{$12000.00} For ONE Year of College In 2007, I was a XXXX with my sights set on college - and only {$20000.00} standing in my way. I received a colorful advertisement in the mail from Chase Education Loans promising the bright future I was so desperately seeking, and snagged the opportunity immediately. Sure, I read the fine print - but at XXXX, I did n't quite understand the meaning behind " variable interest rates '' and signing away my soul. I wanted to go to college, and Chase offered the solution. Problem solved! 

During my first month at school, I received a piece of mail from Chase - my first piece of mail addressed to my dorm! I opened it up, and sat down in shock as I read the numbers printed on the paper - My {$20000.00} loan was in deferment until I graduated, but would continue to accrue interest during that time period. Over 30 years, I would end up paying {$100000.00} in interest - that 's a grand total of {$120000.00} for my XXXX year of college. 

Once I 'd obtained my XXXX and my loan came out of deferment, I was sent a bill with a whopping total of {$34000.00} to start paying on - and a minimum monthly payment of {$330.00}. Out of that {$330.00}, only {$30.00} goes towards the principal of the loan - meaning I 'm paying {$300.00} a month in interest. 

Drowning seems to be the only way to describe how I feel when faced with the reality of my situation - although helpless, ashamed, and depressed are right up there as well. After 3 years of making payments on this loan, I have n't even scratched the surface - my statement this month says I still owe {$34000.00}. The total has n't gone down despite paying every month, it 's gone up! 

I 've tried educational counselors, financial advisors, loan forgiveness programs ( unavailable to private loan occupants ), renegotiating the terms of my loan with Chase - you name it, I 've tried it. I feel desperate and frustrated all at the same time ; I went to school to provide a better future for myself and my family, and yet I 've put myself into a predicament that I ca n't seem to climb out of. I 'm desperately trying to make something of myself, and yet my student loan for ONE year of college is truly making it impossible for me to move forward! 

Times are tough for everyone - in a struggling economy, we 're all just trying to make it from paycheck to paycheck. My goals in life, however, are stymied by the weight of the decision I made at XXXX - the decision to believe and trust in a company as prosperous as Chase so that I could go to college and accomplish my dream of a degree. 

Thank you for reading my story - and hopefully learning from my mistake! 

XXXX