Dear Student Loan Company:
Can we talk? I have a lot to get off my mind, and I need your undivided attention. This friendship of ours is just not working for me. I know this may come as a surprise to you, but this discussion has been coming for a long time.
In the beginning, things were cool. You helped me get through college and law school. You helped me to buy textbooks, study guides, and a laptop to make the school thing easy. You even paid for that expensive bar review course, which inevitably allowed me to practice in my chosen profession. Believe me when I tell you that I am forever grateful to you for all of your assistance…so grateful that I promised to pay you back in full…with interest!
A few months after graduating from law school, I received a letter from you asking me to pay you back…no congrats on finishing school…no graduation gift…you didn’t even ask if I had a job yet, which I didn’t! All you wanted was your money back…now! Now don’t get me wrong, I get it! You loaned me the money when I asked, and now you want it back…really, I get it! You were even gracious enough to let me pay you back in installments. You also allowed me to defer paying you back for 3 whole months until I started working. I was so grateful and you made it so easy that I honestly didn’t mind paying you back. That is until I realized what you were doing!
I bet you didn’t think that I would find out did you?! Since 2005, I have paid you an astronomical amount of money every month, and it looks like I still owe you the same amount that I borrowed. In fact, I think I owe you more than I borrowed! What kind of friend are you! I’m sure you remembered I confronted you about this nonsense a few years back. I was disappointed to learn that you fully intended for me to pay you back your interest FIRST, and then pay back the actual amount I borrowed. You then rubbed it in my face that I agreed to these terms when I first borrowed the money from you. Friends don’t do that to each other! In the end, it took me only 7 years to spend your money, but it’s going to take me 25 years to pay you back….that ain’t right!
If you really want to work this out, I have a proposal for you. Why don’t we just dump the remaining interest I owe you, and I pay back the principal only. This way, you get to keep the interest I’ve been paying for the past 6 years as my thanks for the loan. How does that sound? Maybe this compromise will save our friendship. If you agree, shoot me an email and let’s begin to repair our broken relationship.
Thanks in advance for your consideration. Smooches!