This letter from a reader speaks for itself…

Good Morning,

I just wanted to comment briefly on your article – my daughter attended Marist College in Poughkeepsie, NY with a small scholarship and graduated with honors in May 2007. She did not qualify for any financial aid as my husband and I made more than the allowed amount – however we could by no means afford to pay for her tuition on a monthly basis. We financed her first year in our names and the remaining three in hers as the interest rate was supposed to be lower (or so we were told) and could defer payments until she had graduated and was working (vs. our loan which began immediately during her freshman year). In any case, my husband and I are paying $250/month for year one and my daughter’s loans (private from Sallie Mae) are costing her $1000 a month for the next 20 years! She is living at home rent free so that she has no other overhead, and we continue to pay for her cell phone, car insurance, etc while she works full time and tries to make her loan payments. We paid for books etc outright and I tried to make interest only payments while she was attending to try and keep her loans down, but obviously to no avail. I plan to help her however possible, but of course am living paycheck to month paycheck like everyone else.

We have another daughter entering Senior year in high school this September. I have told her to only entertain NY State schools as the cost of financing a college education is more than any middle class family can even attempt to afford.

Thanks for listening,

Jacqueline