The Ten-Step Guide to College Financial Aid By Zachary Freeman

Fannie and Freddie Won’t Leave Me Alone

You know, for having a massive deficit, the United States government sure is a generous group of people.  They offered a whopping $14.7 trillion dollars last year towards education, yet the cost of university tuition is still rising at five to ten percent per year.  Aside from burying our nation’s economy even further, this offering of money towards education in the form of student loans is simply indebting students to the federal government.

Folks tend to believe that, just because the government backs a certain loan, it must be the better deal.  Reality check: the government isn’t in the business of making your life easier.  They are there to pull revenue, just like anyone else in the loan business.  In fact, the federal government offered me $14,000 in loans last year knowing that I already had my education paid for; I didn’t need a loan, yet I constantly got letters encouraging me to sign the paper and get the check.

They entice students with “deferred payment plans” and “low interest rates” but ironcially forget to tell you that student loans are one of the only types of debt that are not erased in bankruptcy.  This is a problem.  1 in every 160 people went bankrupt in the United States last year.  The United States currently boasts a student loan debt of $830 billion, which, oddly enough, is actually more than we hold in credit card debt.  Two-thirds of American graduates will graduate with an average of $24,000 in debt.  If you find yourself worried about recessionary economic pressure, maybe you should consider how many terrible debt risks our government is taking by offering loans without asking questions.  Maybe less government intervention in the education industry is where we should be heading.

We should always say no to debt, even if Uncle Sam is offering it on a golden platter.  No amount of education is worth burying yourself in debt for your entire life.  My solution: work hard, get paid, apply for scholarships, go to an affordable school, and tell Uncle Sam to shove it where the sun don’t shine, regardless of his begging and pleading.

Zachary Freeman is the author of Free Money Please!: The Ten-Step Guide to College Financial Aid.  He can be reached at

If you need help finding free money for college, buy Free Money Please!: The Ten-Step Guide to College Financial Aid here, and feel free to look around on the website for more tips and information on getting through college debt-free!


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