First your comprehension is a bit rusty. I claimed nothing about what the compound interest would be other than to take the $15k that you actually saved and turn it into anything substantial in 30 years would take luck that is... suspect. I figured anyone could run some math an see where it could take them. Obviously I was wrong so lets start with a goal. Figure your goal is to buy a house worth $150,000 in 30 years. Saving $10 a week means you would need a >12% annually compounded interest rate every year to make it. This is obviously silly, unless you have some connection somewhere (read illicit dealings) you can get 2%-7% pretty reliably. Anything more appears to be luck (ya sure), and soon followed by the other kind of luck that wipes you out.
I will not 'slashdot' any of my local banks but I can tell you that I have an account with a $5 minimum, no fees (if you take e-statements), and if I have set up auto-deposit, and use my debit card a few times a month I get 2-3% on up to $15,000. This was attractive when I was a starving collage kid and its still attractive now that I am doing better. So they exist I would suggest looking around your local banks to see what they offer.
Yes, if someone has no money that is not locked down they have no options in regards to savings. If this is the case why would you even care what interest rates you could get as they won't do you any good. This sounds more like parroting someones talking points then real concerns. If this is your situation the name of the game then is reduction of costs and short-term boosts in earnings. If someone can put back $10 a week it would help them weather emergencies better and that is far more important than getting interest on a bank account anyway (3% interest earned isn't anything compared to your >15% interest you will pay on the credit card you use to bail your ass out of a jam).
Yes, I read your collage rant. Yes I responded to parts of it by telling you how people can succeed. Yes, everything is easier when you haven't dug yourself into a hole (hmm.. prety sure I already said that). Few holes are bigger than caring for another life for 18 years. You discount that collage is doable while looking out from the bottom of a large debt (what having kids should be considered). If you haven't made some really bad choices you can work your way through collage, I did, recently. So in general yes, collage is good and affordable if you are willing to work for it. If you are 70 years old with a mountain of dept then collage wont help you a bit.
Yes, I read your post more than once. Perhaps you should consider that you discount advice too rapidly and respond like your case is the general case everyone runs into. You move into attacking people because they are unable to provide you with magic faerie dust that fixes your particular situation. People get pissed at me because I don't offer the worthless 'you did all you could' crap that is so common now. My friends bring real financial concerns to me and we talk about strategies of dealing with them. They don't come to me for a shoulder to cry on, that would be my wife's department. Empathy is for end of life situations and breakups. Everything else deserves careful consideration and an action plan.
- Mandatory dorms - read about community collages, no dorms, cheep
- Interest rates - don't take loans unless you really have to
- Interest on 20 years of school loans - This I didn't touch as it seemed obvious. Get a decent degree when you have few costs, it shouldn't be that expensive. Even if you had to take loans to cover the whole cost your talking sub $30k. Increase in earnings should cover this in a few years. Pay it off BEFORE you increase your life style. Get a degree in something desired, not basket weaving.
Perhaps people get tired of trying to help because suggestions to a general problem are always shot down with specifics from someone who has already spent a large portion of their life getting themselves into trouble. The base suggestion to 'I have committed financial suicide what do I do.' is not the same as one for 'I want a better life where do I start'. If you are that bad off then you need to look into bankruptcy and serious minimizing of expenses. I would suggest that you can probably get by much better if you move to a medium sized city with low cost of living.
I WILL say going into debt is a problem. It may or may not be your particular problem at this moment. If you go into debt for silly reasons (anything but the most well thought out reason is silly here) then debt is a problem. Collage can be a good reason, if you go into it with your eyes wide open. If you don't its a crap shoot and you will probably lose your shirt.
Ok, at the point all I am getting is what my dear old mother would call Ameri-can't out of your post. So, you have a degree, but are bitching about the price of collage. You have a degree and can't even set aside $10 a week. You have no savings, but you are bitching about your inability to find good interest rates unless you have lots of money. My guess is that you bitch about anyone offering ideas because you have already decided there is no way you are willing to take and we should all just feel sorry for you.
Oh, the motorcycle was a stupid move. You should have started work and continue to live like a collage student for a little while to build up your resources instead of blowing money on something that it sounds like you can't afford.
I will end with no part of life is simple. It seems to get less simple the further you go along. If you trade your younger years for temporary pleasures your elder years are going to be tougher. If you think life is hard now and you are not taking actions to make it better then it is probably going to get worse. I know people making $150k that live paycheck to paycheck. I know people making $25k who have good savings. From what I can tell, in general, the person tends to make their conditions as they go through life.