley

Originally posted by: Chryso
Yeah, making people be responsible for their actions is such a bad thing!
Are you retarded?

Frak you.

This isn't about the people who are now crushed under piles of student loans. This is about warning parents and the college bound exactly how dangerous these loans are.

I'm sure there are lots of people on this forum who have college age kids, or are headed to college themselves. They need to know the worst that can happen.

Dangerous? They're the greatest thing ever! Where else am I going to get 2.625% fixed?

No one can get that low of rates on new student loans anymore. That rate was only possible for loans issued prior to 07/06, which had a variable rate tied to the 91-day TBill yield. If you consolidated during 04-05 (or this year), you could get a base rate of 2.XX%. Incentives like autopay and consecutive on-time payments could bring it down to 1.XX%.

Unfortunately those deals are no longer available.

Yup, and not even close. My federal direct loans, which you'd think would be cheapest available are at 6.8% and 6.8+ % (avg 7.2% or so).

I don't understand what changed in a matter of a couple of years that sent student loan interest rates up 250% or more. What a bunch of shit.

That said, it's still easily manageable when you get out and have a good job. So for those who say to work during HS and college, I don't think it's always worth it if you don't need to. I'd rather enjoy my high school time rather than spending all of my free time making minimum wage at a job that teaches me few skills. I still worked a lot of HS and a little college, but not to save up money for it. It was just too much time for too little money when I could take loans out and make 5x as much when I was out.

 

[Special K]

Originally posted by: Gibson486

Originally posted by: Special K

Originally posted by: Sukhoi

Originally posted by: stateofbeasley

Originally posted by: Chryso
Yeah, making people be responsible for their actions is such a bad thing!
Are you retarded?

Frak you.

This isn't about the people who are now crushed under piles of student loans. This is about warning parents and the college bound exactly how dangerous these loans are.

I'm sure there are lots of people on this forum who have college age kids, or are headed to college themselves. They need to know the worst that can happen.

Dangerous? They're the greatest thing ever! Where else am I going to get 2.625% fixed?

No one can get that low of rates on new student loans anymore. That rate was only possible for loans issued prior to 07/06, which had a variable rate tied to the 91-day TBill yield. If you consolidated during 04-05 (or this year), you could get a base rate of 2.XX%. Incentives like autopay and consecutive on-time payments could bring it down to 1.XX%.

Unfortunately those deals are no longer available.

Yeah...I remember those days. I only had a year and ahalf left of college. They kept calling telling me to lock in my PRIVATE loans at really low rates (like 1.9% before discounts). I became unfazed and said, "man, i can manage that". They told me that I could not consolidate until i graduated, so I said fine. Low and behold, I graduate, my interest jumps ALOT (from 6 to 10%) and no one wants to consolidate unless it is at a higher rate.

I'm confused. While you were in school people called you telling you to consolidate your private loans? You said you could manage that - manage what? Manage to pay off your loans without consolidating them at 1.9%? Then they said you couldn't consolidate them until you graduated anyway? So then after you graduated you didn't consolidate and watched as the interest rate continued to rise? What year did you graduate? I would have to imagine the rates on those loans would have to be pretty low right now.

I had some variable-rate private loans and all the "deals" I got to consolidate them were at a higher fixed rate of interest than I thought the loans would ever reach if I just let them float, so I didn't consolidate them and instead just paid them off ASAP.

In my previous post about consolidating student loans at 1.XX%, I was only referring to Stafford loans.

 

[CanOWorms]

Originally posted by: halik

Originally posted by: CanOWorms

Originally posted by: halik
It depends what your goal is, but if you're shooting for prestigous/high end positions (wall street, google couple years back, microsoft, top law etc.) your resume with Sunny Valley State will the first one to get tossed.

Top firms recruit at top colleges, it's as simple as that.

Depends on the field. You mentioned Google and Microsoft, but they and other engineering companies will recruit from Podunk University. There is less prestige in the name of the school and more in the skills of the applicant in engineering.

The more prestigious the company, the more selective they will be about their talent. Top 10 degree will open doors for you.

Before grad school I worked for very prestigious investment bank and out of the ~400 new analysts in my class, there was only 1 guy from a state school.

Yes, in investment banking it will matter a lot. But I imagine that to be a ranking-obsessed field like Law where schools AND employers are ranked.

Like I said, it depends on the field. Engineering companies most likely don't even know the top 10 schools. Someone that goes to USC will not have a large advantage over someone who went to San Jose State. The school name just isn't worth as much by itself. There is no prestigious engineering company, too. It's just a whole different game. The prestige lies in your position.

 

[CanOWorms]

Originally posted by: Gibson486

LOL...how does one get that much in public loans? Aren't they capped?

I think that the caps change with graduate programs.

 

[Special K]

Originally posted by: CanOWorms

Originally posted by: halik

Originally posted by: CanOWorms

Originally posted by: halik
It depends what your goal is, but if you're shooting for prestigous/high end positions (wall street, google couple years back, microsoft, top law etc.) your resume with Sunny Valley State will the first one to get tossed.

Top firms recruit at top colleges, it's as simple as that.

Depends on the field. You mentioned Google and Microsoft, but they and other engineering companies will recruit from Podunk University. There is less prestige in the name of the school and more in the skills of the applicant in engineering.

The more prestigious the company, the more selective they will be about their talent. Top 10 degree will open doors for you.

Before grad school I worked for very prestigious investment bank and out of the ~400 new analysts in my class, there was only 1 guy from a state school.

Yes, in investment banking it will matter a lot. But I imagine that to be a ranking-obsessed field like Law where schools AND employers are ranked.

Like I said, it depends on the field. Engineering companies most likely don't even know the top 10 schools. Someone that goes to USC will not have a large advantage over someone who went to San Jose State. The school name just isn't worth as much by itself. There is no prestigious engineering company, too. It's just a whole different game. The prestige lies in your position.

I wouldn't be so sure about engineering. I went to a top-10 school for my MSEE and saw a number of well-known engineering companies recruiting there that never came to any of the career fairs at my undergrad college, whose engineering school was ranked 40th or so the last time I checked. I also looked at my first employer's college recruiting schedule and only the "top/good" engineering schools were on the schedule.

They may not be as obsessed with school rankings as law/IB firms are, but they certainly do know which engineering schools are regarded as the best.

 

[CanOWorms]

Originally posted by: Special K

I wouldn't be so sure about engineering. I went to a top-10 school for my MSEE and saw a number of companies recruiting there that never came to any of the career fairs at my undergrad college, whose engineering school was ranked 40th or so the last time I checked.

They may not be as obsessed with school rankings as law/IB firms are, but they certainly do know which engineering schools are regarded as the best.

It can help in luring recruiters to the school, especially if it is a large school or with many students concentrating in a particular field. I imagine that your undergrad school had a small engineering department.

However, IMO, the most important factor for a fresh new graduate would be whether they are local or not. My company hired San Jose State people along with Cornell, MIT, USC, etc.

Chances are that the hiring manager is a FOB who doesn't follow rankings.

 

[Gibson486]

Originally posted by: Special K

Originally posted by: Gibson486

Originally posted by: Special K

Originally posted by: Sukhoi

Originally posted by: stateofbeasley

Originally posted by: Chryso
Yeah, making people be responsible for their actions is such a bad thing!
Are you retarded?

Frak you.

This isn't about the people who are now crushed under piles of student loans. This is about warning parents and the college bound exactly how dangerous these loans are.

I'm sure there are lots of people on this forum who have college age kids, or are headed to college themselves. They need to know the worst that can happen.

Dangerous? They're the greatest thing ever! Where else am I going to get 2.625% fixed?

No one can get that low of rates on new student loans anymore. That rate was only possible for loans issued prior to 07/06, which had a variable rate tied to the 91-day TBill yield. If you consolidated during 04-05 (or this year), you could get a base rate of 2.XX%. Incentives like autopay and consecutive on-time payments could bring it down to 1.XX%.

Unfortunately those deals are no longer available.

Yeah...I remember those days. I only had a year and ahalf left of college. They kept calling telling me to lock in my PRIVATE loans at really low rates (like 1.9% before discounts). I became unfazed and said, "man, i can manage that". They told me that I could not consolidate until i graduated, so I said fine. Low and behold, I graduate, my interest jumps ALOT (from 6 to 10%) and no one wants to consolidate unless it is at a higher rate.

I'm confused. While you were in school people called you telling you to consolidate your private loans? You said you could manage that - manage what? Manage to pay off your loans without consolidating them at 1.9%? Then they said you couldn't consolidate them until you graduated anyway? So then after you graduated you didn't consolidate and watched as the interest rate continued to rise? What year did you graduate? I would have to imagine the rates on those loans would have to be pretty low right now.

I had some variable-rate private loans and all the "deals" I got to consolidate them were at a higher fixed rate of interest than I thought the loans would ever reach if I just let them float, so I didn't consolidate them and instead just paid them off ASAP.

In my previous post about consolidating student loans at 1.XX%, I was only referring to Stafford loans.

Yeah, they called me starting 2 years before i graduated. Then when I tried to do it, they said I had to graduate first. Then in my final 1.5 years, they took away my finacial aid, so i was left with just a 10% discount after aid was done. After I graduated, the consolidation rate was the same rate as my regular non consolidated loans. why bother? Then, when the economy hit the shitter, my rates went up. I tried consolidating, but Sallie Mae stopped that service and the only ones left were banks who would consolidate at 9%. My rates eventually went back down (at around 5.8% now), but consildation is still up in th 9% range.

 

[tk149]

How many teenagers have a good credit history? How many teenagers would be able to borrow money (without a cosigner) if not for the Federal guarantee?

Not everyone has rich parents, and even state schools charge more than most teenagers can make in a year.

I don't know about nowadays, but back when dinosaurs roamed the earth and I looked into student loans, banks and schools made you look at repayment schedules to show how much your monthly payment would be if you took out loans. You don't need a college education to figure out an amortization schedule, and with the fancy new interwebs thingie, you can find this stuff out easily.

For fresh graduates, employers have very little data to make a hiring decision. The only information that all fresh graduates have is a school name and a GPA.

 

[KeithP]

Originally posted by: stateofbeasley
...Likewise, I wouldn't allow my child to take out any loans whatsoever unless they were fully aware of the financial consequences.

The consequences being that they are expected to pay the money back with interest?

If the students and their parents didn't understand this when they signed the loan papers they have far bigger problems on their hands.

-KeithP

 

[Special K]

Originally posted by: KeithP

Originally posted by: stateofbeasley
...Likewise, I wouldn't allow my child to take out any loans whatsoever unless they were fully aware of the financial consequences.

The consequences being that they are expected to pay the money back with interest?

If the students and their parents didn't understand this when they signed the loan papers they have far bigger problems on their hands.

-KeithP

They may have been aware of the fact that they would need to pay the loans back after graduation, but they may have had very unrealistic expectations about starting salary for their chosen degree/field, and/or a distorted perspective about how much money it actually takes to live on your own.

I think that is the type of research kids (and parents) need to make sure they conduct before choosing a college.

 

[Circlenaut]

Originally posted by: BrownTown
One important thing to not here is to NEVER save money for college. I know alot of people screw that one up, but every cent you save is one less cent you will get in financial aid. I went to a college that's costs 45,000$ a year but graduated with 14,000$ in debt. Any decent school will give you financial aid up to 100% of your need (based on some formula the government has). You should never be paying anything near full tuition unless you parents make at least 150,000$. And if your parents make alot of money are worthless pieces of shit then suck it up and either go to a crappy school or sell 4 years of your life to the military. Nobody should be coming out of college with these absurd 50,000+ debt unless they have a medical degree or law degree. Its just like the video, you don't buy shit you cannot afford. And if you do nobody should be there to bail you out, you should be scorned not felt sorry for.

THIS.

I'm married, US. Permanent Resident, considered independent, 22 and going into my senior year. By the time I graduate I'll have 42K in loans.

What School Costs for me:

Pell: $5,350.0
Institute Loan: $2,750
Federal Work Study: $1,400
Subsidized Stafford: $5,500
Unsubsidized Stafford: $7,000
Institute Scholarship: $18,000
Total: 40K

Wife's Cost:
Pell: $5,350
Mass No Interest Loan: $4,000
Gilbert Matching Grant: $2,500
Scholarships: $17,380
Subsidized Stafford: $5,500
Unsubsidized Stafford: $7,000
Total: $41,730.00

Cost of Tuition + Fees: $37,440


If the wife an I make more then the federal poverty line combined then every dollar earned is minus $1 from financial aid starting with the Pell Grant. What they should fucking do is let students save more. Also I don't qualify for other nice US grants because I'm not a citizen and won't be for another 1.5 years.

We can't God damn save more money even if we wanted to!

 

[mcmilljb]

Originally posted by: OCguy
They get to go to a school that they could otherwise not afford, and they want to cry about it? Sorry, no sympathy.

The question is could they afford it AFTER attending there? We know most people can't afford college without a loan.

 

[Safeway]

I take out exactly what I need to cover tuition for law school. I pay out of pocket for books and bills.

Annual loans = (Tuition) - (Scholarships) - (Grants) - (What I Saved From Internship)