My book

Like every writer I often fancy myself that I will write the Great American Novel. Those who know me know I already wrote a book, but its more like a reference book and while I am proud of the accomplishment, its not the NYT bestseller I often envision I could write.

I have so many ideas, but the one that is in my head most often is to write a letter to my fresh-out-of-college self. Among tips on dating, girlfriends, boyfriends, roommates, jobs, etc. I would have several chapters on money. This is on my mind now because I am paying my student loan, perhaps THE BIGGEST money mistake of my life!!

No, not going to college or grad school, that was not the mistake. And not putting the majority of my grad school on student loan. No, the mistake was listening to others who swore I had to refinance and consolidate my grad and undergrad loans. As a result of this stupid move, when I locked myself into a 7.35% loan, when all is said and done I will have nearly paid DOUBLE what the original loan was for. DOUBLE!

I had always complained to my husband that my loan was a money pit. But it wasn't until we went and bought a car last fall that he saw in detail how BAD it was. He now wonders how the good people at Citibank sleep at night knowing how bad they are and did take it to the people. It makes me so sick to think about it.

So my biggest piece of money advice for anyone, but especially new college grads or anyone trying to refinance, make sure YOU understand the terms and what you are signing up for. Sure, no one could forsee how low the rates would go so that 7.35% would be sky high, but I had government loans, there was NO NEED to refiniance. NONE.

Now, if only the good people at Citibank (or anywhere else) would allow me to refinance our mortgage....