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Share Your Student Loan Stories

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Robert Applebaum's picture
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Joined: 03/21/2009
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Do you have a student loan horror story to tell? Use this forum to share your stories.

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Joined: 06/15/2013
Points: 720
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Joined: 08/22/2013
Points: 10
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Joined: 06/02/2013
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waaaa

I went to college and graduated with 150k debt and a bachelor's in Feminist Studies. No one will hire me. I applied to so many places and I interviewed with Walmart as a shelf stocker but they wouldn't hire me because the interviewer was a chauvinist. Men rule the world and it's all their fault that I'm in debt and I can't find a job. I think the government and the taxpayers should pay my loan because it's their fault I'm in debt. They shouldn't have made me sign papers I didn't understand. I'm entitled to a FREE EDUCATION AND THEY NEED TO PAY MY LOANS!

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Joined: 03/30/2013
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hopeless

i graduated from optometry school 2 years ago with $220,000 debt and I now owe 200,000 after paying thousands in interest only a month. work is becoming a chore and I feel like everyday I'm working to pay off the interest on my loans. with no options it looks like only total disability or death is the only way to get myself out of this mess and it's something i've thought about on a daily basis. A decade of hard work now resulted in a daily grind of paying the banks in interest only. i've fallen into depression as a result and am now taking antidepressants just to get back. no motivation, no hope, i'm just working until the day I fall over and call it quits.

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Joined: 03/18/2013
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Bleh

I currently have $35,000 worth of debt from a private college. I hate saying that, I really do, because it makes me feel like a NUMBER and not a person. That's what these forums come down to, right? Wanting to feel like a PERSON again?

Lately I've felt really down about my payments...I constantly feel like I'm not paying enough into it. I realize that many of the stories on here discuss $100K+ debt, but you guys know the interest rates- they're killer no matter what you owe. I'm 23 and am now regretting that I am starting my life out with this debt. I loved my college experience and I was able to secure a job in my field through networking, however I am only being paid $12/hr. I worry that this will not be enough money for me to make ends meet. My car is not in good shape at this point, and I wish that I had the ability to purchase a new one, but I don't. Most of my money goes straight to the loans.

In addition, I would love to attend graduate school, but I'm afraid to put in years of work for no guarantee. I did attend graduate school for a semester, but the program was unfunded. I'm glad that I decided to get out early instead of racking up another 30K+ in debt. It would be nice to get accepted into a fully funded program, but I'm not so naive to think that a "free ride" exists. It seems as though students rack up debt no matter how much money they receive through a program.

Overall, these posts give me hope. They help me understand what others are going through and they help me to get through the day. My situation may not be as dire as others, but we're all in the same boat. I hope that everyone in these posts has the opportunity to live debt free one day. We all hoped to improve our lives by furthering our education, and it was a farce in a lot of ways, but we shouldn't let it ruin us.

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Joined: 03/14/2013
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Massive Student Loan Debt

I went to an ivy league school. I went to several oriental medicine colleges. Each assured me of a 100,000 income upon getting my degree and license. I had no help from the parents. Had to leave home at 16 because it was not a nice place to live. I got the acupuncture degree and license just as the economy was tanking. There were 46 people in my graduating class alone in just one of the city's acupuncture colleges. I continued to work my old job, trying to build a practice. 2 years later I got fired from my job I'd held for over 10 years. The magical 100,000 dollar practice I was supposed to develop never happened. Its a big scam to go to acupuncture college. Its very hard to make a living. I now owe 240,000 dollars in student loans and the federal gov says I will pay an additional 127,000 dollars in interest over the next 25 years. There are no jobs for acupuncturists. Well, there are a few if you are willing to work in a mill type of clinic getting paid about 18-20 per hour treating around 40-80 patients a day. What kind of bs is this? My last year in college, the college increased its tuition a good amount. Be wary of acupuncture schools! Fellow classmates have had to go back to school for nursing after getting their license and degree because the job market was so bad to earn a living! The only place that is making any money on acupuncture are the acupuncturists that are working in the schools or the schools themselves.

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I forgot to mention

The U.S. gov doesn't even recognize acupuncture as a real profession. So why are they giving out so much money for students going to school to study it? We now have a whitehouse.gov petition urging the Social Security administration to include acupuncture in their reimbursable procedures. It just doesn't make any kind of sense. My BAD!

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Joined: 02/21/2013
Points: 220
No story

I do not have any personal story to share about student loan, but then also I have seen many of my friends to suffer because of student loan. After finishing the college they are getting good job which lead them to suffer a lot as they have to help their family also.

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Joined: 02/21/2013
Points: 220
For all

I think for everyone student loan is a big headache as they have to carry a big burden of loan while studying. Some students get tensed because of this and many time it may cause very bad step by them. We have to do something to help students.

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Joined: 02/21/2013
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Student Payday Loan

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Joined: 05/02/2012
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help on the way

Hopefully my post about this isn't removed like it was in the past - Robert doesn't seem to want people to know about legal options that will actually help them....

First of all, I would like to introduce myself; my name is Mark Sadowski. I have a bachelors in Architecture from SUNY Buffalo (2006), a Masters in Construction Management from NYU (2011) and a Masters Certificate in Real Estate from NYU (2012). I finished undergrad with about $28k in student debt, and have now tallied another $72k at NYU, even whilst working full time during my studies. $100k total for people who are too tired to do math after a long day trying to fathom their student loan debt calculations. (-:

Just consolidated (all federal loans....You have to do what is smartest. More protection on fed loans) and chose IBR which I barely qualify for, but due to having a son, business expense deductions and max allowable IRA contributions, my determining AGI is below the cutoff. Fine.

I have a steady, good job which provides me enough income to make my IBR (~$700/month) payment or extended (~$790/month) payment for 25 yrs. I also started a consulting business which I intend to gain business from (www.mStudiosArchitecture.com). I live in NYC, so I know these numbers all seem high, but it is all relative, I assure you - I came from a poor family in Buffalo, NY looking at $28k as a daunting amount of debt. Now, $100k doesn't even phase me.

The problem, as we all know, is that by paying this sum of money to the DofEd each month, it does not allow me (us) to save for anything - referring to real property. This inherently deters growth, hence, controlled inflation, and ultimately, the real estate market. The last thing people with student debt will do is try to buy a house, yet alone, start saving for a house - especially those indentured to a 25-year plan.

So if the government isn't going to help ease the burden, we should come about a more intuitive way to ease the burden on ourselves. Obviously under IBR, your balance is forgiven after 25 yrs, but 25 yrs is a lifetime, and will be detrimental to this economy. That lengthy term will only add to the growing income/wealth gaps with age and class.

The other method, working for a "public service agency, such as a state, federal or
local entity," OR working for a "certified tax-exempt 501(c)(3) organization," will allow the federal loan borrower to achieve forgiveness in just 10 years!

Now I know you are saying; "501(c)(3) organizations pay nothing" or "how would I even begin to find a job at a 501(c)(3) organization." Well, it is easier than you think.

YOU SET UP THE ORGANIZATION YOURSELF OR UNDER SOMEONE ELSE's NAME AND FILE FOR 501(c)(3) status through the IRS. @RobertApplebaum just filed for (c)(4) status - if he wanted to create a way out, he should have filed as a (c)(3).

How does this work? Well, let me tell you that after sitting on the phone with the Dept. Of Education, Great Lakes Student Loans Borrower Services, Direct Loan Consolidation and the office for the Secretary of Education, there are NO stipulations within the Dept of Ed that do not allow you to do this!!!! I had every single person on the phone baffled over my inquiry. They were all speechless.

Details: I am already filing a new Corporation as a (c)(3) sometime in the next month or so, after which I will start paying myself minimum wage at the required 30 hrs/week mandate that is outlined in the forgiveness clause. I will be an "educational/charitable"entity dedicated to (here's the best part) educating and making students or grads aware of the student loan lending world, repayment plans, as well as a link to other great/helpful sites such as Robert's. More details to come, but I will have a website set up soon.

How and why will this work? The D of Ed doesn't set the 501(c)(3) standards, the IRS does. D of Ed doesn't determine which (c)(3) organizations qualify, because if you achieve that status, they all do. Done.

Math: In my example, by paying myself minimum wage ($7.25/hour) at 30 hrs/ week x 52 wks a yr = $11,310/year (yes, this is additional taxable income, but you can "donate" these funds back to your (c)(3) each yr to avoid tax). Now, under IBR, that additional $11,310 above and beyond my other (normal) income will have a sum taken out for the IBR payment. ($11,310 x .15 = $1,697/12 months = $141/month additional payment for 10 yrs).

So, $141 x 12 months x 10 years = $16,920 extra payment over 10 yrs WITH FORGIVENESS DUE TO PROOF OF EMPLOYMENT FOR A 501(c)(3)

Beats the hell out of the original option: additional/remaining 15 years under IBR NOT working for a (c)(3) = $700 x 12 months x 15 years = $126,000

$126,000 - $16,920 = $109,080 savings

Yes, I would rather save $110,000 And according to the way the loan terms, repayment terms, promissory note and D of Ed mandate is written, it is the current, legal law.

I would also like to say that I am by no means "complaining" about my student debt; I would do it all over again if I had the chance. I am just trying to come up with legal ways of "paying off" the debt, and/or utilizing the current systems in place to get some of the debt thrown out.

Hopefully Robert Applebaum doesn't delete this post like he did the last one - it seems like he is trying to hide something from his followers by NOT allowing this post to show up on the blog, even though it is a LEGAL route and HELPFUL for many.

Links to many of your questions below:

1) Loan Forgiveness Fact Sheet

http://studentaid.ed.gov/sites/default/files/public-service-loan-forgive...

2) Dear Borrower Letter

http://studentaid.ed.gov/sites/default/files/DBL_PSLF.pdf

3) Instructions for Employment Certification

http://studentaid.ed.gov/sites/default/files/public-service-employment-c...

4) Employment Certification Form(s)

http://studentaid.ed.gov/sites/default/files/public-service-employment-c...

5) Q & A's (PAY ATTENTION TO Q53 - YOU CAN CERTIFY YOUR OWN TIME)

http://studentaid.ed.gov/sites/default/files/public-service-loan-forgive...

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Joined: 06/20/2010
Points: 90
My sallie mae hell

On behalf of the 'over two million' petitioners I demand that the House Committee on Education & The Workforce take action on H.R. 4170.  The student loan debt now far exceeds credit card debt. The worst part of the student loan crisis is private loans, specifically Sallie Mae and the 16% interest rate on my variable rate education loan. I cant return my degree, but believe me, I would in a heart beat if I could. I am very responsible and have excellent credit, but once my loans go into repayment I wont be able to pay them lest I forgo my car payment, mortgage and food on the table. It may be an "opportunity" to work, since we pay that tax, but I only make so much in this economy and it only goes so far. I will have to sacrifice my credit for my student loans because I refuse to loose my house. I owe over a $130,000 for a bachelors degree. I did it all on my own, no parents to guide me and I was swindled by Sallie Mae. The interest rate was never made totally clear. Sign here, and poof- there goes my livlihood that i sacrificed, sold to Sallie Mae. If it gets so bad I would rather leave America than live under the pressing burden of a debt I will never be able to pay unless i win the lottery. Make more money you say? Well- I'd have to further my education for that, i would except i already owe as much as some Dr's and lawyers do! Absolutely crazy and very very sad, a sad sad day for America. I will not recommend my children to ever get private loans, I would rather it take them 10 years to graduate than that. Very very depressing.

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Joined: 01/17/2012
Points: 150
Of course you were

Of course you were "swindled!" Sallie Mae took your arm.....twisted it behind your back.....put a blindfold on you.....read you the contract but conveniently leaving out the financing terms....and told you where to place your pen so you could sign on the dotted line!

In fact, they and all other student loan lenders did that very same thing to all 2 million "petitioners!"

You have been wronged! You are NOT in any way shape or form expected to READ anything that you SIGN! EVER!

Unbelievable that you'd blame someone other than yourself for the financial mess you've gotten yourself into.

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Joined: 03/05/2013
Points: 80
Work for these crooks do you?

Work for these crooks do you? Sounds just like something a Sallie Mae employee might say too. Sallie Mae has not only swindled students, they also swindled investors! Why dont you do your homework before running your mouth.

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Joined: 06/17/2012
Points: 10
Student Loan Debt part of my life the last 18 yrs....

I graduated from law school at 39 yrs. old with a husband and two children, ages 5 and 8 at the time. I took out student loans to pay for my schooling. At the same time, my husband's business floundered and we had trouble even feeding our family. Student loans were practically thrown at me every time I looked in my student mailbox. A big mistake but so easy to understand at the time. At graduation I was making around $45,000 and my student loan debt was over $100,000. Unable to make payments on principal, I started making interest only payments and only in recent years have I been making a standard payment of principal and interest, based on my income as a government attorney. Now my debt at age 57 is down to $98,000. I will never be able to pay it off. I divorced since then and was unable to help my children pay for college, and now their lives are also consumed by student loan debt, and even worse, because of my financial situation, most of their loans are private, compounding their situation. Now I thought I would be able to have my FFELP loans forgiven which are presently serviced by Sallie Mae, because I work for the government in an area which services the poor. No, I found out I won't be able to, unless I consolidate with Direct Loans, which I looked into, but which would have raised my present payment around $400 for the next ten years, not to mention I'd have to work until I am at least 67, and who knows if my health will last? So now I'm stuck staying with Sallie Mae, paying a large chunk of change, hardly reducing my original debt due to interest, and no prospect of ever getting ahead financially. I would have been better off financially staying at my original job as an administrative assistant with no student loans and be ahead. Because of me, both my kids went to college and look forward to their own lives of student loan debt. What a legacy I've left them!

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Joined: 06/13/2012
Points: 20
Hey,

Hey guys, My Name is christena schecher.. im 28 years old.. I love all things that make you think. Gives you a feel of accomplishment when you figure it out. I spend a lot of time learning new things.. I've been writing on subjects such as student degrees and student financial aid for for the last three years, I look forward to meeting you guys!

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Joined: 06/07/2012
Points: 10
Nightmare of life.

I took out about 50,000 in loans. By the time I graduated that amount had already gone up to 75,000. Will once in practice, things have not been go for me. I owe so much in loans now, that I will never be able to repay them. It has push my credit score so low, that it makes it almost impossible for me to finance a stick of gum. Really would love to pay off the starting amount but with the interest and other thinks it is well over 300,000.

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Joined: 04/18/2012
Points: 10
I have paid my debt 10 times over

I got a $2,500 loan in 1981. Over the years I have paid in over $25,000. Like a lot of people, life's hurdles got in the way. For a number of years, I did not have work. For many years, my Federal income taxes were taken to pay it off. There were years that I struggled and made monthly payments for two or more years but then would be out of work due to disability, being laid off, etc. The interst just racked up. For the past 4 years I have only been able to work 25 hours a week at my job as they took a day away from all of us, no raises and they stopped paying into our retirement. I have no car to look for other work and live in town so small we do not even have a traffic light. My physical ailments do not allow me to work a second job as a cashier or something, so basically I am screwed. My loan is back up past $6,000 now due to the interest. I will be paying this loan back for the rest of my life and then some. To me this is ludicrous. They have already been paid back 10 times the value of the loan. What more do they want - a pint of my blood every week?

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