I am a 28 year old female who graduated in 2008 with my bachelors degree. At this time my private loans were not required to be paid, so I made minimum monthly payments. I did was I could barely having a teaching job paying 300 a month which was the minimum for my private loans, which totaled $102,000. Due to the inability to find a full time teaching position without having a masters degree I went back to school for my masters in curriculum, instruction. Taking out additional federal loan money now having a total of 64,000 in federal loan debt.
Fortunately, my federal loans are on an income based repayment and working in a low income school with hopefully provide me with some aid. I am incredibly distressed as I recently called my private loan lender only to find out that next year the 400 a month payment I have been making on my 102,000 loan will jump up to 800 a month.
It is overwhelming to think of trying to provide for myself, my house and household bills with an $800 a month payment.
Something needs to be done. It seems like each job wants you to have more education, more background yet the cost of college is not going down thus creating a rat race for the American adult attempting to create a life for themselves.
Chaitra McCarty, December 20, 2014, MA
I am a 28 year old female who graduated in 2008 with my bachelors degree. At this time my private loans were not required to be paid, so I made minimum monthly payments. I did was I could barely having a teaching job paying 300 a month which was the minimum for my private loans, which totaled $102,000. Due to the inability to find a full time teaching...
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Chaitra McCarty, December 20, 2014, MA
My husband and I both have large student loans, and we are trying to learn the best repayment program we can qualify for, and we also want to comment on how the policy affects us.
We both completed our Master's Degrees in the mental health field in 2003. With no parental support through college, and since we had unpaid internships and were therefore able to work a few hours a week, we relied on student loans to get us through school. We didn't like accumulating debt, but figured it was the only way we could complete our degrees and we would be able to pay it back once we graduated and got "real jobs".
However, with changes in the economy, it took us many years to find full-time work. We worked part-time or contractual positions for years, often totaling less than 40/hours/week combined between the two of us. Then in 2009 my husband was laid off completely and was unemployed for over a year while I was able to find only part-time work for myself of about 10 hours/week. This eventually led us to lose our home to foreclosure and to file bankruptcy, but our student loans were exempt from discharge.
My husband has since found a good job working for the State of Michigan as a foster care worker, and I am self-employed part-time while I raise our children. When we learned about the Income-Based Repayment Program and Public Service Loan Forgiveness, we switched to those programs. Unfortunately, my husband had already been working in public service for over a year before we learned about PSLF, and he had to transfer his loans to the Dept. of Ed. from Sallie Mae, losing over a year of eligibility.
While we are now in a more stable position, our finances are still tight and even our reduced student loan payments are a burden. In fact, due to my unemployment deferments and unsubsidized loans my student loan balance is larger than it was when I graduated! I like what I have heard about the new Pay-As-You-Earn program, in which the payment is 10% rather than 15% of our discretionary income, and the repayment term without PSLF (for myself) is 20 rather than 25 years. However, we may not qualify since we are not new borrowers. Also, my loans are still serviced by Navient (was Sallie Mae until earlier this year, and was the only option when I consolidated my loans), and I think I would have to transfer them to the Dept. of Ed., which would "reset the clock" toward 20-year loan forgiveness (I have been in repayment for 10 years already).
My comment or request for help is that the rules be written so that older borrowers like myself qualify for better programs like PAYE, and that we don't lose our years of repayment toward loan forgiveness under another servicers when we switch to the program.
Jennifer Bobicz, December 19, 2014, Milan, MI
My husband and I both have large student loans, and we are trying to learn the best repayment program we can qualify for, and we also want to comment on how the policy affects us.
We both completed our Master's Degrees in the mental health field in 2003. With no parental support through college, and since we had unpaid internships and were therefore...
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Jennifer Bobicz, December 19, 2014, Milan, MI
Growing up I was told by my parents, teachers, and guidance counselors to go to college because it would give me a better life. I graduated in 2013 with a Master's Degree in English with the hopes of being a teacher myself. There are no teaching jobs in high schools or colleges and I owe over $100,000 in student debt. I now work a job that doesn't even require a degree, and was turned down for a mortgage because my debt to income ratio was too high. Not a day goes by where I don't think about my debt. Some days I wonder what the point of life even is. I understand now how some people choose taking their own lives when debt is unmanageable.
Danielle, December 18, 2014, Charleston, SC
Growing up I was told by my parents, teachers, and guidance counselors to go to college because it would give me a better life. I graduated in 2013 with a Master's Degree in English with the hopes of being a teacher myself. There are no teaching jobs in high schools or colleges and I owe over $100,000 in student debt. I now work a job that doesn't even...
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Danielle, December 18, 2014, Charleston, SC
Growing up I was told by my parents, teachers, and guidance counselors to go to college because it would give me a better life. I graduated in 2013 with a Master's Degree in English with the hopes of being a teacher myself. There are no teaching jobs in high schools or colleges and I owe over $100,000 in student debt. I now work a job that doesn't even require a degree, and was turned down for a mortgage because my debt to income ratio was too high. Not a day goes by where I don't think about my debt. Some days I wonder what the point of life even is.
Danielle, December 18, 2014, Charleston, SC
Growing up I was told by my parents, teachers, and guidance counselors to go to college because it would give me a better life. I graduated in 2013 with a Master's Degree in English with the hopes of being a teacher myself. There are no teaching jobs in high schools or colleges and I owe over $100,000 in student debt. I now work a job that doesn't even...
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Danielle, December 18, 2014, Charleston, SC
I left graduate school back in 1992 with about $50,000 in student loans, along with a $10,000 loan from my sister so I could focus on school and not have to work all the time (I did work part-time).
After relocating and finally getting a job, I began paying off the loans to my sister and planned to start paying back my student loans too… until the mother of my twins hit me up for child support – we were not a couple, our pregnancy was a “surprise,” and she promised me at the time she would never ask me for any money. All of that changed when I moved across the country to co-parent with her (in the same city) and got a job.
Instead of paying back my student debt I paid child support… while the loan and interest mounted. There were times I was suicidal about my debt load until I realized it was completely out of my control, and I chose my own life and a proper perspective instead of doing anything drastic.
In the 2000’s, I was laid off from four different jobs and was forced to file for bankruptcy.
Today, with my kids are in college, I no longer pay child support, but the loan has now ballooned to an astronomical $240,000. Thankfully, the debt collectors have respected the law and stop harassing me when I tell them to. And I’ve continued to choose “life over debt.”
It would, however, be nice to get this monkey off my back.
Todd, December 17, 2014, Los Angeles
I left graduate school back in 1992 with about $50,000 in student loans, along with a $10,000 loan from my sister so I could focus on school and not have to work all the time (I did work part-time).
After relocating and finally getting a job, I began paying off the loans to my sister and planned to start paying back my student loans too… until the...
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Todd, December 17, 2014, Los Angeles
When I graduated high school I was in the top percentage of my class. I was selected as a candidate from my school for a prestigious scholarship award known in my area through the Knight foundation. I won scholarships and had a bit set aside by my parents. I still needed $5,000 a year that came out in student loans. Even though people thought I would apply to Ivy Leagues I never did because I knew I was not prepared to pay out of state tuition. While in school my loans were sold to other companies because the original one somehow was suddenly out of the picture. When I got out of school my Cum Laude status won me an exhausting summer working and interning, but even though I loved working at a prestigious museum I barely could afford my living. I would pay the rent, have one shopping trip for the month, a little gas money and I knew once I got to the second week I would have no money left. My loan payments were $250 and I have never been able to shrink them. When I couldn't afford it at all my account went delinquent. My parents did not graduate from college and I felt I had to deal with this, even though I had no idea what I really needed to do when I felt completely overwhelmed. I was terrified by these looming payments that apparently don't shrink the principle. I have been working in educational institutions that I love, but my "consolidated" loans only seem to be four loans held by one company and haven't been able to be lessened so I pay them all at once. I would go delinquent, have a stressed out long phone conversation, pay and fix it, have it deferred while I could, feel the strain of the debt weighing more heavily or the respite period running out, pay, then do the dance again. Last year I couldn't do it anymore, so I just deferred it for the year based on low income. Now my amount is $37,119.36. My payments are supposed to resume January 6th with $370.36 due each month. Even when I worked a basically full time schedule at the museums, only shy of it by a few hours often because if all the employees were "full time" they would have to get coverage, I couldn't afford $250 payments. Now I am a temporary instructor for Miami-Dade County Public Schools. It is very part time, work days are not assured and I only can work 10 months out of the year. I can't put it off another year and even though I want to pay it off I can't make $370 payments. I honestly barely worked this last pay period, I got a bit over $100. Next time I will get about $500, big variations. I am working on making my own business now. Because for someone who loved learning and made being a good student my life, well working in that system, and being burdened by it, isn't giving me much of one.
Catherine Berendsohn, December 16, 2014, Miami Florida
When I graduated high school I was in the top percentage of my class. I was selected as a candidate from my school for a prestigious scholarship award known in my area through the Knight foundation. I won scholarships and had a bit set aside by my parents. I still needed $5,000 a year that came out in student loans. Even though people thought I would...
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Catherine Berendsohn, December 16, 2014, Miami Florida
I owe just under 100k in student loans. I am thankful for the opportunity to have earned my Masters. Without the loan this would not have happened. I graduated with honors and work in the non-profit world. This allowed me to sign up for a program through FedLoan where if you work for a qualifying agency after 10 years of income based payment you dont have to pay the rest. Sounds fantastic right. Lower payment. Not really. They dont take into account cost of living. See when I lived in a state where the cost of living was less the payment was less. I re-located to a state where the cost of living was higher so my income was slightly higher. When I called they said well the income went up so the income based payment went up. Despite that I had no disposable income that could contribute to the increase, they said nothing could be done because it's government rules. They suggested forbearance. Each time I did this the loan increase. Causing my 75k loan to increase to just 100k because I could not afford the payments. Now I have no more forbearance left and was told that by a rep on the phone, "Everyone has a choice of where to live so if you want the payment lower you should re-located to a cheaper state." I struggle to make these payments every month and quite honestly am not sure how much longer I can.
Oliver, December 12, 2014, MA
I owe just under 100k in student loans. I am thankful for the opportunity to have earned my Masters. Without the loan this would not have happened. I graduated with honors and work in the non-profit world. This allowed me to sign up for a program through FedLoan where if you work for a qualifying agency after 10 years of income based payment you dont...
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Oliver, December 12, 2014, MA
I went to college in the early 90's. I was also in the Army National Guard. The government didn't seem to have any idea how to help me pay for school so I used Federal Student loans. I graduated in 1998 and have never made enough money consistently to pay the loans off. I now owe more than I did when I graduated even though I retired from the military after 30 years. I went to war and was discharged honorably. Many other soldiers who enlisted after 9/11 were handed a full ride through college if they served for a couple of years. I served until 2011 and can't get any assistance.
Paul Bennethum, December 12, 2014, United States
I went to college in the early 90's. I was also in the Army National Guard. The government didn't seem to have any idea how to help me pay for school so I used Federal Student loans. I graduated in 1998 and have never made enough money consistently to pay the loans off. I now owe more than I did when I graduated even though I retired from the military...
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Paul Bennethum, December 12, 2014, United States
I went to college in the medical profession to help others. In my Junior year of graduate college Reagan eliminated the student loan I was going to college on with no grandfather clause. I already was in debt with student loans, so it didnt make sense to quit without the degree. I had to take out personal loans AND different fed student loans. I graduated in '93 and back then one was not allowed to consolidate the loans and they were not tax deductable. So I struggled to pay off 3 different loans and the interests associated with them. I managed to pay off 2 of them, but the third- the supposid low interest fed loan I had to take to replace the one Reagan nixed- well turns out the low interest is compounded daily and becomes principle. After paying $500 a month for 4 years I owed almost double the original loan amount. I spoke with various accountants and lawyers and they all said "you will never be able to pay this off no matter what you do" So, I decided to leave the profession I was not enjoying and try out another one. That one didnt pan out and I ended up unemployed and homeless. After several years and much struggle I finally landed a job that pays barely above min wage, but I was feeling hopeful. I was no longer living in my vehicle and had income coming in. I actually felt happy. Thats when the govt decided it needed not only to keep the paltry $300 I should have gotten back from taxes, but also to garnish my wages. I dont even have plumbing where I live. I dont have any money in the savings account and live pay check to paycheck hoping my car doesnt die. I dont have health insurance and cannot get obama care because of my student loans and financial situation. And yet the govt thinks it should garnish my wages. There is no point in having a job. I may as well go back to being homeless. There is absolutely nothing I can do to resolve this mess. I dont trust the govt anymore, dont trust the creditors and cannot afford to hire some one I might be able to trust. I thought loan sharking was illegal. and I thought poverty was not a crime. Obviously I thought wrong.
Amos, December 12, 2014, NY
I went to college in the medical profession to help others. In my Junior year of graduate college Reagan eliminated the student loan I was going to college on with no grandfather clause. I already was in debt with student loans, so it didnt make sense to quit without the degree. I had to take out personal loans AND different fed student loans. I graduated...
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Amos, December 12, 2014, NY
How many people do you know have defaulted on seven (7) private student loans? How many of you once had a credit score in the 700's drop to the 560's? How many of you know the shame, self-disappointed, self-hatred, and struggle of living with bad credit and poor decisions?
Not a day goes by where I don't think about my student loan debt, both federal ($52,000+) and private ($82,000+). Is today going to be the day, the week, the month, or the year in which I get sued?
With no car, no driver's license, and limited public transportation routes, I'm not able to do temp jobs, substitute teach, nor work at social service agencies. I am fortunate to have a part-time job near where I live. My income is so low that my wages can't even be garnished!
What's going to happen when my parents die? Who will co-sign for an apartment for me? How am I going to be able to qualify for a car loan on my part-time income?
Jeff, December 11, 2014, Roanoke, VA
How many people do you know have defaulted on seven (7) private student loans? How many of you once had a credit score in the 700's drop to the 560's? How many of you know the shame, self-disappointed, self-hatred, and struggle of living with bad credit and poor decisions?
Not a day goes by where I don't think about my student loan debt, both federal...
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Jeff, December 11, 2014, Roanoke, VA
I was lured into a for profit Trade school. I was worse than broke, I was working at Walmart! I saw a TV commercial for Wyotech Motorcycle School in Daytona, FL. I went down, toured the facility and spoke to a sales rep and they talked a good game, made promises of job placement \"Guarantees\" so out of desperation I signed up! I went through the Core training and completed 2 specialties graduating at the top of my class with a Nation Technical Honor Society Award earning me a spot representing Ducati North America at the Moto GP in Indianapolis that year. After that I submitted over 1800 resumes and to this day not one interview! So I went back to doing handyman work and odd jobs and I still don\'t make enough to live on my own, and to ad insult to injury it\'s been so long since I got out of school that my education is no longer considered valid and no one will hire me in my field! So here i sit with $40k in debt and about a $7k yearly income!.
Daniel Siler, December 9, 2014, Guerneville, Ca
I was lured into a for profit Trade school. I was worse than broke, I was working at Walmart! I saw a TV commercial for Wyotech Motorcycle School in Daytona, FL. I went down, toured the facility and spoke to a sales rep and they talked a good game, made promises of job placement \"Guarantees\" so out of desperation I signed up! I went through the Core...
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Daniel Siler, December 9, 2014, Guerneville, Ca
This is not my story but a friends. Last year my friend had died unexpectedly only a few months after his graduation day. He had owed well over $100,000. government gladly waved his student loan debt, but his family was required to still pay the taxes on it totaling about $20,000. (art school is expensive) It was sicking when we found this out. His family had to add 20,000 on top of their sons death expenses.
Ashlee Swallow, December 6, 2014, Manchester NH
This is not my story but a friends. Last year my friend had died unexpectedly only a few months after his graduation day. He had owed well over $100,000. government gladly waved his student loan debt, but his family was required to still pay the taxes on it totaling about $20,000. (art school is expensive) It was sicking when we found this out. His...
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Ashlee Swallow, December 6, 2014, Manchester NH
I went back to college to try and pursue a nursing degree. I already had a Human Services AAS degree payed for by WIA. I wanted to make more than $15 an hour part time. I was not accepted into the nursing program after two semesters of pre requisites. I had to redo many classes, because my past associate degree classes did not qualify. Example sociology 102 was not on the degree list. I had to take Sociology 101. There were many more like that. I was not able to continue and apply the next semester due to divorce, and becoming a single mom of 3. My loan was a total of $16,000 after two years. I made payments until 2008, and became chronically ill. I had to defer for a while, but then once my two older kids left the home, I no longer qualified. I tried contacting Sallie Mae, and never got through during the recession. I tried contacting on their website to make payment arrangements, meanwhile my loan went into default. My chronic illness has caused me to change the job I could physically do , but lower my income even more. I have continued with default, and trying to pay what I could. My loans then Double to $34,000 with fees and interest. I am not being garnished, because they said I they did not receive my paperwork for my financial disclosure statement. I had major neuro surgery, and now cannot afford to see my doctors or pay for medications. I have tried to remain working through my illness, but now think I should have gone disabled. I want to pay my bill, but I cannot afford the monthy amount they want me to pay, and pay rent, car, insurance, electricity, phone, medical needs...etc. The decision to go back to school was the worst one of my life.
Mary, December 3, 2014, Mesa, AZ
I went back to college to try and pursue a nursing degree. I already had a Human Services AAS degree payed for by WIA. I wanted to make more than $15 an hour part time. I was not accepted into the nursing program after two semesters of pre requisites. I had to redo many classes, because my past associate degree classes did not qualify. Example sociology...
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Mary, December 3, 2014, Mesa, AZ
My daughter was told early on that college is a must. What a huge mistake. She is over $50,000 in debt with student loans and a service fee of another $14,000 has been added in under 3 years of graduating. The school she attended did not offer enough semester classes to graduate in 4 years. We are now in a nightmare life. Our government system has fallen apart and we a re just waking up to the fact that we are owned by the government - more so now than ever before.
Julie Gail, December 3, 2014, West Virginia
My daughter was told early on that college is a must. What a huge mistake. She is over $50,000 in debt with student loans and a service fee of another $14,000 has been added in under 3 years of graduating. The school she attended did not offer enough semester classes to graduate in 4 years. We are now in a nightmare life. Our government system has fallen...
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Julie Gail, December 3, 2014, West Virginia
I am 65 years old. I started grad school in my early 30s as a single mother, and though I got full tuition and stipend paid, I could not live with other students in a dive; I had to make a normal life for my child, in a decent 'hood and school district. So I took out maximum loans, which only amounted to $30k over my five years in the program, which at the time seemed like a responsibly small sum. Thirty years later, I have now paid $48k, and still owe about $25k, at 9% interest. This just seems obscene to me, and I cannot imagine trying to face it as a young person today; the situation is wholly egregious, particularly in light of the gazillions of dollars being hoovered up by the gazillionairres. What does it say about a country - a people, hell, a species! - that refuses to educate its young?
Lynn LeSueur, December 2, 2014
I am 65 years old. I started grad school in my early 30s as a single mother, and though I got full tuition and stipend paid, I could not live with other students in a dive; I had to make a normal life for my child, in a decent 'hood and school district. So I took out maximum loans, which only amounted to $30k over my five years in the program, which...
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Lynn LeSueur, December 2, 2014
At 56 years of age, I will be paying off my student loans until I’m 76. Don’t get me wrong, I earned, yes EARNED, a wonderful education, but now instead of following my passion to teach, I’m grudgingly working in a mind-numbing profession, earning a six figure salary that barely affords me the opportunity to live minimally, pay off my loans, and all but negates the likelihood of owning my own home, or setting aside any extra money for my unlikely retirement.
If earning a higher education degree equals little more than unending debt, marginal living, and diminished dreams, then is it any wonder that our educated and qualified workforce is shrinking … why bother … let’s finally pass the torch of economic stability and world class power to countries who truly financially support the education of their society, OR remove the current and unfair crushing debt from the shoulders of our students who possess student loans, and then finally develop a truly functional system of educational support and attainment that engages, encourages, and supports our students, instead of simply sees them as cash cows of interest debt.
G. Lantz, November 25, 2014, Chicago, IL.
At 56 years of age, I will be paying off my student loans until I’m 76. Don’t get me wrong, I earned, yes EARNED, a wonderful education, but now instead of following my passion to teach, I’m grudgingly working in a mind-numbing profession, earning a six figure salary that barely affords me the opportunity to live minimally, pay off my loans,...
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G. Lantz, November 25, 2014, Chicago, IL.
SallieMae was unwilling to consolidate my private student loans when I stopped going to school in 2005. There were no programs that they would offer to reduce the amount they required per month. So instead they had me pay fees to put the loans on hold for 3 months. These fees did not go towards my loans. I was struggling for two years when I decided to go to school part time at a junior college to keep from making payments everymonth. This lasted till 2010 when SallieMae contacted me regarding making payments now that my in school deferment time was used up, and they were now in possession of my federal loans. The federal loans would be put aside while I made payments everymonth, but they had to be reduced amounts since I was still at a low paying job. Now that its 2014, SallieMae has contacted me stating that my federal loans are over 300 payments past due, and there in nothing they can do to help me since I couldn't afford to pay private and federal student loans. So now, I'm in the Administrative review phase with New York Higher Education, who is now in possession of my federal loans. Meanwhile, SallieMae/Navient has me on an automatic electronic transfer from my checking account every month and I am on medical leave receiving workman's comp payments twice a month. It's still not enough to pay the bills. I'm down to almost zero in the bank depending when bills need to be paid. I'm scared, and have reduced my food funds drastically. I only buy gas when I really need it, and medication, and health care is now extra expense. I have tried going back to school to finish my degree, but I may not be awarded the remainder of my federal loan allowance for the next semester depending on what the decision is from the Administrative Review.
I just want to finish school, get the degree, and get a better paying job.
Naomi Meyers, November 24, 2014, San Jose, CA
SallieMae was unwilling to consolidate my private student loans when I stopped going to school in 2005. There were no programs that they would offer to reduce the amount they required per month. So instead they had me pay fees to put the loans on hold for 3 months. These fees did not go towards my loans. I was struggling for two years when I decided...
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Naomi Meyers, November 24, 2014, San Jose, CA
“In the event of your passing, your loan balance would be discharged. No one else would be responsible for your debt.”
The above was in response to my question to my new loan servicer Navient as to why I was still paying on a school loan from 1987. I am almost 63 years old, have worked in the Public Service sector since 2001, and have never defaulted on school loans. I have paid back more than double the original loan amount. In fact, I have been paying on this loan for so long Sallie Mae/Navient has been unable to locate the first 19 years of records for my loan payments.
Sallie Mae did send records that showed that I have paid $46,440.44 since 2006. I have worked in the Public Service sector since 2001, as a teacher in a state Correctional Facility for Serious Juvenile Offenders and the last three years for the Division of Vocational Rehabilitation. I will not be able to retire since I just received a letter that I have 166 more payments of $327.96 on my school loan balance.
I am despondent and depressed. I completely understand the hopelessness felt by those who have committed suicide due to an eternal debt foisted on me by the greed of others. The fact that I repaid my debt many times over, never defaulted, and am still required to send monthly payments stuns me. The fact that there is no accountability required for loan servicers to verify and document nineteen years of payments is shameful. The fact that loan servicers are able to package up people’s debt and resell it at 15 cents on the dollar is criminal. I am not the only elderly person in this situation. There are many others who will have their paltry social security checks garnished. Our only comfort is that when we die, our children will not inherit this travesty.
Geralyn McGee, November 23, 2014, Wisconsin
“In the event of your passing, your loan balance would be discharged. No one else would be responsible for your debt.”
The above was in response to my question to my new loan servicer Navient as to why I was still paying on a school loan from 1987. I am almost 63 years old, have worked in the Public Service sector since 2001, and have never defaulted...
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Geralyn McGee, November 23, 2014, Wisconsin
I have a student loan (sign for my children) and now the bills are arriving. FedLoan is requesting a monthly payment of 2,025 which I can\\\'t afford. I have been unemployeed for three months and found a job not permanent yet. I have to pay a place to live, food, utilities, gas to commute to work, etc, etc, etc. and then when they compute the payment they do it based on gross income. They do not take in consideration all other costs that comes from the same salary. How can this change.
Ricardo, November 22, 2014, California
I have a student loan (sign for my children) and now the bills are arriving. FedLoan is requesting a monthly payment of 2,025 which I can\\\'t afford. I have been unemployeed for three months and found a job not permanent yet. I have to pay a place to live, food, utilities, gas to commute to work, etc, etc, etc. and then when they compute the payment...
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Ricardo, November 22, 2014, California
I have been in default 14 years. Not because I did not want to pay my loans; I simply could not afford to. I borrowed a little over $49, 000 and have paid $52,635 in garnishment and tax offset. The servicer, USAFunds, Sallie Mae, and Pioneer Credit still hold that I owe $181,746. This means that none of the money that they have taken was ever applied to the principle which I thought was the law. Any garnishment is supposed to be used to elleviate the debt owed. What interest rate makes a $49,000 loan turn into $181,746 after with over $50,000 already received from the victim. I don't even own a house worth !81,000. I can not afford it. I own little or nothing and yet I owe all of this money. This is usury and I am wondering why this type of exhorbent interest is tolerated and upheld. It is not constitutional.
Marcia A Garrison, November 21, 2014, Springfield, Ohio
I have been in default 14 years. Not because I did not want to pay my loans; I simply could not afford to. I borrowed a little over $49, 000 and have paid $52,635 in garnishment and tax offset. The servicer, USAFunds, Sallie Mae, and Pioneer Credit still hold that I owe $181,746. This means that none of the money that they have taken was ever applied...
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Marcia A Garrison, November 21, 2014, Springfield, Ohio
My wife took out college student loans for my daughter and son and put the loans in my name. She may not of realized the full consequences of this and we are now left with $260000 in student loan debt in parent plus loans. We are living pay check to paycheck, not making all our payments and have had to put the loans in deferment pending a consolidation. I have 8 years left in my job and my wife who is older has 4 and half years left. We have a mortgage of $273000 and $52000 in credit card debt we are trying to pay off. The interest rates and payments from the student loans are crushing. My daughter says she cannot afford to help me and my son changed his major and received a liberal arts degree witch may not help him get a job. I am a law enforcement officer with almost 18 years of service find the public loan forgiveness does not help me much as I only qualify for ICR income contingent Repayment IBR. The monthly payment amount and plan cause me to retire 2 years later and do not realistically take into account a mortgage; debts, and living expenses. With these high interest rates and monthly loan payments of $3800 a month my wife's total salary is consumed and my salary doesn't fully cover mortgage or bills without working overtime when I can get it. This stress is causing problems in my family, relationship, and life. Twice I have thought about walking out or getting a divorce and forcing the sale of our house to try and pay off some of this crazy student loan debt. Can someone contact me at my email with some ideas and a contact phone call back number. PLEASE.
albert parsons, November 21, 2014, san diego,ca
My wife took out college student loans for my daughter and son and put the loans in my name. She may not of realized the full consequences of this and we are now left with $260000 in student loan debt in parent plus loans. We are living pay check to paycheck, not making all our payments and have had to put the loans in deferment pending a consolidation....
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albert parsons, November 21, 2014, san diego,ca
I graduated with my Master's degree in Occupational Therapy (OT) last August. The only way to get a job as an OT is to have your masters. I live in IL which does not have a thing called "in-state tuition" so for my specific program it was cheaper overall for me to attend an out of state school in WI. I even got my associate's degree at the local community college paid in full before leaving for WI. I now owe about $140,000 in loans from 2 years of undergrad and 1 year of grad school. I have one private loan of about $30k and the rest is federal. I even ended up getting $32K in scholarships in grad school, but I still have tons of loans from the out of state tuition. I have many job opportunities, but I am married with 1 kid and 1 on the way. My husband does not make much and now works part time and stays at home with our son. I am currently on the income-based repayment plan (which is $0 now but I just got a substantial raise increasing this payment), but with all of our other expenses we will not be able to afford projected $1400 a month loan payment. We will never be able to buy a house and we just got enough money for a security deposit on an apartment (big step up from mom's basement!) The most plausible option really seems to have my account go delinquent. There needs to be a change, it is ridiculous!
Samantha, November 21, 2014, Lindnehurst, IL
I graduated with my Master's degree in Occupational Therapy (OT) last August. The only way to get a job as an OT is to have your masters. I live in IL which does not have a thing called "in-state tuition" so for my specific program it was cheaper overall for me to attend an out of state school in WI. I even got my associate's degree at the local community...
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Samantha, November 21, 2014, Lindnehurst, IL
Help, in 2007, our oldest daughter graduated high school & was accepted to college. We spoke with the financial aid dept. of her college (The Boston Conservatory). We knew our daughter needed to take out a student loan. We were instructed to contact Sallie Mae. We did. Sallie Mae insisted we had to first apply for a Parent Plus Loan & if we were denied, then our daughter would be permitted to secure her own student loans. We had one income (my husbands). We had a mortgage on our home, but no other debt. He was approved for $38,000.00. At the time, we just wanted our daughter to attend college so we signed for the Sallie Mae Parent Plus Loan at a very high interest rate. The next year, the same happened, but we were denied the loan & she had to take a Signature Student Loan with Sallie Mae & her interest rate was a little lower than our 9%, hers was around 8%. Our 2nd daughter graduated h.s. in 2009 & she has loans through AES & Great Lakes. Luckily, her school was cheaper, but her debt is at least $25k. Do the math, we have about $45,000.00 we owe Sallie Mae. (Coincidentally, our home/mortgage loan was only for $54,000.00 in 1991). Our 1st born owes $40k plus with Stafford Loans-subsidized & unsubsidized. Our 2nd born has at least $25k in private loans to Great Lakes, AES & subsidized & unsubsidized student loans. To top it all off each of them only completed 2 years of college because we ran out of borrowing power & money. HELP!
Bridget Fink, November 21, 2014, Pittsburgh, PA
Help, in 2007, our oldest daughter graduated high school & was accepted to college. We spoke with the financial aid dept. of her college (The Boston Conservatory). We knew our daughter needed to take out a student loan. We were instructed to contact Sallie Mae. We did. Sallie Mae insisted we had to first apply for a Parent Plus Loan & if...
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Bridget Fink, November 21, 2014, Pittsburgh, PA
Fortunately, my parents and grandparents banded together to pay for my undergrad degree, but I was sold on a dead-end major and wasted their hard earned money on a field that offered no prospects when I graduated. I went back to school for a Master’s degree in Library Science, knowing that my family wouldn’t be able to help me pay for it due to the economic downturn.
I borrowed more than I needed because I needed a new car to commute to school and the fixed interest on a federal student loan was lower than the interest I would have gotten at a car dealership. I also used the extra money to live off of so I could focus full-time on my degree. What a huge mistake!
Now I'm $32,000 in debt and will probably end up having to pay close to $60,000 once all the interest is factored in. I was able to get my payments reduced to just the interest for 2 years, but my 2 years is almost up and I don't know if I'll be able to handle the full payments on my current salary as a para-professional library assistant.
All I wanted was a degree that would get me a reliable job. It feels like I'm being punished for pursuing a career that I love. Very few librarians make the 6 figure salaries required to afford a college degree these days-- but we don't do this job for money. If only the politicians and bankers could see that there are more important things in life than dollar signs.
CP, November 21, 2014, South Dakota
Fortunately, my parents and grandparents banded together to pay for my undergrad degree, but I was sold on a dead-end major and wasted their hard earned money on a field that offered no prospects when I graduated. I went back to school for a Master’s degree in Library Science, knowing that my family wouldn’t be able to help me pay for it due to...
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CP, November 21, 2014, South Dakota
My student was diagnosed with Schizophrenia in 4/2012. I am his parent, Mother and had to take a parent plus loan to help him with his university. He now has SSI and dept of ed has put his loan in deferment for two yrs and watches to see if he takes out any more loans. I cannot get a deferment. I have tried. My doctor will not fill out my form, I am disabled with sciatica and herniated discs cant work for over 13 yrs and am a care giver to my son who has schizophrenia. so I cannot work, I am also diagnosed with Anxiety disorder and take medication because of the trauma that is involved in my day to day life. I feel this is very unfair, as he is forgiven and I am not, he is not in any school, he cannot function without someone over seeing to his medication and meals and his needs, he is 22 yrs. and lives at home. This is my deal. and I think that the dept. of education should forgive my loan because I am his caregiver and take care of his needs daily and nightly. The Fed Loan servicing company is my loan company. They wont budge. Thank you please get back to me if you think I can be helped. Michele Horton, yes and nelnet is the dept. of education provider of fedloan servicing, they have forgiven my sons loan and sent me my paper work to give to my doctor but he is denying it, thinking its for social security, but it doesn\'t matter I still can be forgiven while social security denies me disability, one thing has nothing to do with the other so says nelnet. thanks again.
Author*Michele Horton, November 21, 2014, LocationOregon
My student was diagnosed with Schizophrenia in 4/2012. I am his parent, Mother and had to take a parent plus loan to help him with his university. He now has SSI and dept of ed has put his loan in deferment for two yrs and watches to see if he takes out any more loans. I cannot get a deferment. I have tried. My doctor will not fill out my form, I am...
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Author*Michele Horton, November 21, 2014, LocationOregon
I have made several attempts to pay back my student loan only to be told that I have to pay a certain amount of money that I cannot afford...Meanwhile the interest has accumulated an exceeded the amount borrowed.A system definitely needst to be put in place where people can pay what they can afford..No one likes living with this type of debt ...
Kamala Hogan, November 21, 2014, Durham,NC
I have made several attempts to pay back my student loan only to be told that I have to pay a certain amount of money that I cannot afford...Meanwhile the interest has accumulated an exceeded the amount borrowed.A system definitely needst to be put in place where people can pay what they can afford..No one likes living with this type of debt ...
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Kamala Hogan, November 21, 2014, Durham,NC
I cant afford these high payments. They say they go by your income but do they take in consideration that one always has other bills that also need to be paid? And gosh yes I do need to eat also and have heat in the winter. I realize they are only doing their job but one must consider other things. I am retired and really have a small budget to live on and go without because of the monthy fee they say I can afford.
Pamela Abelson, November 21, 2014, Fairmont, MN 56031
I cant afford these high payments. They say they go by your income but do they take in consideration that one always has other bills that also need to be paid? And gosh yes I do need to eat also and have heat in the winter. I realize they are only doing their job but one must consider other things. I am retired and really have a small budget to live...
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Pamela Abelson, November 21, 2014, Fairmont, MN 56031
I am a mother of adult children of which I helped get college educations. They all have jobs now and independent working adults thanks to their c