To the editor:
May I throw in my two cents on the current student loan interest debate?
When I obtained my first Stafford student (federally backed) loan, I went to my local bank, and applied for an 8 percent guaranteed loan, payable to the school I was attending.
Later on, when entering graduate school, my student loan was issued by a bank of the school's choosing — still a guaranteed 8 percent loan, only to the school. If, at the completion of my studies, there was any of that loan money left unused, the school refunded the money to me.
My loan repayment began six months from the date of my separation from school. During that time period, I received from the bank a payment book for the number of payments necessary for full repayment at 8 percent interest, of the amounts borrowed from the different banks, (local and school choice) — all paid as of now.
Within this past year, I have registered for post-graduate studies, and filed the appropriate financial aid forms my school required. But, because the federal government has taken over and monopolized the student loan business, I refuse to apply for a loan regardless of the interest rate. My understanding is that the interest the government acquires goes to funding the monopolized health care program.
What escapes my understanding is the agenda propelling this government intrusion into the private businesses of banks and insurance companies — not to mention the auto industry, which has nothing to do with student loans.
At present I have no idea what financial aid is available to me other than my alumni scholarship. Once the financial aid forms are processed, I'll know what aid the government has to offer me, through their loan and/or grant programs.
Perhaps the Veterans Administration has a grant I might qualify for? I just have to wait and see what the government free financial aid form qualifies me for, if anything.
And that's my two cents worth.
Langsford Street, Gloucester