Do you have a student loan horror story to tell? Use this forum to share your stories.
So Benito Mario over at My Debtor's Prison has completely snapped it would seem and is writing letters to celebrities asking them to pay off his student loans.
The post says it all
http://mydebtorsprison.com/2010/03/05/an-open-letter-to-britney-spears-p...
I paid for my associates degree with part time jobs. But I acquired $90K in private student loans completing my four year degree at a private university. I'm lucky I have a job to cover my monthly $920 student loan payment. But I live pay check to pay check. I've accepted I won't be owning a home anytime soon. I can't save money because most of it goes towards paying student loans and credit card debt.
I don't think we're doing enough to facilitate higher education in this country. We've bailed out all these banks with 1% interest government loans. But yet many of us have student loans with interest rates well above 5%. I think it's wrong that by the time I'm done paying my student loans It will have cost me almost twice as much. I paid $7500 in interest on my student loans this year. Yes, $7500 in interest!!!
Something needs to be done! Mark my words, the student loan industry will be the next national financial crisis.
In 2002, I made one of the worst decisions of my life by signing up at the Court Reporting Institute in San Diego. This was a branch campus, with headquarters in Seattle. Long story short, this place was under investigation by the Department of Education the whole time I was there, had no real ability to create court reporters, had its license to teach revoked and finally went belly up in 2006. I had finally smelled the coffee in 2004, and left then.
Unfortunately, the student loan people couldn't care less that we didn't get anything for our money there, no matter how hard we worked. Right now I owe $16,000, and they're going to start garnishing my wages up to 15% if I don't send another challenge to it by Monday. I already did that a couple years ago, to no avail.
It's almost as if the student loan people and these shady private schools just conspire to exploit the students for as much as possible. There's a lot more to this particular story, especially concerning the president of CRI, Alen Janisch. A quick synopsis of SOME of CRIs dealings can be read here:
http://crowncollegelies.blogspot.com/2007/05/back-to-putrid-sound-and-co...
But here is the main site, with pages and pages of juicy details, chronicled by former CRI student and our champion Judy McKinney (quite possibly the most determined woman on Earth):
Not sure what to do in the next 24 hours or so. I could still make an offer to the collection agents (who just called again), or try once again to get this loan forgiven. Didn't work the first time, since I quit 2 years before the school got shut down. The students that stuck it out & went DEEPER into debt got some relief. Those of us that bailed are just getting the shaft, it seems.
Help, Bob, Help!
I don't get it. I am thinking about all of the negative commentary about the fact that no one forced us to take out loans.
So say we were to read the fine print on those forms we signed that reminded us how much we were to be in debt? And say my father and mother had really sat me down to explain the downfalls of going to an expensive private college (even though they were supportive because they wanted their daughter to have an opportunity to go to a top college and earn a great degree because they didn't have that)? So had I really done that, I probably would have gone to a school that was much cheaper but not credible and probably earned my graduate degree online. No it wouldn't have stopped me from getting a job or being somewhat successful. But I know I wouldn't be getting paid the amount I am now nor have the job I have now with another degree.
I am a teacher at an excellent charter school that is trying to make the poorest city in our state get back on track with education. I have 5th graders who didn't know their alphabet at the beginning of the school year. Our charter school system had to hire quality individuals who care about their work and willing to put in the time to do it. That meant bigger $, more time, and a good background. And yes, people who walked through the door without the college credentials typically weren't what our school needed. And we aren't talking about a school that needs Harvard grads.
I could have gotten a degree somewhere else and worked comfortably at a public school that does not demand excellence in low performing students. Teaching clock in and clock out and students (our future) rise to poverty as the graduation % falls down. I could be a part of that you see.
This applies to any profession. Let's have mediocre teachers, lawyers, doctors, cancer researchers, engineers, scientists and so on. Because in the real world today many people get paid for what is on their degree. That's not my fault. I don't make the rules. That is just the competitive world we live in. The CEO I worked for can pay for his son to train smart starting at 5 years old, pay for his son to go to Harvard in full as his son works his way to the big wig position that will pay him 6 digits with all kinds of bonuses as daddy is always behind him. And his company will continue to hire kids from the ivy leagues...
Here I am married... currently $160k in debt ... to be a teacher who wants to challenge our kids to be Einstein's again. My husband and I make $134k combined at 27 years old and we are living paycheck to paycheck because of this debt.
I incurred this debt because I had no other option (other than just going to a cheaper school or not going at all). And better yet, because I don't meet the certification requirements in my state (even though I have a Masters degree and 30+ credits with a certificate in another state), I need to venture out to pay more money for education to get fully certified.
Reality is when a good friend was looking for someone to look at her father's terminal illness, her last resort was Yale because of all the work that has been done there. The work that is being done there and studied by students who are paying the $60k a year to go there and be the next person to possibly cure it.
The states and Obama are rushing to the assistance of homeowner-borrowers who are falling behind on their payments, but where's the help for student loan borrowers?
In re:
"Erin and Robert Smith had no problem handling the $2,000 monthly payment on their home ... until they lost their jobs.
The Harrisburg, Pa., couple fell behind in September 2008, a few months after their consulting business faltered in the wake of a client's bankruptcy. Their loan servicer refused to help them, instead sending them a foreclosure notice.
"All we needed was a break," said Erin Smith, 33, who feared her family of five would wind up homeless. "We knew once we found employment, we could start making those payments."
A break came in the form of the Pennsylvania Housing Finance Agency's emergency mortgage assistance program. The agency gave them a $30,000 loan to cover their arrears and real estate taxes.
The Smiths are among the 3,250 homeowners that the housing agency's mortgage assistance program saved from foreclosure last year. Created in 1983, the initiative provides loans of up to $60,000 for as long as 36 months to Pennsylvania residents suffering financial hardship, such as job loss, divorce or medical problems.
The program, which has distributed $450 million on behalf of 43,000 homeowners since its inception, has an 80% success rate in helping borrowers avoid foreclosure. And the recent housing crisis has prompted thousands to seek assistance. A record 14,000 homeowners applied for help in 2009, up from 10,000 in most years.
President Obama late last month announced a $1.5 billion initiative that gives money to the states hardest hit by the mortgage crisis: Arizona, California, Florida, Michigan and Nevada. The effort calls for the states' housing authorities to assist the jobless and those who are underwater -- meaning they owe far more than their homes are worth.
Already, officials in Nevada, California and Florida have been in touch with Hudson to learn how to replicate Pennsylvania's program. Similar efforts also exist in Delaware, North Carolina and Massachusetts."
I went to a Tier One school and came out with $150K student Loan. As a college student I was irresponsible with my credit cards and had a bad credit score when I was consolidating my loan. Due to my poor credit score and lack of a cosigher (parents were unable to cosign due to their business) I had to consolidate with a 10.8% interest rate... after all the discounts were applied!
Now my credit score is high, I make $71K a year and can't put away a penny! Thanks to Bush taking away the option to reconsolidate I will be drowning in this debt for a long time. If I had the option to reconsolidate under a more appropriate interest rate I'd actually be able to purchase a house in the near future and contribute to the economy rather than citibank's pockets.
I don't want my debt to be forgiven. I owe 150K and I believe that my education was worth the money. I signed a contract to repay it and have no problem paying 150K. I do have a problem paying a 10.8% interest rate on this loan. I think it is grossly unfair that someone who made a responsible decision to go to school and get an education has to be punished for it by waiting years to be able to start any type of life including a family. While completely irresponsible individuals purchase homes outside of their budget and are able to walk away, refinance, and pretty much have no penalty or consequences for their actions. I believe that students have more right to refinance their student loans than irresponsible home owners. Obama had made a point to mention that he would turn around Bush's decision in 2005 to stop allowing students to refinance their loans. Instead he allowed forgiveness of federal loans. Federal loans are meager in comparison to Private Loans. And any type of forgiveness is irresponsible. Debt shouldn't be forgiven, but it should be renegotiated. The amount that was loaned out should be paid in full however the interest rate should be negotiable. If students could reconsolidate their loans then they would have a much larger disposable income, therefore allowing them to stimulate the economy further. There are countless individuals who have loans like mine and instead of paying interest to a bank they can be buying homes, making good financial decisions instead of drowning in debt!
I graduated for the first time into about $20,000 in 2002. After a series of family crises and a lack of employment, I went back to school for another bachelor's degree. I figured at the time that a bachlor's degree was the better option. It was better to broaden my skills rather than specialize. $78,000 later I have two degrees now, and once again I am turned out of Academia with no job, no aid, and no hope.
Now pushing $100,000 in debt, I face the possibility of being in debt for the rest of my life. I can't afford health insurance, I suffer crippling depression, and I can barely afford to live. Unfortunately I cannot afford to die either. Even if I died tomorrow, my family would have to shoulder my financial burden. At the same time, what worth am I to society, or even to myself or my family if i cannot get a job? I need to have this debt paid. I graduated with honors. the first time, I made national dean's list. Still, I am untouched.
I am caught in the catch 22 of employment. I have no experience, and nobody is willing to give me any. I wind up working odd jobs for a pittance, this time around, I can't afford to word part time to make ends meet. I have to have a job that pays the bills, or the job is not worth having for the financial headaches it will cause. In two years, with the advancing technology, my degree will be obsolete.
And yet due to debt, nobody will hire me. Due to gaping employment holes in my resume, people will not employ me. Due to the fact that my household only has one car they see that as unreliable transportation, and so they won't hire me. Every excuse, no matter if I give god's best performance in a job interview for a job that only pays $12 per hour with no benefits, will the HR departments of these companies give. If it's not the resume itself, it's the full of crap personality tests that are demeaning, discriminatory and nothing short of criminal.
I guess it to be expected that we who have worked our lives toward education are to be treated worse than criminals. Criminals are protected from employment discrimination, but graduates are not. Steal $100,000, spend 5 years in prison, and people are required to overlook that as long as you qualify, but get $100,000 legitimately to complete college in 5 years, and nobody will hire you.
Think the Colbert Report...but with videogame references
My undergraduate student loan balance is about $50,000. I have not yet been able to begin paying off this debt (in forbearance) since graduating in 2003. I could not find a job after graduating so went back for a Masters degree (I was funded for this but not enough to pay the debt). Worked almost 2 years (still low income and in forbearance) and was laid off. It will be 10 months that I cannot find work and question the reason why I ever bothered to get an education. Meanwhile I would like to add that I have had to work 2-3 jobs during both my undergraduate and graduate education and could still not pull enough money together to begin paying the loan debt on top of the cost of living. There is definitely something wrong with the system. Also I have been on my own since 18 years old (parents left to retire in another country and did not help me get through my higher education and I don't blame them). I feel that if I had received more educational grants based on my independent but needy situation I would not be dealing with this educational debt that has built up.
I've been reading stories about debtors and its great, well debt isn't great, but its good to know we're not alone.
Then I stumbled across this posted by a friend
http://mydebtorsprison.com/2010/02/19/setting-the-record-straight/#more-112
I've tried to talk to him, and tell him that guys like that give us all a bad name and makes it virtually impossible to get the support we need to get full or partial loan forgiveness from the federal government
I've been paying my student loan for 20 years in June! On the original loan of $15,000, I've paid back $28,000. I still owe $13K!. I am very interested in finding out how I can help the cause of forgiveness after 20 years. Please advise how I can get involved.
Thanks,
20yearandcounting
I am so grateful for this forum. Misery loves company and it is comforting to see that I am not alone. I was working as a marine researcher making $40k/year. I blame myself for letting depression get me. I am a single mother and was mentally and physically drained. If I had stayed the course, I would not be $100k in debt for nothing. Stupidly, I convinced myself that I could go to grad school, get my Masters and become a teacher in CA. I was reckless. I followed the easiest path. I found a private university that accepted me quickly. There was no financial aid officer on staff so I blindly signed wherever I needed to sign to start graduate school. My program was built for students to attend class at night and continue working full time. I wanted to go to school full time and not work. Easiest path. When it was all said and done I am $100k indebt. Did not finish my program. I am not teaching. The exams to teach in California are expensive and difficult. I quit. In a panic I could see Unemployment on the rise. I was without income. No more loans to live off of. After being out of work and out of school for a year I was on food stamps, 2 months behind in rent, in collection for cerdit cards. I desperately looked for work. I finally landed a $50k/year job. But I am facing astronomical private student loan payments. For nothing. I didn't even finish. I feel so ashamed. Like I destroyed my life. My home is very poor. Broken thrift store furniture, people would think I am some welfare single mom who is like a waitress or something. I think and hope that someday I can matriculate my studies into a new grad program and get my degree. Strangely, I would not be close to making $50k/year if I had stayed at my marine research job. And I would have not gotten this new job without a Masters degree (they consider that I pretty much finished). All I have left is to pass the CA state exams, student teach for 16 weeks and prepare my thesis. I appreciate being able to share my story. I am working for NATO now and I can only hope that someday the humanitarian work I do now might allow for some future student loan forgivenss program. I am filing for bankruptcy so I can wipe $18k of credit card debt and stay afloat. So not only am I $100k in debt, my credit is shot for 10 years and I am depriving my son of so much because of my stupidity.
DEBT ReSOLUTION!!!
My name is Mark Ector, and I own a company TPS FINANCE CONSULTING LLC that has the ability to reduce the balance owed on Student Loans, Credit Cards, Court Judgments and other Unsecured Debts and actually remove the interest rate all together. The program is set to have your loans paid off completely in 18 months. It is the one thing that the government is doing to help those who understand the importance of education but are not reaping the benefits of having one.
HOW IS THIS POSSIBLE
We assume the liability of the client’s debt by using a “notice of assignment,” along with a limited power of attorney, to enable us to challenge consumer laws resulting in the ability to offset the debt. (Does not apply to Accts. in collections). We enforce the principles of contract law. We get the financial companies to accept a change in the terms and conditions so they are more favorable to the client, rather than being good for the financial companies. What we do is simple, yet very effective. The employment of this strategy has been successful for 8 years with an up front payment structure, and as of recent we have launched our 18 month payment program to make the service more accessible to individuals who can't afford to come up with the entire resolution amount up front.
Phase 1
The program is split into two Phases, Phase One and Phase Two. Phase One is the load up period and the amount required can be paid in a lump sum, or our underwriting guidelines allow for this amount to be distributed over the first four months. Clients are sent a welcome kit and are educated on Federal Consumer Protection laws which will help to reduce creditor calls. The Resolution Process does not start until the fourth payment is received.
Phase 2
Phase Two consists of fourteen monthly payments determined by the debt amount that is being resolved and how many cards are included into the program. This amount is usually lower than the minimum payments that would be required on the cards included into the program and shows the client savings while the debt is being resolved and assumed by a Debt company. At the start of this Phase Two the client will be required to send in Original Statements of all Creditors (not copies or credit reports) and fill out 3 additional forms;
1.) New terms and conditions purchase agreement,
2.) Power of attorney,
3.) Two notice of assignments that must be notarized for each creditor.
These forms will outline new terms and will allow for us to assume the liability of the debt, which is our proprietary business model to resolving the debt enrolled.
FAQs
How is your credit affected?
The Fair Credit Billing Act states that while your debt is in dispute, the creditors may NOT report negatively on your credit report. If they do, they are in violation of your Federal rights. Upon completion of the process, client is eligible *(through effort of their own, or a 3rd party company) to have negative and/or adverse items removed from all three major credit reporting bureaus. However, client should anticipate that their credit score will be negatively impacted by this process temporarily.
*As a service to all of my clients I do credit clean up usually for people buying houses, so I will make sure that the complete paid in full and any negative and/or adverse items removed from all three major credit reporting bureaus. At the end of the process your credit score will be substantially higher that it was due to the fact that you paid off a large balance earlier than anticipated. Then when they do the rescore your debt to income is a lot lower!
Is Debt Resolution Ethical and Legal?
Yes, absolutely. This is a question that most people always have when analyzing this type of program. We provide you with information as to the legality of what we do, and in terms of morality it is the financial companies that are immoral. When you understand that they create money out of thin air that they loan to you and then expect you to pay 30% interest on, you will learn that they are the immoral ones. The people we work with all over the country are people who are most likely just like you, people who paid their bills. You cannot get thirty, fifty or one hundred thousand dollars in credit cards with out paying all of your bills and having good credit. But sometimes bad things happens, life happens, there is a loss of income, someone gets hurt, a family member dies, or a business fails, and you simply cannot pay what you used to pay. When such hard times occur, more often than not, banks and Credit Card companies will not work you. Credit Card companies constantly monitor your credit report and when they see that you have begun to max out your credit lines, the will begin to raise your rates to astronomical levels. Why do they do it? It is because they can. It is simple; they get you in debt and keep you in debt, because it makes them money. Unfortunately, all consumer protection laws in regards to bank usury have been eliminated, and as such the bank can charge you what ever they want and they do. We want to help you get out of debt, and more importantly teach you to stay out of debt and not find yourself in the same situation ever again.
I would like to speak with you specifically about your personal situation and then provide you with some information regarding the help I can provide to you.
Please feel free to call me anytime.
Respectfully,
Mark Ector
TPS FINANCE CONSULTING LLC
CEO / ADVISER
(602) 488-6002 direct
866 223-1802 toll free fax
finance.consultant.ceo@gmail.com
"KNOWLEDGE is POWER!" But KNOWLEDGE alone is NOTHING without USING IT or SHARING IT.
Yes, that is correct. I would like to pay my student loans back to Sallie Mae. I borrowed about $100,000 for Chiropractic school,
and now I owe about $180,000. I would like to pay back what I believe I owe. Not all this compounded interest. One could think 'this guy is a doctor, how come he can't pay his loans?' Chiropractic is an interesting profession. Very splintered. Most Chiropractors, I feel don't really practice Chiropractic. It's more of a practice in insurance racketeering. You'll never make any money in insurance practicing Chiropractic purely. I have an all cash Practice. I actually do well for myself. Not well enough to pay off this loan and actually still have money to have a life. I could do the insurance thing, but that would really be no different than working for the gangsters in my home town that I grew up in. I wanted to do at least one thing in this life that wasn't selfish, one thing in this life that was good. So I became a doctor of Chiropractic. I wanted to help people. I honestly thought I would have no problem paying off the student loans. I was wrong.
I actually have a wonderful practice. It took a long time to develop a reputation in the community and relationships with people. But that is how it should be. The success comes from the integrity of my practice and the care I give. I have a rate per visit, but if one cannot honestly not afford it I'll adjust them anyway. Make it work somehow even if I have to give the care for free. Remember the Hippocratic oath? Most doctors have forgotten it.
So like I said, I would like to pay back what I owe. But all this compounded interest is not what I owe. I've asked them to cap it. Told them, 'hey you guys have made a profit, that's good, now cap it and let me pay'. The loan officer literally laughed. It was like in that movie Goodfellas, "F*ck you, pay me!!" And that's pretty much what you get with these loan companies. A deep narcissistic greed that cannot be quenched. Will this grass roots organization help? I hope so. In the meantime we should write to President Obama who has said, "NO one should be broke because they decided to go to college." We should write to our vice president, our congressman, and our Senator. What we shouldn't do is lose hope. Complain. This is a chance for us to help evolve a very faulty system. We didn't know what we were getting ourselves into. That's our fault. We were obviously misguided, or had a lack of guidance. Let's see if we could get out of this mess.
I finish high school in 1980 and went to college, but did not finish because of personal reason. I have worked manual labor jobs for years and decided to return to school in 2003 hoping to get a better job but all I got were student loans in the amount of $100,000. I don't have a job in my field of study and I am still working a manual labor job to make ends meet. There is no way I can pay back this loan without help. We are told that a college education will land you a better job but all we get is life time of debt and the government could care less. We say this is the greatest country in the world but we do nothing to help the people in real need. A bunch of people sit in Washington,DC pass bills that affect the everyday person with on regard of the outcome. What if in NOVEMBER the next election NO ONE showed at the polls to VOTE. What kind of message would this send to the people in Washington, DC who were elected BY THE PEPOLE.
I'm a 27-year old man with a bachelor's degree from a private university that forced me to utilize, in large part, private student loans to pay for my $20k/year "education". My undergraduate Stafford limit was not even used halfway, yet I was at $90,000 in private loan debt when I graduated. I'm the 2nd of two children to a set of parents who have worked everyday for the last 30 years to support their family. My father's a milkman; my mother a secretary. They have always preached hard work, accountability, responsibility, and doing what is right. They implored all of us to go to college, even though they couldn't afford it, so that we would have a better chance at life than they did.
Now, I cannot find a job that pays over $30,000/year. My student loan debt is near $900/month. I'm on unemployment. I volunteer at a coffeehouse started by my landlord; if I can make it profitable, I can start keeping those profits, but there is no guarantee. I am essentially an unpaid entrepreneur in a bad neighborhood full of welfare recipients, freeloaders, and crackheads that eat better than I do 3 times a day at the local soup kitchen. This is what I get for working all through high school, all through college, and after? To get laid off from a "decent" job and have no prospects of a solid future?
My girlfriend of 2 years and I recently split. One of the biggest conflicts in our relationship was money due to my student loan debt. We couldn't buy a house. We couldn't afford children. We love each other completely, yet my debt and hopeless job search have perhaps destroyed any chance of a life together.
Instead of bailing out bankers and propping up drug addicts and freeloaders, why not give billions to relieve those who did the RIGHT thing and tried to educate themselves, who sacrificed and worked hard to earn degrees, so that we can give back to society with our minds & fortunes?
I've now got over $150,000 in student loan debt with all of the compounding interest. I'm taking classes online simply because I can't afford my monthly debt payments, which only increases my debt load. I don't have a choice - how much worse can it possibly get???
OK here is my story I Went to college in 2003 one month after i graduated from high school. I nor my family had any idea what i was getting into! I went to a vo-tech school for food service was always interested in that career. Had like a college day thing or whatever and school reps came from all over, gave out my information got a call and was asked if i wanted to go to an interview type thing for the school a few towns away..Just thought i was going for information got there and found out it was to apply for the school so i was like whatever i will just apply i have always wanted to do this. I come from a low income family so i went there with like no money .. was told i needed 100 dollars i believe it was for the app.. so i called my gram and she gave them a check over the phone! I believe that was my biggest mistake if i could go back and do it all over i would in a heartbeat!
So like i said i had no idea what i was getting into what i was signing what was going on at all. I filled out the paper work and waited to see if i would be accepted or not. Few weeks later got a thing in the mail saying i was accepted and that i needed to go to the school for a financial aid thing. Went to it filled out whatever paper work i was gave. Filled out all the fasfa stuff and everything else.. the person who did my original app was assigned my finical aid rep. She worked threw what ever loans she could get me and i was set to go .. If she said it would pay for it i signed it cause i knew there was no other way i was going to get in, And like so many others i figured by the time i got out of college and did my extern-ship i would be able to pay back my loan payments. At first it was all good because i believe all i had to pay was this one loan i dont even know who it was threw but it was called the Chef loan. So i felt secure even tho like i said i had no idea what i was doing!
One thing i did not understand was at six months all my plans had to be revised and i needed to do my loans all over again I was not all that worried about it because of the chef loan so i thought it would all be ok. So i go to my meeting and i like the other of 100s of students there find out that the chef loan i was giving has now been discontinued and i was no longer to get money from them so they needed to get me another loan so i could stay in school.. That is where i believe Sallie Mae came into play! They got me the loans..i signed them yet again not even realizing what i was doing i just wanted to stay in school!
So i have new loans and everything is going fine. I get a letter for the finical aid person saying we need to have a meeting because they need more money. So i meet up with them they tell me the only way i can stay in school is if i sign for more loans of some sort and if i start a payment plan with them and pay the school itself 300 a month i believe it was.. if i did not i would be kicked out. So i signed and renewed my loans or whatever i needed to do so i could stay in school and set up payment arrangements with them.
Now i must admit i was not the best student. I got caught up in the college life a little bit to much and had alot of personal family issues happen in that year i was in college. So i ended up failing a few classes and i had to stay a few months longer to finish my classes i got put on academic probation or whatever and was told if i missed another class i would be dismissed for 3 months. Well i ended up failing another class.. thats a whole story in itself because i honestly believe i should have passed but anyways i failed so they told me I had to leave for 3 months but i could return.
Now i had just renewed all my loans and they told me that it would be fine that they could hold onto my money or if they sent it back it was alright and i could get it again when i go to go back so i did not question it at all left for the 3 months. I left state while i was gone i guess they mailed papers to my mom for the loans saying so much money was giving back and what i would owe. So i go back home and get ready to back to college talked to my new finical aid person it was a week before i was to go back to school and i get a call saying i could not come back unless i got more loans because the loans i had could not be returned to me and i could not get anymore and unless i had like 30,000 i could not come back to school, so they wanted me to get a co-signer but no one in my family could do it so i ended up telling them never mind i was not going back!
So here i was so far in debt i had no idea what to do. When it came time to pay them back I did what ever i could to stall it and not have to pay it back right away. When i ran out of options Sallie Mae wanted an insane amount of money a month and would not take no for an answer. I had no job and even if i did i would not have been able to afford it working for 5.15 an hour. I tried to work with them and told them ok well what if i can make 50 dollar a month payments and at least try and they said i could pay whatever i wanted but no matter what if the full minim amount due was not paid then i would be charged like a 75 dollar late fee or some crazy amount!
Now i will take blame for what I did..Yes i signed papers and yes i should have been aware of what i was signing but i was not even 19 yet when i first went to school i had no idea how to handle things and i should have never done it! They should not be able to just hand over money to kids just so they can get paid! I did what many have done and just refused to pay them would not take or return their calls and moved all around and did my best to avoid them!
I can not honestly even tell you what i owe and who i owe it too. All the papers i had got lost when my father lost his storage in 2005 so i have no idea about any of it and was not in a hurry to find out because i know there is no way i could even try to pay it!
Here we are close to 6 years later and i am married and moved out of state. About 2 months ago i started getting rude calls at work from someone saying they needed to speak to me and harassing my boss they said they wanted information on me and they wanted to garnish my wages to pay unpaid student loans so my boss said ok fax me a paper and then i will tell you more..so they faxed her a paper and it did not even have my social security number on it. They called back and my boss told them she was sorry but she did not have anyone there with that ssn so they said ok well tell me the number you do have and she told them no she was not giving them that information and for them to stop calling there and they said ok we will just deal with this some other way! So i had a feeling they were going to try and take my taxes and we just went to file them at H and R just like we have done the past 3 years and there is a hold on it so i call the 800 number and it says its been offset because of federal loans! I have only worked about 8 months this year at minim wage part time. I made a little over 4,000 dollars. My husband works full time and made about 20,000. So income together is less then even 25,000 dollars a year. We are only getting back like 1,200 in the first place but still we were looking forward to that money and now we are not going to get it. We live pay check to pay check thew pay day loans we could not squeeze another penny out if we wanted to. We get food by going to food banks and i have not even had the gas on in my house for the past 6 months i have no way of paying student loans. I no longer really have a job i am now just a temp call in and i never get called in and because i worked for a daycare threw a church i can not get unemployment.
Yes i know this is my fault for avoiding them but i really have had no other choice i tried to pay what i could and they would not except what i could give them. I know i signed everything and i am responsible for it all but i also know there is no way i could do it! I know my credit is crap and i will never have anything. My husband makes a joke about the freecreditreport thing and says look what he has married into but he knew about it all before but now i have no idea what i am even goin to do. I told him we could get a divorce because i don't want them doing this to him for the rest of his life. I love him and i really don't want to do that tho. I have even told him i could just kill myself and he could use the life insurance and just bury me in a wooden casket cause he would not even have enough for a funeral because honestly thats the only way they are ever going to get all of their money. Not saying i am going to do it ..just seems like the most efficient way to be debt free!
Sorry for this being so long and no where near perfectly written, but i just need to tell my story. And by reading other stories i now know about the IRB i never even know it existed so i am going to look into that after i guess i call the department of education and find out how much i owe and who i owe it too! So thank you guys for all your help and if you have any idea's let me know. Please dont be a hater and bash on me like i said i realize i am responsible for everything that has been done!
You can avoid having your income tax refund being intercepted by the Gestapo tactics squad of the student loan collectors. When you begin a new job or even at a present job, change your W-4 withholding status so that you won't have a big refund coming at the end of the year. Talk to your payroll person about adjusting your W-4 so that it reflects what your actual tax liabilty will be at the end of the year; the payroll person can help you find the tables and do the arithmetic, and make sure that you look at the earned income credit that will be coming your way, as well as other credits. What you want at the end of the year is to OWE a small amount to the IRS - like $200 or so - and the IRS will be lending you that money interest-free - in effect - from January 1st through the due date of April 15th. If you owe them over a thousand dollars you will be stuck with a big bill due on April 15th and penalties can apply over that amount - so keep it small - but do OWE them rather than get a refund intercepted. You have lost this refund for all eternity - so don't lose a second.
Young adults' access to credit will be restricted by a new credit card new law. After Feb. 22, college students 21-and-under will have to get an adult (over 21) co-signer and may be asked to show proof that they have the ability to pay. This new law shows that Congress KNOWS that young people do not have the wisdom/life experience to make huge, financial liabilty decisions that can lead to irreversible and ruinous debt. It is time that Congress allows for reversibility and forgiveness for school loans made by very young people - such as the teenager that most of us were when we began the college loan nightmare.
yep, 255K, It was 250K a year ago after I started paying interest. How 255K? Private school, unpaid (I had to pay for) internship, and a younger, irresponsible teenager who kept getting loan checks VERY easily. I would have rather they said no.
Majority are private so IBR doesnt help at all. I cant consolidate bc of the economy. After the next 3 years I'll have to pay 3K a month total btw all 3 companies I owe and probably be living in my brand new cardboard box!
I am a registered dietitian, average salaries of whom do clearly NOT support 255K. What is with the banks? I was considered HUGE HIGH RISK, why would they have said yes in the first place? Rediculous... no... obsurd.
Needless to say the plan is to treat the private companys as they are federal. To divide them up into percentages equalling 100 and pay my 10% (as I would for and IBR plan) and deduct 10% myself out of my gross, paying out the respective percentage of that 10% to each.
In the mean time I'll be writing to Oprah, Susie Orman, Bob Reilly, and the Big O... plus local news as I 'cc' all three companys I owe... have no clue where this is going to go...
And all I want to do is open a holistic nutrition center to correct obesity, heart disease, and diabetes, teach people to eat healthier, cook healthier, and take of the planet in doing so... what's terribly wrong with this picture?
AES - private ~150K
Sallie Mae - private ~80K
Mohela - federal ~25K
and, yes, I cry nightly... any additional suggestions?
Why don't you consolidate?
I just wanted you to know that My son has been contacted by The GREAT LAKES Educational Services. They hold the majority of his student loan balance. 70 thousand dollars. Nelnet holds 50,000. Anyway they have informed him that his loans do NOT qualify for the Presidents restructing. They further told him that his loans were in a graduated repayment plan. ( We were seeking the lowest payment) and Now will graduate to an 800.00 payment in less then 5 years. At 26 he will live with me forever. Still no job in his field of Meterology and now the Air Force won't take him because he has to much student debt.. Told him he was too much of a risk! But got a 97 on his entrance exam. What a country I was born in.
This blog gives me the creeps.:D
Sue,
email sender
I am an unemployed single mother with about $75K left in student loan debt. My exhusband lost his job and is giving about a tenth of what he owes me each month. My divorce wiped out all of my savings and I still have a mortgage and car payment to make before we have money for anything else. I do make good money when I'm working, but unemployment doesn't come close to my old salary and because I worked through July I do not qualify for any assitance like free school lunch. My credit has gone to hell so I can't even refinance my mortgage to get a better rate. The monthly payment for my student loans is $580. That money could be put to much better use, like buying groceries and paying my utility bills. I can't stimulate the economy because I have nothing to stimulate it with. Having my student loans forgiven would make all the difference in the world for my family.
I'm currently around 100,000 in school loan debt and am in default. When I was married my ex and I consolidated our loans so about 40% was her school loan debt. The divorce is a story in itself but to make a long story short my ex is homeless and on mental disablility and I have full custody of our three kids.
I heard there was loan forgiveness for those on disability so I told her about it and gave here all the forms to give to her doctors. Since you can't unconsolidate a loan I was excited about this opportunity. That was 7 months ago and she hasn't submitted anything. Now the loan was transferred from Sallie Mae to the New York State Higher Education Services Corporation.
I'm trying to see what my options are. I have a low paying office job and am currently living in subsidized housing with my kids. I also have about 50,000 in medical bills that she racked up when we were married and where I live the state law says I'm responsible for the debt as well and I know I won't see a dime from her. So I'm going to be filing bankruptcy on the medical bills.
I've read about the ICR and IBR plans but everthing I've read is that you do not qualify if you're in default.
I've read others experiences and realized that I missed the worst part of this debacle. I was able to get out of college with only $50,000 in loans. A good portion of it though was private loans.
For whatever reason, according to FAFSA my parents made too much money for me to qualify for the full amount of federal loans. And when I went back to finish my last year, as an out of work adult, I still didn't qualify for federal aid. I had to foot the last year of college entirely on private loans. When I hear about low-income options I become irate. I was low income, and yet I didn't receive any, options.
My first year out of college I'll admit I was financially irresponsible. I didn't budget well and I went out a bit too much. But I wisened up, made some tough decisions, and got most of my debt under control.
Here's the thing though, I have to work two jobs just to make ends meet. My main job is a salaried position that involves long hours, and I bartend on the weekends. On average I put in 75-85 hours a week, just to keep my head above water.
My payments are roughly, $400 dollars a month. Which I can afford most of the time. The rub is on months with unexpected expenses, when nights at the bar are slow, or when I'm not working due to down time.
My goal is to start my own company (which I have, but it has an operating budget of zero dollars). But I can't secure financing because of the large amount of debt around my neck. I've had to pass up smart real estate opportunities because I can't get the financing.
I don't need my debt forgiven, I'd like it to be, but I understand and I want to pay back my debt. I don't mind that it's tough, I like it that way. It makes me feel like I've accomplished something. But if it were just a bit easier, if I had a bit more wiggle room. I just need my payments reduced, but private loans aren't included in student loan reforms.
I agree, Matt, that I don't expect my debt to be forgiven. And I understand that interest rates over a number of years cause the ending amount paid to be much more than the principal. But at this point, having paid the principal, I feel like I should be much closer to paying off the loan.
I've been paying 20 years for 2.5 semesters of grad school. Yet my balance with the DSL Service is now $77k from an original loan of $37,500. It just doesn't seem fair to pay on a loan that never goes down. It's paying interest in perpetuity -- never to be paid off the rest of my life because I took loans to attend college for 2.5 years.
I'd like my debt to be reduced to a reasonable pay-off. This wasn't a mortgage on real estate, where I would now have equity. I just want it to be fair and not feel like I'm being punished for pursuing higher education.
Boy, did I ever get myself into a mess, listening to pep talks from undergraduate teachers, friends, and family. That was many years ago in 1990. I paid my way through undergrad art school at the Univ. of Toledo because I also worked full time. Then I was accepted into an exclusive Medical Illustration program at the Univ. of Michigan. We were told, this program is so intensive, you shouldn't try to work while attending school.
I figured 2 and 1/2 years of grad school could easily be covered in student loans. I was an out-of-state resident, despite being born and growing up in Michigan, so tuition was $7,500 per quarter x 5 quarters = $37,500 borrowed. I was told that graduates make $75.00/hour. No problem paying that back, I thought...
2.5 years later, reality check: The U of Michigan offered me $6/hour to do medical instructional media. Jobs elsewhere didn't pay well. I was living with a partner in Ann Arbor. I wasn't financially or domestically set to move. My loans went into deferral and interest began to accrue -- rapidly.
Eventually, I moved to Portland, Ore. to be near friends. I was taking the best-paying graphic design jobs in health care I could find. And paying back my loans, which were now up in the $60k's. I defaulted once.
Every year, I have paid the max payment I can afford, yet the amount applied to principal is far, far less than the amount on interest. My loan is now up to $77,000.
I drive a 20-year-old car. I own a manufactured house, thanks to my mom leaving me inheritance. The graduate program I attended is no longer in existence, having been discredited. My loans increase, rather than decrease every year, despite the fact that I currently pay $532/month and haven't been late on a payment for many years.
I guess if I could afford $800 or $1,000 a month, I might eventually pay off the loan. Or I might win the lottery. Otherwise, as I asked a phone operator at the U.S. Dept. of Education, I guess will be paying this loan until the day I die? She said, Yes.
Isn't it what they used to call "indentured servitude"?
Elise Bush
Troutdale, Ore.
It's not indentured servitude, that had a time limit. This is slavery.
I just paid off my student loans! It's probably as significant an aspect to my life as was my graduation. Now I can finally save. How I managed was by being fortunate to find a good job after graduation, and by working through school and having my schooling paid for by assistantships.
I talked to Robert via email about this some time back and have thought more about the issue since. I didn't think I'd be commenting on this board again until I recently read some of the disturbing comments with name calling and a total lack of civility. This is no way to treat each other. This belittling that I've seen on this board goes both ways, from those who are in trouble in debt and those who are not. Since I come from the latter camp, I wish to address those who like me are able to pay off our loans. Come on folks, who are not in trouble, can't we extend some civility and compassion to those who have had bad breaks or have not always made great choices? Please note that many young people are getting out of school and not finding jobs, or are middle aged, with lost jobs, going back to school while trying to support children and parents. It's impossible to pay back student loans without decent earnings.
Though I don't agree with adopting across-the-board forgiveness, I think we could restore bankruptcy protection for people in dire circumstances. Then, there needs to be a cap on interest rate like there is in Canada. In a bad economy, particularly, no more than two percent. If a graduate is unemployed, all interest and payments on the loans should be suspended. No one should have to pay for more than twenty years on student loans, and all loans, including private student loans guaranteed by taxpayers, should be based upon the graduate's ability to pay, i.e. income with extenuating circumstances like illness taken into account. A profit could still be made while giving protection to the vulnerable. Better pre counseling for borrowers is a good idea, too. It used to be that there were no loans; there were more scholarships and college was much less expensive. Back then, if you couldn't afford to go to school, you didn't go. But even today there are generally cheaper ways to go to school that don't add up to so much debt.
Many people, who take on student loans, do not end up in trouble. But for those who do, it seems we could extend a helping hand. I just don't agree that the way to extend that hand is an across-the-board bailout.
I really messed up. I'm $45000 in dept with federal student loans and all I have is a certificate. I was on and off welfare the whole time I was married when I got divorced I worked low paying jobs to support myself and 4 children without childsupport. I thought college was the way out. I enrolled at my local community college had to take a ton of prerequisites and the only way I could afford this was student loans(can't feed and clothe 4 kids on 8.00 an hour part time) I recieved no foodstamps or FREE help i paid for it all myself 3 years latter I' stuck about to loose my house cause the student loan payments are higher than my mortage and have a nursing licence in an area that is over saturated with trade schools churning out LPN's every 6 month and guess what the nursing home i work at is shutting down yippee!!! Good thing I only have 1 child left at home.
I would try contacting the Department of Education directly (if you haven't already done so.) I did this and eventually qualified to pay back my defaulted student loan at a rate that was based on my income. This is really just an emergency measure, as it will stretch out repayment of the loan even longer, but it sounds as if you are in an emergency situation. Good luck.
Hi all,
I'm secretly living in my office so that I can repay my student loans. I pretend to leave each day and sneak back in after everyone else has left. I take showers at the gym and I sold everything I own and gave away my dog. I never had, and will never have, children, but I have a masters degree and a job and I don't go hungry. Just ten more years...
Last year I was a happy and hopeful law school student. This year, everything has changed for the worse. Even though I work full-time as an attorney, I can barely afford to feed myself.
My student loan debt, a hodgepodge of private, Stafford, Perkins and consolidated loans totals approximately $200,000. For the private loans, I am currently on a 30 year repayment plan. The total monthly due is over $500.00. For the federal loans, I am taking advantage of the new IBR (Income Based Repayment Plan). My payments are approximately 350.00 per month. Unfortunately, my monthly net income totals less than $2000.00. This means that nearly 50% of my income goes to student loan repayment. After these loans, rent, bills and car expenses, I have less than $150.00 for everything else.
I've postponed raising a family and buying a home because I thought higher education would grant me greater economic resources and stability. The truth is my paychecks help to make banks rich while I go to bed hungry. I don't mean to sound bitter, but I just don't have much hope right now. Everyday is a constant struggle to make ends meet.
I am an attorney too. I graduated in May of 2007, but didn't find an attorney job until November 2008. The year a half of federal loans being deferred and having to aquire more debt basic things likefood, that my pay from two jobs did not cover after rent, utilities, private student loan payment and car insurance, I'm in over my head. I have 100,000 in student loan debt. I have an attorney job, but it isn't enough. I have an apartment, with a book case and an air mattress, that's is. I only buy new clothes when I need absolutely need them. The worst part is the non attorney's at work assume because I am an attorney I have enough money to buy new clothes all the time and can afford everything I want.
People that aren't in our situation just don't get it.
I actually did the math a few weeks ago and figured out that if I had never gone to school and worked one minimum wage job I would have more expendable income. This is what has become of the American Dream. Unless your parents are rich and can pay for your education working hard to get ahead actually gets you further behind.
The good news is. . .
You're in good company. Nobody here took out student loans with an expectation that they wouldn't be able to repay their loans. Everyone here had (and has) the best of intentions - but the reality doesn't mesh with the bill of goods that was sold to us.
I am not sure how to even start writing this entry without coming off as a self centered human being but here goes...
I have not read through each story on this thread but I have skimmed most of them to see the differences and similarities that many of us share.
Some people believe that student loans should be forgiven, some believe that they should not...In a perfect world, I wish that each student loan case could be examined thoroughly. Some people may call that naive/unrealistic but I don't see it as that. Then again in a "perfect world" student loans wouldn't have to exist.
And no I am not going off my rocker to those of you who may be perceiving this entry as that or maybe I am because I am so far in debt. Who knows?
Maybe if I provide you with my story you could begin to understand the method to my "madness"
Growing up I knew I was different, I never knew how or why but it always was there in the back of my mind. I thought differently and acted differently
About a girl who dreamed of going to college all her life but whose parents were unable save any money for that goal. We were always just above the poverty line, making us "too rich" for me to be offered anything other than loans. Being disabled didn't get me anywhere on that front either. So I did go to college, but I did it by borrowing. Now I'm in my first year of a clinical master's degree. At the end of my program, I'll owe six figures. Granted, my degree is in a burgeoning health care field where there are almost more jobs than qualified applicants, which mitigates my situation somewhat.
Graduate school was something I wanted to do because I loved learning and research and wanted to teach at the university level someday. Now, I HAVE to do it because otherwise, I don't have a prayer in paying back what I owe. My bachelor's degree doesn't mean anything in the job market despite speaking and being able to teach in two languages.
What is so frustrating for me is knowing how smart I am and all the potential I have and seeing it all go to waste under the crushing weight of my student loans.
(My student loans are currently nearly $119,000. My payments of nearly $400 a month just cover interest - so my money does little to nothing for my long term financial situation.)
It is the shame of being intelligent and having been duped into an education that cost so much with so little return that perhaps keeps so many student loan borrowers silent.
Well I am silent no more. For my complete story please visit my blog (http://misplacededucation.blogspot.com/) and read the first few posts.
The fact is I now need help - real help. Forgiving my loans would be great but in these hard times I don't think it's realistic especially with the battle over health care. Zero percent interest would at least insure that my payments went to principle and that 'I' would be paying the loans off.
I would like my sense of dignity back. I would also like to be treated like I am not a criminal for having wanted an education.
Really ?
Doing the same thing over and over again expecting different outcomes isn't the definition of "smart".
Most call it insanity. You can't dig "up".
As for being "duped", anyone with 1/2 a brain will tell you the success of any "con" is not in any way relative to the skill of the con-artist, it's all in the greed of the mark.
Success in any endeavor requires due diligence, planning and often re-assessing ones goals and methods to achieve them....I've read your story.....Yes it's unfortunate....However, entirely your creation.
Handouts or the expectation of forgiveness while pleasing thoughts, don't solve your problems.
Cutting expenses while increasing income will....
Living beyond your means, be you a king or a pauper....Always results in the same end.
If in doubt refer to my first point.
Get a second job?
That's an interesting proposition. Except that a second job has long term NEGATIVE impacts against a persons' earning potential.
I could get a raise.
How do I convince a company that has laid off people or cut costs to give a newly hired college student a raise? And before you attack my work record: I'm brilliant, creative, and a hard worker, I take my work home three to four nights a week, and I'm constantly taking on extra jobs or coming up with new ideas to better my company. There just isn't any room in the budget.
Look for a promotion or better paying job.
Again, for many college students they don't have the qualifications of experience, or worse, education for promotions or a better job. A college grads resume is too short, and most "entry level" jobs require licences or a masters degree to even be considered for many jobs.
And the argument of "just take a job" doesn't hold much water when compared to a persons long term financial potential. HR departments have no memory of historical events like the current recession. A person who graduates now with a business degree decides to just take a job waiting tables. When the market improves they apply for a job in their field. Here's the rub, on paper it looks like they couldn't make it as a businessman. Why would a department hire a failure who was waiting tables, when they could hire a bright eyes, bushy tailed newly educated business grad? Take one who's been languishing away in food service getting rusty, or someone fresh and ready to go?
We've got options and support for almost every other demographic and citizen, why not recent grads with obscene amounts of debt? Are their votes worth any less in our government or because they were duped into poor decisions should they be considered second class citizens?
feudal lord.
Dear Mutlee,
For someone pretending to have all the answers you provide very little in the way of concrete solutions. Your obvious anger overshadows any good intentions you may have had.
Of course, sharing these observations in this forum, which is entitled "Share Your Student Loan Stories", is to make the same mistake that you have. This is a place to SHARE stories not for someone such as yourself to ATTACK others.
I'm sure, if you are up to it, many of us here would be happy to debate the issues in an appropriate discussion forum.
and your really really good at it too.
btw.. what do you do for a living?
Do you work in finance?
This site is not for random insults to people suffering from usurious student debt scams. And actually, no, most 18 year olds are naturally unprepared to think of college loans as a con, partly because they are constantly told 'college or else' by everyone, and subject to the propaganda of the student loan industry. It doesn't even sound like you read this person's post; I'm sure they are very smart, and should have been easily able to get a good college education without debt and poverty.
We have been eliminating the consumer debt/student loan debt in our Debt Resolution program for 8 years,but have only now recently gotten onto the Facebook to reach out to more clients.
Your debt can be paid off in 18 months, no interest and no gimmicks. We use novation to change the terms and conditions to more favorable conditions for our clients. Email me with amount of accounts and total debt for a free debt resolution plan.
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ta@debtsrvcs.com
Debt Services
www.debtsrvcs.com
877-464-0034
Today my undergrad student loans finally went under $100,000. Now less than $2,000 until I pay off the capitalized interest on my $98,000 worth of loans.
I put in the time and energy to obtain a Bachelor's degree in accounting and an MBA. These are degrees that should produce a career and a position within a company that would make the loan repayment process an affordable one. That might have been the case ten years ago...maybe 25 years ago. Today, however, jobs are not what they once were.
I paid for as much of my undergraduate degrees as I could afford and that got me through all of my elective classes. My core classes in both the Bachelors and Masters, however, were paid for by student loans. I took these loans with the promise from a very reputable bank that they would be easy to consolidate when they came due. 45K dollars and an MBA later, that same bank seems to have forgotten those promises made to all of those students. "No consolidation is allowed on unsecured debt"...seems rather timely when just weeks before being due, I was still reassured that they would be consolidated. That now makes eight smaller loans to comprise the 45K and the interest FAR exceeds the principle. I've taken the loan to several other banks and none will consolidate more than 25K of unsecured debt.
This added expense was the straw that broke the proverbial camel's back on our house payment. We foreclosed on our home and didn't have much choice but to move in with relatives and share expenses. Banks are now telling me that it will be four years before I will be able to get even an unfair home loan again. It makes me feel like paying on my student loans is so meaningless but I continue to do it anyhow.
So, when an MBA was supposed to a large step in the right direction...the now financial burden has taken me more steps back than I was at even when I was first married and living on two very small incomes.
What can you do? We just keep moving forward in hopes that our big break comes along. This bill could be the break that we all needed. The middle-class is the core of American society. If we can find a way to better plant our feet and move forward with a little more security and optimism, we would see some great changes in the economy. Forgiving these students loans is the way. It has my support 100%!
"These are degrees that should produce a career and a position within a company that would make the loan repayment process an affordable one."
Or perhaps given one the skills to look at the consequences if you were unable to re-finance your indebtedness....
Or God forbid, budget correctly to that you don't take on more debt for a home you can't afford.
If the only option after a B Com and MBA you come up with is "Please forgive my poor financial planning", it's no wonder higher education has failed you, it actually makes me wonder why you entered these fields.
You make your own breaks, they come from hard work, hard work, and more of the same....Poor planning rarely, if ever produces them.
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I owe 150K+ in educational debts from undergrad and two masters degrees. Currently, I make 65K a year. The most I (or I think anybody) can claim on their IRS for student loan repayments is a $2000 benefit even if you've paid 2, 3 or 4 times that over the course of the year.
I make my monthly payments and as the initial first 10 years of my debt is interest only, when I look at the balance from what I owe from year to year there is no significant change in my overall debt. In fact in the last 18 months I've paid 10K in student loans repayments (with sometime off for forebearance due to unemployment) and yet I still owe the same amount as 2 years ago.
Luckily I consolidated my loans during a time when interest rates were very low and were you could get on a graduated plan so that the first 10 years of the loan are paid at about 40% of what you'll pay the remaining 20+ years.
I did the calculation of how much I will have ended paying by the end of it all (30+ years later) and it is more than double what I actually took out in student loans something to the tune of $368,000
More than loan forgiveness the government needs to do a better job of providing people with egregious loan amounts a greater tax benefit to take into account their educational debt to income ratio.
They should also implement programs the incentivize employers for paying candidates with greater educational debts a salary that is more reflective of their degrees. If you have an MA even if it is in a social science you should be paid more than the dude with just the BA degree. Or degrees in the arts, humanities and social sciences should be subsidized to reflect the fact that you are not likely to make much money in your life and certainly not enough to pay back large amounts of student loans.
I think this was at some point proposed and then shot down by some right wing conservative movement likely uncomfortable with the idea of fairness in education because that would mean they would no longer have the upper hand.
I have 2 Masters and I am 31 years old and I see 24 years making the same if not more money than I do working in the same industry (in my same company I work in software) and with but a Bachelor's degree.
It's bullshit.
Then again the entire capitalist machine that is american higher education is appalling. Your damned if you and damned if you don't. Initially your told that without a BA you will never achieve much in the way of career; then you are told that a MA is pretty much the norm and in order to finance your degrees you take out loans. In my case I went to a private graduate school and thus my Stafford loans barely paid for tuition on a part time basis-- I had to work multiple part time jobs to pay for housing, food, living. Still nearly 7 years after graduating with advanced degrees I am making 65K a year-- it doesn't give me much hope that I will be able to affront the $1200 a month payment that is soon forthcoming from my graduated student loan repayments.
The way I see it I have two options:
1. Win the lottery
2. Leave the country and default.
Obviously option 2 stands the highest probability.