I took out a private loan in 2005 for what I thought was a reasonable interest rate of 7.68 % standard variable not fully understanding how it compounded at the time. The original amount was 15,000 and the outstanding balance as of today is XXXX. Over the time span of 8 years I have made over 12,000 dollars in payments and the balance has done nothing but gone up. I could pay off a home mortgage quicker than this. The school at the time was XXXX University XXXX however I took the loan out through a XXXX bank private student loan who has since then sold the loan off numerous times.