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I borrowed $20,000 to get through dental school and have since repaid about $20,000 to the Student Loan Marketing Association (Sallie Mae). Now the agency claims I owe $23,000 more. What gives? I guess this is testimony to the old adage that physicians and dentists make terrible businessmen.
It appears that you have been bitten by the interest rates-some as high as 16.5 percent-that prevailed when you took out your variable-rate loans back in the early 1980s. Thanks to those rates, you still owe $22,745. But look on the bright side: All you have to do now is fill about 300 cavities to-ah-polish this off.
