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She came from divorced parents who did not have the money to help her pay for college.
My only way of going was student loans.
You didnt think about what that meant or entailed in advance, she said.
Student loans were just what you did; it was just sold that way.
In her senior year of college, at age 23, she and her husband found themselves pregnant.
All or Nothing
Not that she didnt try.
At the time, if you couldnt pay the full loan amount, you could pay nothing.
That was the rule.
You were either in forbearance or paying the full amount, Hanchett said.
We couldnt pay it.
Soon it was up to $105,000.
When Obama came in, I set up a payment of $776 per month.
We had four kids.
Ourmortgagepayment was $1,350, for reference.
I made every single payment every month for five straight years, which is like $46,500.
Yet my actual student loan principal went down by only about $2,800.
She cant help but think about how that money could have been going to her own childrens educations.
When I got that email, I couldnt believe it.
I thought I had done something wrong or submitted something wrong.
And it automatically renewed a couple months ago, she said.
One hundred percent, I say go to a junior college its so much cheaper.
Your diploma from the school isnt going to say went to a junior college,' she added.
Hanchett finds the whole student loan interest business to be a racket that preys on young people.
What 19 year old is reading the fine print of these complicated loans?
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