Feel like I got donut'ed

[jsamuel]

http://www.usnews.com/usnews/biztech/articles/070117/17loans.htm

The legislation will benefit only students who take out new loans after July 2007.

"Current borrowers will not realize the benefits of this reduction," says Rep. Tim Bishop, a New York Democrat and Education and Labor Committee member. Students who borrow money during the transitional years can consolidate their loans, or lump them together for easier repayment, based on a weighted average of the interest rates on all their loans.

So before July 2006 you are ok, because the interest rates were low. After that, but before July 2007, you are screwed because you aren't covered by the new legislation. I just so happened to only need to take out loans starting August 2006 and ending before the bill was passed. Grrr

[rateyes]

1. I hear you. My only advice to you is

to pay off your loan principal as quickly as possible. That way you can save yourself thousands of dollars over the life of the loan. Make bigger payments each month than are required.

Welcome to the insanity of the nation's monetary policy, where money is created by debt.

It's absolutely insane.