hello everyone. i got my student loans from sallie mae when i went to school called gibbs college in va. it was my first time getting loans didnt know what i was getting into at the time if i did i would have backed away. anyway i went to the school for 2 short terms didnt learn a thing. i saw people go the first week and didnt come back until the last week and got the same A's i got. when it happened again on the second term i withdrew and no i have about 15000 worth of student loans and didnt learn a damn thing. ive tried to repay for a few months in the beginning but when i moved to az i couldnt pay the 150 they wanted and instead gave them about 50 a month. things went downhill when i became pregnant and chose to pay for rent and bills my family needed since im a single mom. now one of my loans is in collections agency and they are demanding i pay them 150 a month but i talked him down or so i thought and now they want 75 a month. even though they threatened to garnish my wages im working part time then and 75 a month is a bit much. these days i feel like since everyone is getting a bailout people with student loans, credit card debt should get a break. if you think about it all the money we spend trying to pay off these bills go right into their hands and yet they still get money from the government. the president who i did vote for should say you know what fuck it. we taking money from hard working people and people who cant even get a job now so just erase our balence. you know if he said everyone is at 0 this is second chance for everyone then maybe we wouldnt be in such a hole anyways. with the market being the way that it is i would love to buy a house for my family. but knowing that my credit is shot to hell thanks mostly to the loans i cant pay stresses me out sometimes. when will i ever get out of this hole. and you know i decided and fuck them im going to pay them what i can afford and if they have a problem thats on them. i cant live trying to please them. i know i signed it but you know what instead of them being so damn nasty they need to accept the fact that im trying to pay it back. if anyone out there has any information on any grants that i could use to pay them back or anything, feel free to let me know. i also hate that we have come to this point where no one gives you a break because of the economy. everyone has a attitude we are all suffering. i wish those collectors get it through their heads that we shouldnt have to deal with their shit and we shouldnt accept it either and put our foot down.
I have always had the desire to serve my country, and for much of my life I knew that even coming from a poor family I could be the first to attend college because my ultimate goal of joining up should result in help with my student loans. I have discovered the hard way that this is not always the case.
Working hard, I was accepted into a prestigious private university for undergrad followed by one of the best graduate programs for my field. Attending these schools was expensive, and despite my mother being disabled and my family having the lowest income, I was offered very few government loans; thus I accrued large private loan debt.
I began my active duty service immediately upon graduation, believing (as so many soldiers do) the hype I was told about loan repayment programs for the military. While it does happen for some people, there are many loopholes, exceptions and downright errors in the process that I now find myself spending my time worrying about how to pay off $2200 a month minimum payments and still have enough left over for silly things like buying a house, car, starting a family, and so on, instead of training and execution of my job.
Outside of the military, my salary might barely be enough to compensate for my loans. However, I strongly desire to spend my life in service to my country. Very soon I will have to make a decision that I never thought I’d have to make in my life: Leave the military and live a financially stable life in the private sector, or continue to serve and hope that in 10-20 years I may be student debt free.
All people with private student loans, regardless of being in the military or not, need help with a system run amok; I just didn’t expect to find it so pervasive in an organization that prides itself in helping Soldiers with their education.
What would I do with extra money in my pocket if I didn't have my loans? I would take leave and actually go on vacation somewhere far away for the first time ever, instead of hanging around base because I can't afford a plane ticket.
I am really sorry to hear that...I have been reading all over the place that there is a military exemption.
Is that another SCAM? Maybe it depends on what field you went into? Does anyone know about the Pace Corps, or teaching or the medical field? I hear they are exemptions as well. What about working for a non profit?
this is scary....
Hi, guys I compliment all of you to see the extreme efforts in what all of us are going through.. those that carry a huge financial burdens and yes it can be very emotional. I too can understand I'm always for the underdog as I 'm one of you. Your voice is awesome, and don't let anyone tell you otherwise. Just keep saying, telling your stories, BCH why of all the people including me as you know that I too have huge medical issues and you pick on me.. that your sympathetic to her emotional and not others. I many times regret my decision to attend college on the horrors I personally are going through. I think that you are a wolf in sheep's clothing. Where do you encourage us to fight.. all of us deserve a chance to get out from under predatory lenders, since we cannot file bankruptcy or get lower payments, or re-financing or our credit is ruined.. even to the point of people trying to enlist in military , Army,Navy, Air Force and turned down by credit scores and now job /employers look at credit score and deny hiring you. That job might be perfect for that person but because of the ding on credit report can't get it . That means he/or she could have started to re-pay on the debt. They want a huge amount each month to pay back..it is not stimulating the country it is inhibiting it. So we are all "A Slave To Sallie Mae". I'm addressing their courage not yours. As Robert has told you, it is not Bail out is is to immediate stimulate the nation.. Diana
For those of you I have M S and can work a telemarketing job, physically nothing else.. However other problems have come and being tested for more things.. so I know that parents pleas on having co-signed, I hear those that are not in their 20's but my age 60 and I know that in my lifetime I will never, ever afford to pay them off, and to face a portion of my SS going to Sallie Mae/ they allow pennies on the dollars to back, back income taxes owed over many years, you can even file bankruptcy on them, but student loans are until you die!!!! Is that fair, and don't give that tax payers are the bail outs for us, we are tax payers. Think again. Diana
Another aspect I had forgotten when I was taking loans out was that they always went by my parents income. I couldn't get any extra money through Federal loans to cover all the costs because my mom made too much money. This being in despite of the fact that I was living in an apartment by my college paying for all of my own living expenses and for all of my own college-- she had nothing to do with any of it. When I fought for hours on the phone and with my college's federal loan staff, I was told that it didnt matter-- it would always go by her income until I was 25 years old!!! Even though she wasn't supporting me financially in any way. Hence came the Private loans I had to rack up to make up the difference.
I was reminded of this when my little brother went to re-enroll in college, now living on his own, but since he is only 19 he was told the same thing- No extra financial aid or money through federal loans because you are not yet 25...
Anyone else see the problem with this clause? People this day in age should not be living off their parents at age 25... Due to this recession and these loan debts this has become a reality, but Im beginning to wonder if this clause has, in itself, further saddled us in debt by making financial Aid harder to get for those whose parents make money but didnt use it to send their kids through school.
There are many stories about how parents still claimed their kids on their income tax, but never gave their child a dime to help them get through college. These same parents enjoy a comfortable life while their kids struggle to make ends meet paying off huge student loans. Then Mom and Dad wonder why you can't afford to come visit them...
"These same parents enjoy a comfortable life while their kids struggle to make ends meet paying off huge student loans."
That's a sweeping generalizations and not fair to the parents who perhaps need to claim their barely adult children whom they still support on some level.
There are plenty of parents out there that could not afford to put their children through college. If push came to shove, I am happy with the fact that my parents gave me a good life as a child and did not go into debt to put me through college. If they had, I'd be financing their retirement rather than my education.
I am the first one on either side of my family to earn a Graduate level degree. When I went back to college as an adult my first goal was to be a probation officer knowing what the career track could be for someone who had multiple degrees. I earned a Bachelor degree in Criminal Justice and applied for probation jobs with several counties. It was contstantly being hinted to me that I would not get hired because I would be taking a pay cut (which I was fully aware of and acknowledged during all steps of the interview process). When becoming a probation officer wasn't looking likely I decided to continue my education and earned a MPA (Master of Public Administration) with an emphasis in Human Resources (my current profession). I had a great job as an HR Manager while I was completing my graduate degree and thought that things had finally turned around. I earned my MPA in February 2008 and was laid-off by my employer March 2008 (at the beginning of the recession). I was out of work until December 2008.
During that time I was told by a staggering number of recruiters and business owners that my extensive experience and education make me unemployable in today's economic climate. During the period of unemployment I incurred a large amount of credit card debt - because you cannot live on unemployment in So. California. I did not have the option of moving home with any of my family and had been on my own since I was 18 years-old. It is quite disheartening when you can support yourself from the age of 18 and then when you are 32 you can no longer afford groceries.
My student loans are currently in deferrment except a small $3500 personal loan that I must start paying in October. However, due to the large amount of credit card debt I incurred while being out of work for 9 months I know I will not be able to afford to pay my student loans when they come due.
While I have been working as a long term temp employee since December 2008 - I do not have sick/vacation/health benefits or any other protections provided regular employees. I am also being underpayed by approximately 25k annually. I am not just making this up; I understand the employment market because I have spend the majority of my career as a HR Manager and Recruiter. Because of all of this I have recentlty consulted a bankruptcy attorney about filing bankruptcy... the catch-22; I am filing bankruptcy because I cannot get a decent job because I have a graduate degree and I do not make enough money to pay my bills... but cannot afford the $1500 it will cost to file bankruptcy.
If my student loans were forgiven I would try to get a job in the public or non-profit sector and help those less fortunate because that is what I am destined to do. But until my student loans are paid-off (hopefully before I die) I will be a pawn in the private sector trying to keep my head above water.
I think you can apply for a lower income based loan, and pay based on your income, so if you want to help others, you can do that...the new law passed on July 1, 2009.
I have not seen anything about this on this site.
Anyway, the economy is bad, so we all have to hang in there...What gets me, is that this seems to be as bad of a SCAM as what caused the economy to fall. The banks have not been making life reasonable for anyone, including those who had/have homes to pay on.
What I don't get is that why is there not a revolution?
How come we all sit around and do nothing? Writing is not enough, look at how many people have lost their homes, and are living in families homes now?
Have we not had enough?
I saw an article on CNN.com about student loans and it mentioned this website, I'm so glad someone is trying to do something about it! I graduated in May with my Master's degree, thinking foolishly that a higher degree would mean a better chance at jobs. Instead I spent the next four months being told I was overqualified for minimum wage jobs, and not qualified enough for everything else. Over these four months I couldn't pay any of my bills, am now behind on the credit cards I needed to use to survive in college, and havent been able to pay my privately funded student loans (my federal ones haven't started billing me quite yet). My privately funded loans alone are $240/month and started billing me TWO weeks after I graduated! My federal loans, I believe, will be another $200/month on top of that. I just found a job as a secretary, but I'm only making $13 an hour, and with a newly unemployed husband to support, 2 cats, and rent and bills, I don't know how on earth we're going to make it through. I think people need to be more realistic about telling high schoolers the reasons to go to college. Degrees do NOT neccessarily mean a better job. It sounds like a lot of us could attest to that.
I'm a parent of a college student. My husband and I co-signed a huge amount of loans for our son to attend college. Most are private with no opportunity to consolidate. We had to co-sign because we claimed our son on our tax returns so we would not owe taxes. Our income, while rather good, counted against us. You know the lenders, always look at gross income, not net income and debt. Like credit card companies, they just approve, approve, approve. Well like millions of other Americans, our income to debt ratio has tripled over the last 3 years. My sone does not have his degree. Why? Two classes short of a degree and no financial capability to pay for them. We can't co-sign without collateral.
It gets better. My husband and I are both retired, disabled veterans. We still work full-time but don't know for how long. We both have degrees and both have Montgomery GI Bill benefits.
The government passed the Post-911 GI Bill. It is retroactive to 9/2001. My husband was still active duty. Post 9-11 GI Bill can be passed to dependents to which both my son and daughter were dependents that year.
We contact the VA to see if my husband is eligible to roll over from MGIB to Post-911 GI Bill. The website (www.gibill.gov), says to contact the VA to determine eligibility. We call the VA and they say, "We can't determine eligibility". "Contact your career center". The Air Force does not have a "career center" for retirees. They send me to the local VA. I've left 4 voicemails for 4 different reps. That was a month ago. No returned calls. Sure would be nice to have some of my husbands $36,00 in benefits that will be lost with 1 year go towards my son's/our school debt.
My son tries to get deferment. His loans don't qualify. He just got a job as a host at a restaurant, making, now hold on to yourself, $2.00/hr plus shared tips. He's making about $100 a week. Rent with utilities is $430. Then we pay his private medical insurance, his car insurance and any other incidentals in addition to the school loans.
So now our house, cars that get us to work, and everything else we own are subject to anyone who wants to send the sheriff to our house to survey our assets for collection.
It just gets better each week for us.
Any parents out there choking financially because they wanted their child to have a college education?
Personally, of the two different banks I had to take private loans out of im paying a total of $197 a month.. of this $197, only about $20-$30 is actually paying off the principle because they both have jacked up interest rates.. so every month Im basically barely paying any money off the principle balance and the interest that accumulates during that month cancels out the $20-$30 that was previously paid off the principle...
Barely makes sense to me, and the banks surely didnt take the time to explain that I could end up in a situation such as this. Im not looking for a free ride-- our banks were bailed out and they didnt call it a free ride-- they called it a bailout-- I would like a bailout
I went to school believing a bachelors degree meant an entry level job with a SALARY making more than a highschool graduate.. The only jobs i can find within my field offer to pay me 12/hr- 14/hr-- same as highschool grads with 5 years of experience, which i could have had now if I just started there without going to college--I feel as if I was lied to and duped into thinking college was the right choice when I was too young to see the reprecussions...
**And to who said they didnt want Gvn't money being spent on clothing, appliances, travel etc-- notice how the majority of the poll says housing.. Thats the majority of recent grads who are now living back at home because they can't find jobs worth shit and they can't afford to live on their own b/c of their debts due to school, and thats if they have a family home they can go back to, if theyre lucky..
I don't understand how they can increase the interest rates, legally? Has not any lawyers looked into this, so we can do a class action law suit?
I don't get it...how are the loans doubling?
In middle school, I started saving money. By graduation, I had accumulated about $3000. In high school, I worked as hard as I possibly could. I qualified for the highest achievement award available, and chose a University I could afford.
As an undergraduate, I worked nights and weekends. I studied hard and kept a high GPA. I did not drink or eat out. I cooked nearly all my own food, and lived in a 4-person apartment. I did most of my own service on my car. I did not buy an iPod, Blackberry, or anything of the kind. I paid $50 for my cell phone, and $25 for my MP3 player.
Now I am pursuing a PhD at the same University. Thanks to my efforts as an undergraduate, I am on an assistanceship. If I keep my grades up and work as a TA, I will graduate with $80,000 in award money to keep for myself, and no student debt. If I screw up, I'll be back here asking the government to throw me a rope. ;-)
And about my "rich" parents (an AC technician and a school teacher)... they'd have mortgaged their house if that's what it took to put me through school, but so far, they've picked up my car insurance and cell phone bill. And they just paid off that house by the way.
i tried to find the same avenues that you did, but I suppose that my university was not helpful enough to place me in the student jobs...so...I owe, and at least people are short listing my applications.
I just finished, and from reading this site, I am scared.
Scared about the future. I have not had any bites for work.
Yes, I was offered a full paid ride at a university in Italy, with a monthly salary.
After reading all this, the offer seems a bit sweeter.
I just wanted to get on with my life, and start doing what I love, not continuing with my education...
but the way things are looking, at least my current loan will be on hold for a while longer.
How wonderful that you are the exception to the student loan crisis. Some people have had life circumstances which have placed them in a situation where it would be impossible to pay back the student loans in their lifetime.
How about my sister who was diagnosed with stage three cancer at age 25?
The student loan industry is designed to be a black hole for those who didn't have "perfect" lives for ten years after college graduation...
Perhaps a decade or so of living in the real world outside of college will give you some perspective.
Perhaps a decade or so of living in the real world outside of college will give you some perspective.
Patronizing those that oppose you will not help your cause, nor does it make your argument stronger. I could attack your position the same way - by saying that your emotion has clouded your judgment, and you lack the ability to evaluate the proposal using logic and reason.
But rather than go after each other, why not discuss the issue intelligently in the thread where that debate is going on:
BHC, you are in fact the one who has been condescending all over the board.
You seem to enjoy telling people in your own special way how they should be living their lives:
Let's see, if we all just ate Ramen Noodles and worked since the age of twelve we would all have no problems at all with student loans! I wish I hadn't gone out to those five star restaurants while I was in college...
And bhc, you have no idea whether I am "emotional" over the subject of student loans. You must have read something into my post that you felt was emotional? I simply stated a fact about my sister being diagnosed with cancer years ago, only a few years out of college. She beat cancer, but not those student loans hanging over her head accruing astronomical interest while she was trying to get well.
Go live your life your way... and stop worrying about what's fair and unfair. Life's not fair, something my parents let me know long before I entered Kindergarten...
You should be proud of your success! It sounds as if you have had some real good guidance in life as well as in school. You are a role model and inspiration for those who are thinking about college. And your parents should be proud that they have been able to pay off their house.
I have learned to live in a similar manner since incurring so much student loan debt. Hindsight is always 20/20. For me, I took out student loans to help with living expenses, pay babysitters and daycare, and pay tuition, because I still needed to raise my children while working at a low paying job. It is not as if I was driving around in a corvette or out at the clubs partying instead of working. I regret it now. Unfortunately I did not have an option to live in a four person apartment nor did I have parents that would help with ANY bill - car insurance or cell phone.
I wish you could target those high school students just getting ready to go off to college and give the benefit of your experience. My children have learned from me to not get into debt for school. Both children lived at home,taking classes, working and saving.They both went on to the military where they furthered their education and taken advantage of the GI benefit for which they proudly served their country.
I don't think that every on this forum wants the government to "throw us a rope." Nor has everyone just "screwed up." However, it seems as if some of the loans were given by predatory lenders. And as I have stated, were SO EASY to get. People need opportunities to resolve these situation in a way that makes sense. Some people were just poorly prepared for life's hardships. I am glad you have been able to get through school without debt. You certainly will be prepared for any hardships that may come your way.
weezie, Thank you for your kind words, and for being one of the few in this forum who has not mistaken my position for a personal attack.
Good luck to you and your family. The one upside I can see to this proposal is that its discussion may spread awareness to those thinking about getting a student loan without knowing all the facts.
I was encouraged by all I knew to "get an education to better your life." I was a single mother and thought that I needed to provide a better life for my children. Wanting to go into social work, after I finished my undergraduate degree, I needed a Masters to be considered for any decent employment. Taking out students loans was so easy to do. I thought, stupidly, paying them back would be easy. I am now 150,000 in debt after all the charges, fees, interest etc. Poor job prospects, failed relationship, the terrible salaries for social workers put me behind in payments. I tried to rehab the loan last year, got through 7 of my 9 payments at an exorbitant payment that nearly killed me each month when I was layed off. Collection agency would not work with me at all and threatened to raise the amount, take me to court, seize my belongings.
In my State, they can deny you a license in your profession if your are in default - then what? I will never own a home, get a decent rate on a car loan or be able to retire at this point. I am 52 and I am not sure what the loan comapnies were thinking of in the first place lending me money when I was 40 in the first place. What was I thinking - if Ionly knew. I understand how some others on this site feel: I feel hopeless and in despair. I often think that this will all be over when I am dead. I spend my days helping others. I am very dedicated to what I do. I work a second job to help with the student loan expenses when at my age I should be thinking about retirement and starting to slow down a bit.
I don't believe that anyone should be given a free ride. I signed the contract. But for crying out loud, these loans are dangled in front of us. I remember a professor in my economics class talking about how cheap it was to borrow student loans. In fact, he said it was cheaper to borrow student loans and invest any cash (for those who have cash to pay for school) because the return on your cash would be greater and eventually a tax write off on the interest, blah,blah, blah - as wide eyed and dopey as I was I bought into this. Student loans to me equaled cheap money and the promise of a brighter future.
We have provided support to those that were sold a bill of goods on bad mortgages. All I am asking is for a reasonable way to pay back the loans, perhaps forgiveness of the interest, fees and other "charges" and a way to clean up my credit so I can survive and maybe have some quality of life. I would have been better off working retail in the local mall and never racking up this debt. I now have an Ivy League degree with no promise of a "better future."
I want to comment here, as others have, about how much I owe, how little money I make, and how desperate I have become.
Instead I want to ask all of you and the site administrators, what programs are available for student loan forgiveness?
Are there links to applications anywhere?
Do we have any success stories yet?
I received a $5K payment from my school to my student loan for working in a non-profit public interest job... leaving me with a mere $180K left to pay ;)
I want to apply for as many loan forgiveness programs as I am eligible. I think we should use these boards to help each other find ways out of this black hole.
Yes, I am a victim too. I just had 15% of my income garnished by one my student loan creditors who also garnished my $4000 income tax return this past year. I am getting 4 calls daily by my other student loan creditor even when I pay. It is obvious they get off and truly enjoy harrassing people. The call my home, they call my cell, they call my place of employment, they call my co-signer, they call my mother, they call my church, they are plain and simple driving me insane.
I empathize. I actually had a loan officer (i defaulted in 2004 and it has been transferred to various "companies" about 7 times, i've been on 4 different repayment plans and then i got laid off...) tell me "i should marry a rich man", and that i was "refusing to ask my parents for money" (this was A MANAGER i had been transferred to), to the tune of $800 a month. I can't even borrow that much from my parents a year. They are in their seventies, one is retired living on social security, and the other is volunteering in africa for $200 a month and does not have a home to come back to.
I want to die.
I can't take this anymore. No end in sight. In debt forever. No mercy, no justice, no where to turn. No one can help. And the problem keeps growing.
How about stopping interest on student loans once the 8% percent on the principle has been reached?
If we are going to tie debts to people forever, how ethical is it to let them grow bigger and bigger by capitalizing interest?
I don't know how long I can keep pushing the rock.
Robert, I work for Web site company and in one of my calls out bound, I got caught live on a radio station in Cincinnatti Oh, and they asked for live interview on the spot and I told about you and b logspots, a brief tale of my student loan ills, and they were like WOW! My point is I said publicly that anyone hearing me can see the blog and add their stories. I was so excited that I even put out a loud call out to the public in regards of student horror stories and asked for support?? I Hope all that heard me made a ruckus at the station.. I ', loud and persistance.. "A Slave to Sallie Mae"
It has been 23 years since I signed my life away. I remember going to the local bank with my father to get my first student loan. If I knew then what I know now I never would have signed that promissory note. I would have delayed getting a degree by going one or two classes at a time and paying cash for my education. But that's not what society wants...you are expected to be a high wage earner at 22 years old and pay off your exorbitant loans. You can guess that I wasn't one of those "lucky" people who graduated with my liberal arts degree and got a high paying job. These loans became an instant burden to me. Throughout my life I have put these loans in and out of deferment, forbearance, anything to survive... My husband and I finally consolidated our loans and opted for the extended repayment plan through Direct Loans. It would take 120 years to actually pay off the loan. Talk about predatory lending...
To top it all off, the Department of Education contacted me several years after I consolidated my loans and said I owed them even more money. After investigating, I learned that they are trying to charge me for a loan that was never disbursed to me. I took a semester off for medical reasons, signed all the withdrawal papers in time in order to have the loan returned to the original lender, yet I'm still being hounded for this money. Well, you know what they say...you can't get blood from a stone.
I am currently in debt around $120,000 for a teaching degree that I am never going to use. I had to meet requirements that due to the economy in Northern New York were unachievable to keep my certification. I went into elementary education because the college said this was a great field and given the number of people getting ready to retire would be a booming area. They lied. Now, I am trying to get a degree in Nursing, a field that actually is booming, and I am out of finicial aide from everyone and I can't get a loan due to the high debt I have. I order to continue, I will have to work 2 jobs to make the almost $700 a month payment and never see my three kids. Even the Wells Fargo company has denied my loan request!!
My wife and I were told that architecture was a good career with wage expectations commensurate to the risks of taking out unusually large student loans. It has been ten years since our freshman year. My wife was laid off in January. We have mortgage payments, a utility payment, and student loans. Our mortgage payment is below the national average so even renting would be more expensive.
I seem to earn a lot but not enough. I make $16.30 per hour. I take home $2289 every month. My wife estimates that she would need to make $700 in addition to my income in order for us to break even. She has looked for a job for six months. Nothing. She isn't eligible for unemployment benefits because she started a personal business and lost money on it. But the fact that she was self-employed at a considerable loss makes her in-eligible. We are $700 in the hole every month. Our savings is almost gone.
We have already cut every corner. We own our car free and clear so there is no way to save money there except riding our bikes. I ride six miles a day to work and back. We never eat out. I skip 7 or 8 meals per week, as in I don't eat. We have never had credit cards or cable or satellites.
We are already living like we are in poverty, only difference, we don't qualify for any welfare programs to help us eat. I heard that credit card debt can be negotiated and forgiven by debt relief managers. I called them and they said our kind of debt doesn't qualify. I called a bankruptcy lawyer and he said the same thing and then hung up on me. Senator McCaskill's office hung up on me too. We need help.
It makes my wife angry. She says that we took out these loans responsibly in good faith and don't get any assistance even though we do without while people with irresponsible debt get it forgiven and they eat three meals a day and have satellite TV and two cars. It isn't fair and I don't know what to do next.
I even thought of temporarily moving to California to get a job as a solar panel installer to make more money. It wouldn’t have paid any more than I have now and I was rejected. They didn’t tell me why. Maybe there was a native California resident or a minority competing with me for that job. Maybe as a college graduate I am over qualified. I thought of becoming a soldier and then maybe my wife would be taken care of after I die. We are desperate and confused.
I would have never gone to school to become a ADN RN and take out student loans to pay for my schooling. Granted I'm not like a majority of you that have taken out large sums of money to pay for education, I too am still in the same boat. I owe 9,000 plus penalties at this moment. My original loan was was around 7,500 which I took out 15 years ago. I began paying my loan when I landed a job right out of nursing school. I had every intention of paying them but, somehow life always seems to throw curveballs at you. Life happens with medical issues and surguries, unemployment due medical issues, nasty divorces with an even more nasty custody battle that has sprawled over 8 years, lay offs(yes, even RN's get laid off) and Nursing burn out. I have ruined my lower back working as a Geriatric nurse all these years. I'm currently unemployed and the job situation in rural Kansas for nurses isn't all that great..two choices hospital or nursing home which pays better. The nearest major city is 90 miles away. I was terminated from my last job in February, which I have no clue why I was and my ex-employer had no evidence to support the termination. I instantly won my unemployment case. As for future employment..I'm very limited in what jobs I can take in regard to location and hours due to custody issues and a ruthless ex-husband. As for moving out of state or out of town for employment, I can kiss my hard work of battling for custody out the window and that's NOT happening.
I have been garnished for my student loans with past employers, which was scary since I was a single mom for a while. I have remarried. I was called a "liar" by the student loan collectors in a phone call 3 months ago because I told them I was drawing unemployment and my finances where more than what I was drawing..imagine that! They refused to work with me and called me "uncooperative". I asked the guy on the phone, when did being broke constitute being uncooperative? Or they want me to pay an unholy amount for a monthly payment which I can't afford. I don't see a tax return either. My credit is ruined.
Something has got to give. I agree whole-heartedly with everyone about the gov't bail outs given to the banks, car makers and what ever industry with a sob story. It is time to see some laws and policies changed to help lower and middle america families trying to make it with student loans. Living paycheck to paycheck is not the answer!!! Unresonable interest rates and penalties has got to stop! As for the removal of professional liscenses. I was behind on child support at one time and was threatened by the state of Kansas of wanting to take my RN liscense away. First of all...what right does any state or Federal gov't have to take away someones livelyhood??? Secondly, do they think that taking away someones career only to send that person to the minimum wage market is really going to get them their money any faster???? It's a catch 22.
My heart goes out to all those who have it worse than I do! Keep looking up everyone!
Does anybody think the loan companies are aware of how much pain and psychological trauma these sky-rocketing interest rates cause? I already suffer from anxiety in my everyday life, and knowing that my loans are increasing each minute I continue to breath, and receiving derogatory comments on the phone (at home and work, which means I can lose my job) definitely does not help. Since the only option for me is now death or "complete, permanant disablilty" it certainly feels like they are edging me towards the "death" door. I know this post is melodramatic, and I don't give much background info, etc, but they called me at work again (after I explained multiple times that personal calls are grounds for termination @ my job) and started with the incredulous "You don't have $187,998.45? Why not? What have you been doing since you graduated?" and I'm super frustrated & need to vent to someone before I seriously lose faith in all humanity & chuck in the towel for good. So, thank for listening to me bitch - I will post later with my actual information/ story.
There are many state laws that state it is ILLEGAL for them to call you at work. All you need to do is give a written notice in some cases. Every state is different, look up fair debt collection laws. Hope that helps out. There are worse things in life than this huge student loan burden. Look at all the posts and people who have shared their stories. You are not alone--we are not alone.
I got my BA in 1998 from a state school, funded by me, my three jobs, and student loans (I had started out at a private college right out of high school but their need-blind policy only lasted a year and my mother coulndn't put 2 kids through college at once). I had about 40K in loans after graduating then with a double degree in English and Geography. I was unable to find a job paying more than $8 an hour (couldn't even get a secretary job, they all said: why aren't you working in creative writing? I did not have the funds to move to a more publishing friendly town or take one of those publishing institute courses which cost about 5K up front. After two and a half years of trying to decide whether to buy toilet paper or milk that week I decided to go to grad school. I did recieve grants for grad school (in creative writing, poetry, useless i know), but since you are not allowed to have an outside job (and the whole point of my being there was to write) as a teaching assistant (which paid a whopping $500 a month), i took out the max loans (i went to Davis in CA, which is less expensive than most of CA, but i still had to pay twice what i paid in Denver for semi-decent housing). I graduated with about 70K in debt. I worked as a temp contractor for an educational testing company (all the poets are doing odd jobs, all the fiction writers got book contracts), but it was 3 weeks on two weeks off, so after about a year i moved to Portland, where at least i'd have friends. I was unemployed for 9 months, at which point i moved back to CO for guaranteed low rent through a family member and a 10$ an hour job (actually one $10 an hour job and two $6 an hour jobs). At that point i had not made more than 10K in income per year since i was in college. I couldn't handle the altitude and went back to Denver, where i was unemployed for another 5 months, until i finally became desperate enough to take a 7$ an hour job. In 2004, after moving to Colorado, i had been on "economic deferment" - - they determined that i could afford to pay $5 a month (i'm not joking). I moved to a small mountain town where there is only General Delivery until a PO BOX opens up. Apparently my mail was delayed and about two months after i moved i receieved 35 copies of the form to extend my economic deferment. I called them and they said it was too late, while my mail was delayed my loans had gone into default and there was NOTHING i could do and i had two choices, pay $500 a month or pay it ALL Now. They had also added on an additional 35K to make it about $115K total, just to make me happy:) When you make about $1000 a month and your rent is $500 you can not just hand over the other half for student loans. I nearly starved that winter (I'm not joking, if it werent for the box of protein bars someone gave me at work...). I almost got out of default (or so they said) the following year but after 10 months of paying a couple hundred a month i missed a month b/c the house i was renting was sold and i had to move within 3 weeks (no 30 day notice here). So i was back to square one. I don't even remember what i paid the rest of that year b/c all i was trying to do was survive. In 2005 i moved to NM where a friend subletted her house to me for really cheap rent. I found a 10$ an hour job but was laid off with 10 other people the day we were supposed to become permanent employees. I was unemployed for another couple of months until i was in a serious car accident (still have health problems and probably could qualify for disability ). Since i had no health insurance i got no real treatment for my neck injuries but got another temp to hire job at $10 an hour a few months later ( the will to live i guess). I stayed there for 2 1/2 years until i was laid off last december. I got back on the "program" and paid about $175 a month on my student loans until one day i called and was told everything had been transferred to another loan consolidation company (without my or their consent).. The new company wanted me to pay a minimum of $775 a month. I said i cannot do that that is half my income and i already live in a cheap place, but they said no. I offered to pay about 250 or 300 a month and they said no it will do you no good, the first 500 is all going to interest anyway ($500 a month in interest). I talked to the manager who said i was being "uncooperative in refusing to ask my family for money" (i am not joking), that i should "marry a rich man". They were supposed to garnish my paycheck but we had such a piss-poor human resources staff (4 directors in a year) that i don't think they figured it out. My loans got transferred several more times in 2008 (in retrospect it seems like this may have had somehting to do with the banking crisis). In the fall of 2008 i finally talked to someone who said yes we can probably arrange to have you pay about $250 a month (this was after months of phone calls with me explaining that no i could not afford $700+ a month and NO i could not borrow $700 a month from my family even for a couple of months). I was supposed to start this new payment in December when i was laid off. Somewhat thankfully, they said i did not have to pay until i got a new job. I have unemployment, but it is only enough for minimum expenses (i was hoping to take some classes this fall, but probably cant). Right now i am just worried about getting a job. Around here there are 800 applications for an $8 an hour job. I still have over $100K in debt, and depending on which functionary i talk to , they say that that extra $25K or so will "fall off" once i am out of default (if i can come up with $800 a month:). I don't even have a bank account (student loans). My credit is SHOT b/c of these loans (i have very minimal credit card debt). I will never own a house at this rate. I have given up on having children or even a relationship at this point b/c all i can afford to do is look for a job (and that depends on the price of gas). I realize that i have jsut been hanging on waiting for some f***ing miracle. I spoke with a laywer who thought i might actually have a shot at the "undue hardship" clause for discharging student loans, but i can not afford the 3K for the whole process (it's a little more complicated than a 300$ bankrupcty job). I have already not used a credit card in 10 years. And the saddest thing is, i don't know if i even want to teach anymore. Sorry, i didn't mean this to be a sob-complain story but i feel like the best years of my life have been sucked out of me. I've talked with friends who have paid their student loans off (well, only one, she's a lawyer) who DOES not think they should be forgiven. So we should forgive the Wall Street crooks? (like the guy who got 19 mill in severance pay for 3 weeks of work? i've been working since i was 14, just not at glamourous jobs). Maybe just all the loans over 25K, or 50K should be forgiven. But if you're projected income is less than 30-40K, and realistically, half of that HAS to go for living expenses, if you are really thrifty, paying off such a huge sum b/c a serious burden. I would be happy to pay them off within reason - but i shouldn't have to literally starve myself to do it. I have been given wrong, inadequate information and yelled at many times by the collectors who work for these loan consolidation companies, who somehow feel that i am morally bankrupt b/c i didn't go to med school instead (in which case id have 200K in debt, and i wanted to go to med school). AT this point all i want is to not feel like my desire for a decent standard of living is not criminal. I would be open to volunteering for loan forgiveness also - i'd join the Peace Corps in a minute if they'd forgive at least a decent portion of the loans (5% is not a decent portion on a 100K debt). I actually wanted to become a nurse and do the Indian Health Service loan forgiveness program but since b/c of my loans i cannot go back to school, this is not currently an option (and i doubt they would forgive the non-nursing debt).
When all of you went to college and you went to the schools financial center did they push the loans on you, did they tell the consequences of the loans and what will happen if you land up like all of us??? I got the loans as was told that it was the best thing to do pushed into it and do not after all these years recall such a bleak future!! I wonder if all along it was set up for failure from the beginning knowing that large proportion of the students nation wide would have this over their head till they die?? question and I'm trying to be careful, did the schools receive any extra monies for pushing loans directly to the schools. A very interesting thought, probably I don't know but wouldn't they have done their own research as all businesses have to have accountability and planning for future revenues?? Just a thought as I feel this is predatory lending from the beginning. Di This is a idea with everyone putting there horror stories I'm seeing a pattern??
I got my BS degree in 2007 while working full-time. My employer paid for 100% of my education BUT I had to stay there one year after I finished with college. Well..I had been working there for 7 years and was bored with dealing with the same people. I had a bright idea of getting a new job. Took the job and had to pay the employer back. We got a Home Equity Loan for 25K and paid the old employer back. My interest is very low for that and it is making progress.
Now fast-forward to now. I work for the Federal Government as a consultant. I have been in my industry for 11 years now. In order to stay ahead of the future people coming in I need a Master's degree. SO I am taking out student loans. I am SO nervous about getting these student loans in fear that my debt will go threw the roof. I would like to work on paying them down while in school but no information has come to me from the DOE on how to do this.
I have about 7K in private student loans that are in deferment now that I am in school but I pay on anyhow. They were from back in the 90's when I got a certification. They will stay in deferrment while I am there.
Your employer paid 100%. nice
Good enough credit for equity loan. nice.
Your making a professional income. nice
Whats the monthly payment on 7k?... Anyways...
I believe a majority of people here are 40 to 150k and in default, and make very little, if any money at all. (unemployed?).
I make 14 an hour (soon to be laid off (temp contract)), and my minimum sl payment is around 450 per month.
I need a real plan. 250 a month max. but i'll only agree to it if they take the info off my credit report pretty much immediately, so i can begin to live again financially. It seems like there's no real second chance for defaulters. Thats all we want.
I would love for my employer to pay 100% of my student loan. I'm instead paying it off by myself. I'm on the 10 year payment plan. I can't wait until it is paid off. It will be a huge debt relief!
that my employer paid 100% of my eduction but there were stipulations that I did not follow.
My Master's I will have 45K in debt by the time I am done with it.
I am a 20 something female. I the only child to a deceased mother who died when I was 15 years old and a father who never had any significant place in my life rather financially or emotionally. I know my mother wanted a better life for me and wanted me to go to college and excel in life and I am trying. We did not own a home nor land we stayed in apartments. I moved from my hometown that I had lived all my life to another city so my family could assist me with my grandmother.I graduated High School with Advance Dipolma. At age 15 I became care giver to my 83 year old grandmother because my mother who died was her caregiver. It was just me and my grandmother until my Sophmore year of college who went to stay with another family member. That short version of my life.
To go full speed ahead I faced many financially and emotionally difficulties throughout my tenure to graduate from HBCU which I intended in part because it was in same city and not that far so I could still see about my grandmother an in part I live in a rural area without public transportation so it was impossible for me to commute out of the city. I relied on paying family members for transportation throughout highschool and college via my social security check until I was 19 and later my money left from student loans until I moved on campus my sophmore year and stayed there until I graduated in 06. I graduate Cum Laude in Social Service field.
I later went on to obtain my Masters from an advanced program finishing in less than a year however this school to was private however I was referred by my professor to that University due to it having excellent acelerated program. I had to take two buses and train to attend this school I had no job which I could not get one with my schedule attending nonpaid internship 3 days a week in one city and classes two days a week in another city. I left at 5 a.m. to attend classs that did not start until 10:30 a.m. ( I usually got home about 9 p.m. from my clasess that end around 5 p.m. or later I used my laptop and verizon wireless card to do my assignments) but it was a long commute with no vehicle. I relied on a family member who let me stay rent free and drop me off at the train station to take train down to city and catch two buses. Also this family member assisted me sometimes with the fare. She is a great person. However for food, clothes, books, buses passes, train passes and everything else I was on my own. I would not made it without her. Later I graduated in 9 months with my Masters.
Jumping ahead now I received my license 2 years ago after paying a driving instructor to teach me.I am employed I was in a car accident no fault of my own last year totalled my paid in full car and so I got a used 07 car. Now I have a car payment. I also had moved in with a college roommate who end up taking a higher paiying job out of state so I was paying rent by myself that was same price as one of my co-worker's mortage that literally was behind my apartment. So depending on God and my job. I purchase my home I was able to get the first time home buyer credit however must be repaid over 15 years which I truly wish they would change. I purchase my home in September the new one from $8,000.00 you don't pay back started in Dec or Jan.
Now I have a car payment, car insurance, mortage, mortage insurance, homeowners insurance,dental, cable, internet, water, gas, light bill, alarm system,cellphone,Professional license fee, registration and tag, home warranty, student loans,4 credit cards payments (same one use to eat, and live), buy groceries, and gas. I am trying to live the American dream home ownership however I am way over my head.
I have $100,00 dollar plus home a $15,000.00 car $74,000 student loans (I'm afraid to calcuate the actually amount to be paid back after interest kicks in) and my bills average $2,000 to $3,000 plus in a two month period according to my bank statements online. I have no one to assist me financially only God and me. I am the one my family depends on to support them financially when life throws them a curve ball to be honest that is why my credit card bills are so high.I have tried debt counseling and has recently been sued by one of my creditors (who received a bailout and it hurts because I have paid the card off in the past when I had the money). I am in deferment for my loan but that will be out come October. I have cut up my cards and am contemplating filing bankruptcy since I haven't been able to come to any other solution. I owe over$22,000.00 in credit card debt.I know I paid a part in my destruction however from the creditors sending me new cards, increasing my limits then decreasing my limits, changing my APR, telling me my payment was late when paid on date however money taken out of wrong account then I paid the bank and them a fee (one from insufficent funds and one for late payment and countless other things it is virtual impossible to come ahead. Not to mention life throw curve balls with helping less fortunate family members with there necessity for life and car repairs, doctor bills just life events.My credit score went from 706 in fall of 2008 to 484 in August 2009. I don't know what to do.
I also had learned of a program that if you work in a particular field that student loans could be forgiven after 10 years as long consolidate all loans with Direct Student lonas. I found this out after paying over a year with another company to find out that the payment I made to other company would not count towards my 10 years. I was heartbroken to say the least. It appears to be story of my life I missed the first time home buyers credit for $8,000.00 you don't pay back, Cash for Clunker program all by one year. Also I missed the Safelinky program well probably by two years on that one. Moreover I think I do not qualify for weatherization grant eventhough I received a letter in mail from advestier saying that my air conditoner unit about to become obsolete and that feron used in will soon cost $400 or more when I can barely pay the $60.00 for last two times the American Home Shield warranty came to pour some in there. They said I had a slow leak and couldn't not fix until complete not holding the liquid so every couple of months I will have to dish out $60.00 bucks which I can't afford to just by a new unit. To sum up anything that help lessen the financial burden of myself or fellow americans I am standing firm behind especially when come to student loan debt.
I truly hope pray and that someone out in Congress is lisenting and reading this and all the other post to make a change. WE THE STUDENTS AND FORMER STUDENTS OF AMERICA NEED HELP CAN YOU PLEASE BAIL US OUT.
FROM MY HANDS TO BLOG READER TO GOD TO OBAMA ADMISTRATION. PLEASE HEAR OUR CRY.THANKS FOR ANY CONSIDERATION YOU GIVE THIS REQUEST. GOD BLESS EVERYONE FINACIALLY, EMOTIONALLY AND SPIRITUALLY.
I have a similar story to many of those I have read about recently. I attended a state college and incurred a decent amount of debt through student loans, although these were likely manageable at the time since they were government loans. After graduating from college, I worked for a year to consider what I wanted to do next. Law school was in the back of my mind and I thought it would be a way to achieve many of my goals. Luckily for me, I was greatly supported by my parents and I discussed the idea of law school at length with my father. I decided to give it a go and applied. Looking back, I know exactly now where I went wrong. The school I was accepted to was private and located in an area with expensive living costs. Considering what I was taking on, I SHOULD have researched much more, but I was young, naive, probably a little stupid and did not. I believed that with a law school education, the sky was the limit and if I did well, getting a good paying job would be no problem given the information provided by my school. Plus, I knew when the time came to pay the loans, I would have some help from my parents.
Fast forward three years, and I have graduated law school. Unfortunately, there have been some bumps in the road. I have about $150,000 in debt from law school and college combined. I graduated from a Tier II school in the top third of my class. I worked throughout college and law school to try to lower the loans needed, but this only did so minimally. Throughout most of my education, I was working full time while taking full time classes, which is technically against the rules in law school (rules against working, go figure). I have successfully been barred in two states. Anyway, the point is, I was far from the top, but equally far from the bottom in terms of my resume qualifications. Three days before my graduation, my father passed away from a sudden heart attack. My post-graduation plans were postponed while I stayed with my mom for a time to help with things. Almost immediately following this, I began receiving letters from Sallie Mae regarding the status of my loans, as my dad was my cosignor on these. A temporary result was reached and I later found a job out of state with a firm where I worked for about two years as an associate. With the costs of my apartment and the loans, I had no extra money to spare and eventually had to relocate back home.
I have been unemployed for almost a year now. I have applied to hundreds, and I mean literally hundreds, of jobs. Not only have I not even gotten an interview, I rarely get a response. Recently, I received a response informing me that my application was among 600 others and I would be updated during the review process. I tried getting temporary jobs and none are available and was turned down for two waitressing positions. Meanwhile, I have been left with no choice but to put my loans into forbearance every two months, which means that they continue to compound interest and every two months I pay a forbearance fee. My point is, I understand that MANY people are struggling. My struggle is mainly my own fault, but some of the blame must be put on the practices of Sallie Mae. All I want is a job, but I would definitely be thrilled to catch a break with loans. I do not see how anyone could anticipate being in a position to owe so much money with the jobs formerly available, no longer being so. And unlike other situations when consumers get into trouble, there is simply no way out. And the deeper you get, the more problems arise, as many law firms and government agencies will not hire individuals with substantial debt and loan problems, and it may also become an issue for being accepted to a state bar. On top of that, as many law graduates know, to maintain an active bar status, which is necessary to seek employment, there are a slew of fees including Continuing Education Classes, registration fees, exam fees, reaching thousands of dollars. Why is it that someone who incurs large credit card debt, great gambling debt can get some relief, and I cannot? I own nothing except an old car with 200,000 miles on it. I worked my butt off to get a job to work my butt off some more at, but the jobs just aren't there. I would like nothing more than to go to work and pay my bills, but tell me, what are you supposed to do?
Like many on this site I am struggling with my student loan debt. I do realize that I accepted this money (like a fool), but that does not mean it should dictate my life. When I came out of high school I was pumped full of propoganda that school was the way to land a better, higher paying job. That without the degree you would be stuck in fast food being underpaid your whole life. I had lenders lining up to give me lines of credit, which the end result was $84,000. Obviously I was an 18 year legal endeavor to these contracts, but quite honestly there was no opposition to taking on such a burden. My naive ideas of college definately clouded my judgement and my oversight has now cost me dearly.
Fast forward 5 1/2 years later... I graduated with an MBA! Wow my life is going to begin! I can finally get out there and find a career that I will love or at least enjoy... WRONG!!! Reality is this folks, I have gone on interviews that require a MBA, I have had opportunities to meet with top executives including CEO's in regards to a well paying position. Now im not going to say I'm the smartest guy around but I can hold my own (not to mention I have gone on over 100 interviews) but I get the same response from everyone "You are a great interview and we really like you and your education, but we are looking for 5-7 years experience." The death sentence. I was not going after regional positions that pay 6 figures, I am simply trying to find a $50,0000 job to help make my life comfortable to live in.
As of right now I make $38,000-- equate that to bi-weekly pay net is $995 a month. I have rent at $595 (really cheap for my area), car payment $285 (thanks to student loans my debt to equity ratio makes my credit horrible), car insurance $75 monthly, phone $50, electric $70, gas $100. That totals $1,180 just bare necessities. I have an $81 a month private student loan payment which ups the ante to $1,261. That leaves me $719 for the month. My bulk student loan payment is $452 a month which brings me to a whopping $267 a month. Gas is $100 a month (25 a week) which leaves $167 a month for everything else. So im looking at 40 a week for food (which is doable but you are eating pretty crappy 2 times a day). On top of that when my car needed new brakes/tires, or inspection, my registration is up, someones birthday, i have to go to the doctors, etc... i have no money for any of this.... So as you can see Im ready to jump off a bridge and solve this debt once and for all!
I currently have a student loan debt including interest of $22,000. I am unable to meet this debt. I currently received a letter from FSA (Federal Student Aid) saying they want $285/month from me. I graduated in 1992, however because of my medical condition which is bi-polar I can not find a job which pays well that I could handle as a result of being bi-polar. I currently work full-time as a cashier making only $10.00 per hour. After taxes, 401K, and health insurance I have very little left and most of my check goes towards bills as it is.
In the past I have filed bancruptsy because of hospitalization costs I could not afford, and I missed the dead-line of bancruptsy which excuses student loan debt. I current send PHEAA $50.00 per month and that is all I can afford at this time. I don't know what is going to happen if they garnish my wages for $285.00 per month.
I live very meagerly as it is. I have not been on a vacation in 20 years. I live in a modest mobile home, shop at thrift stores for clothing, and barely have anything left for social activities.
If anything can be done to relinquish my debt and the debt of people in my similar situation it would take a tremendous load off of my shoulders and I could actually breethe. Thanks you for reading my story.
As though California isn't in enough financial trouble, the Los Angeles Police Department is CONSTANTLY hiring with HUGE sign on bonuses. However, after 2 months of testing I was informed that I was disqualified because of financial infidelity. My credit is SHOT due to federal student loans to the point where I....ohhh oops surprise, my wife and I now have a baby, live month-to-month and pay seasonally for insurance when we can afford it, and pray for safety and health when we don't. I have exhausted my forebearance and deferred payments, and my loans are in default. Now, if I were the US Gov't, in need of money, I might give a psychologically clean guy, with a great employment history a job that pays more than $25,000 a year so he can ACTUALLY AFFORD to be financially faithful. Explain to me how to be financially faithful when my wife and I owe a combined $80,000, and at $700.00 per month of student loans will EVER afford to get out of this debt. I have diapers to buy! I have since moved to Texas after wasting my savings on rent in California. I sold my gas saving motorcycle to pay for my moving truck to Texas. Thanks for buying everybody else a new EFFING car Arnold and Barack!
I earned an MBA in Organizational Development and I am working in a position that is far from challening and 30k less a year. I decided I had enough of the business world and the constant layoffs and went back in to non-profits. I am continuing on to get in to nursing with 75k in student loans in deferment, but I found some government programs that will help pay my loans if I work for the government in health care for 10 years. I just can't believe how much it costs to get an education in the United States and the government doesn't believe in educating people to be succesful in the workforce. We have overinflated healthcare costs, state schools costing 10k a year when you factor in books, which make me scream when I think of the price I have to pay for them. I was unemployed for 5 months and fortunately had a severance package or I wouldn't have survived. I am on the verge of bankruptcy, but realize that my student loans, thanks to my government, can't be elminated unless I die.. What a scary thought..
Wow. Thank you for starting this movement, Rob, and thanks to everyone here for sharing your stories. As hopeless and devastated as I am, and as hard as it is to read about everyone else's suffering, it does soothe to know that I am not alone in this hell.
In 2004, I was finally accepted to Montclair State and was ineligible for Federal Loans to fund my education so I had to borrow $60K in Private Loans from Sallie Mae.
Now, nearly four years later I have accrued over $55K in just interest. I have non-fixed loans at variable rates and I currently owe $115K. I am expected to pay $1,500 a month towards interest only.
I have been trying to find a teaching job in the elementary level for over 2 years. I was working at a minimum wage job for 11 months to have some income to pay Sallie Mae, I lost that job in March and have to Pay for a voluntary monthly, Forbearance on my Private Loans. I am unemployed, and have no idea what the future holds.
The Federal Government can't even assist graduates like myself.