That amount has grown to about 80,000 with collection costs and fees. I am getting a temporary deferment but don't know what I will do when it is over. Your vote is not your permission for the government to do what they think is right, it is for them to do what you think is right! The whole Guaranteed Student Load GSL system is a scam! No surprise I suffered depression and dropped off the grid for a couple of months, well maybe it was more like a year to eighteen months, working as a tour guide, car salesman, insurance adjuster and other such odd jobs. I am STILL living like a student..in fact I was richer then. Social Security is another joke because they keep raising the retirement age. This is quite different from my perspective earlier in life that I needn't worry about money because one day I would have lots of it and that I could fulfill my artistic dreams without considering the needs of the world. There is no hope for people like me. Payments of over $1000 started within six months of me leaving school (I never completed my degree). My son became disabled and I had to work part time or close to home. http://crossroadshob.ning.com/profiles/blogs/personal-signature-loan I had to place my loan in forebearance or defer them -- and I had no idea how high the interest and penalties would be. I recall. The baby boomers' retirement demand on SSI and medicare will expose the 60 trillion elephant in the room and hyperinflation will erase the magnitude of your obligations. It's all cyclical, in the 80's physicist were pumping gas for minimum wage. I was told to pay up. America is generating millions of resentful Americans with this impossible educational expense and even more impossible medical expense. A. degree. I received my B. Where who knows? Education places most students deep into debt only. I have an appointment with, I think, the only bankruptcy attorney in the State of Minnesota who has actually done a undue hardship case for Chapter 13 in two weeks. Why would such companies be allowed to lend to students? I was diagnosed with systemic lupus last year, and still not been able to see a doctor to begin treatment. When I call my loan company to talk to them about it, all they say is wait until the collection company calls you. I haven't gotten the paperwork yet to determine how much, if any, of my payment will be put toward the principal which is now $96,000 plus. I believed these loans to be taken care of, and was thankfull my country had given me a second chance at life. Even if I had not found my current job, I would still be able to make my $157 monthly payment if I was working at McDonald's. I called them to see what was going on, got hung up on 3 times, and then told its not their mistake and there is nothing they can do, except put a forebearance on my account. I worry that my only child will be in trouble if I die will this debt, even though she has her owe loans. In the end we were forced to forbear our loans, and allow the interest to grow. It oppresses people that want to be educated and positively contribute to society. I lost three cases in a row. I cann't imagine trying to pay multiple sources since they kept selling THE loan and even after it was sold the same people who sold it were still trying to collect it. Thank you for your interest in our stories. Our detainee at Gitmo have more rights that you do! I guess I will find out in two weeks when I talk to the attorney if she will take my case. Our government also follows this cavalier philosophy. The Direct Student loans available to freshman are capped at 1500/semester and then go up to 3000/semester sophomore through senior years. It was my understanding that a higher education would improve my future, not cripple it. That story above is NOTHING compared to the corruption and the lengths that Sallie Mae will go to. The loan had been sold several times so the number of companies trying to collect the same loan increased. Ford Federal Direct Loan Program and got a 5% interest rate on the consolidated loans. Back then I was looking at a monthly payment of 700 to 800, and no job in the offing, I took my in laws advice and with their help opened up my very own law practice. So for 6 years, my loans were accruing interest. I have no assets or inhertitance, so my pay back would be from salary only, plus I am single and pay all my own bills. Commenter: Abdul C. After I got my degree I got a job that I hated, which was doing accounts payable for a company that was running out of money.
Money loan now
I want to pay them off, my son needs me at home. How is this possible, they have collected over 2,000 dollars and still continues. I thought indentured servitude or debt bondage was a thing of the past. All analogies break down somewhere but in this one I am effectively giving U. I'll never be free of debt. Don't be fooled. After graduating, I remarried, and my husband and I planned to pay off the loan balance as quickly as possible. When I got my loans standard consumer protections existed, but US Dept of Education oversight was non existant. And I have recently read a Harpers magazine article, that explains why "not helping debtors" is so previlant.. In fact I had a hard time even getting a minimum wage position in any restaurant with just my degree and little background experience. When I tried to negotiate a payment amount proportional to my wages Sallie Mae simply refused and put my loan into default. I took out Federal approved loans my first year, and those terms are managable. The loan payment amount is renegotiated regularly, and any increase in my income will mean an increase in my payments on the student loan. Other loans you can shop around for a better interest rate, but not so with these loans. I did not really take on any loans until I decided to go for my Ph. ABSOLUTELY NOTHING!!! I want to pay off my debts, they are mine and I owe the money, I understand that. That goes for any loan - car, mortgage, student, etc. Not only did I finish my first four year degree, I went on to one of the nation's top law schools and now I am working on a Masters in Health Administration I started my adventure in education in 1983. We took out our loans in starting in 1987 and they were consolidated at a ridicously high interest rate. Where to borrow money I took out loans for my Master's in 1994 and without all of the acrewed interest added, it could be paid off by now. I graduated with a computer science degree and have applied to over 1000 places with very few interviews. But these days before going to college or grad school one might first be wary of being tortured for life. It's almost laughable. My monthly payments wipe me out since I'm an archaeologist, so don't command a high salary. Yes, what a NIGHTMARE. How did we get from the America we once were to the mess we are in today? I wish I had graduated years ago instead of just last month. I am 67 and a college student - something I have waited a lifetime to become! Commenter: Chris K. I wouldn't trade my education for the world. My lender sent me an e-mail recently to let me know if I am having trouble making ends meet, they can help me postpone some or all of my payments. So I stalled, I got into a post graduate law program for six months, which increased my student loan balance, but put off payments. People like me need to be released, so that we can go back to school if we choose to and get re educated, and become functioning members of this country..... Also most states have consumer laws about how many time a collection agency can call. And what kind of 'Personal Responsibility' did all of those kids whose parents paid for their educations have to demonstrate? Before I was placed on disability I lost a lot of work and ended up in default on my student loan. And the news media keep it all hush hush, since 1913. Money was immaterial to me then, but very material to me now. I found out that unless one graduates in the top 25% of their class, that their prospects are nil for finding a job that will pay enough to have any chance of making those payments. I wish I had studied finance. Unemployment for myself, my husband, and two children to feed left us with no money to pay some necessities, much less payments on the loans. THIS WILL BECOME AN INTERGENERATIONAL POVERTY PROBLEM IF PREDATORY LENDING CONTINUES!! He suggested that I consolidate my loans. I now see the truth - that I will most likely spend the rest of my life at my current standard of living: driving cars with mileage over 100K, secondhand clothing, $10 haircuts, vacations and travel completely out of the question, etc, etc. My balance now stands at over $87,000, even though I have made payments periodically over the years. I was able to make my $400 dollar loan payments with ease and was proud to do so. I have a deferment, but the accrued interest is still $400 monthly, so all payment progress would be quickly wiped out if I don't continue to pay. I was told my defferment was to end 04/2010. I didn't educate myself about student debt and took on the full amount that was suggested by my school. In 2000, I was a 53 year old returning student with high hopes and dreams of being a COLLEGE GRADUATE. Also at that same time my husband had a nervous breakdown. I was unable to work. I'm starting my life $33,500 in debt. My daughter and son both had to borrow money to get through college. To cut the story short, I am a teacher now and have been paying every month for the past 10 years, but my loans have still grown from around 24,000 to 64,000 dollars. He started acting funny, so we ended up divorced before I had enough money to start paying on student loans. Instead, I now faced a lifetime of living on paltry Disablity payments, with only a little extra from SSI. Perhaps the consumer credit system will just become devalued as time goes on from so many people slipping into debt. The school told me the government was having banks process the loans. Even though there has been an agreement on my status of "income contingent," the harassment continues from time to time and I have to go through the process all over again. At 18 I had a fantasy about life that did not require me to look closely at my decision to borrow money for school. There is a chronic shortage in her chosen area and although it will not pay much, she will have a job and she will finish college through her graduate degree with NO debt. I was put on "income contingent" status because barring a miracle, my income is static and I can never repay these loans. These are not some kind of shady, back-alley private loans; they are U. Yet, in the late 90's, YEARS after my disability case had been resolved, I suddenly got a call from EdFund (the California version of Sallie Mae). WHY???? because of a conflict of interest. I had know idea what I was getting into at 19 when I took out my first loans. If she won't take my case, I will be looking at a life time of garnished wages, no opportunity to own anything and no social security when I get old. Don't forget to type in "sample". MANY STATE GOVERNMENT ARE LIKE CALIFORNIA. The current bills being proposed to alleviate the problems in the area of student loan legislation are unsatisfactory and only help the student loan creditors. I have a good stable job, but not six figures or anything, but it still has potential to grow. The irony is that because I have a more practical relationship to money now, being that I am responsible for supporting myself, I would not seek to undermine my livelihood by creating anything but the most minimal financial obligations for myself. I have started looking for jobs, there isn't much out there that does not pay over $11.00 and hour, if your lucky. I absolutely expected going into graduate school that I would temporarily need to live a highly frugal lifestyle. Half of my loans are with Citibank, the rest are Federal loans. Now I am in repayment of my graduate loans which are in the six figure range and I'm working at a job that is paying me less than what I made with a BA degree. It is clear to see that in uncertain economic and social times, each one of us needs to examine the types of relationships we engage with. In 2001, I consolidated again and all of a sudden my balance of (then) $47,000 became $100,000! We're not afraid of living very, very cheaply in order to make ends meet. Expensive private schools are not for everyone. Contrast this with her friends who are just finishing their second year of private college with $40,000 (so far) in debt in fields like art and social work. It was a small relatively inexpensive state school. However, to my knowledge, they have never voluntarily negotiated down the amount they are owed. Both schools are considered public colleges and my tuition was FREE. Commenter: sick, sick, and more sick, we need help! At least they have access to the courts--you don't! I have talked to every single lawyer that I found out can do this only to be told by EVERY FIRM that they couldnt take the case. My decision was based on the New Income Based Repayment plan which would allow my payments for 25 years to be tied to my income and not more than 15% of it, which, when I plugged in my numbers (and my debt is going to be HUGE; like going to medical school all on loans), it comes out to about 1% of my annual income per month for monthly payments, i.e, 45k/yr=450; 50k/yr=500/mth;80k=800/mth--and it does not matter how much I borrow, as payments are predicated on annual income, and loan forgiveness on making those payments for 25yrs--and then the capitalized portion left over is foregiven. I retire, I, m all most on the street. Their pay, along with the rather redundant administrators, absorb most of the funds. US News Money. Business and Financial News fro U. S. News and World Report. I cannot give the degree back but many children profit from my care and warmth, humility and humor as well as rigor in working with children in Title I schools. I would have made an entire different decision. The only exception should be for the subsidized loan, which has special rules so that the student can afford to pay it back and not increase how much they are indebted by it while in college or unemployed. Now my debt has balooned to near $30,000. How heartbreaking, and how tragic that this is the message that an increasing number of young people will be hearing in the near future. An article posted in the NY TIMES nearly immediately after the bailout complained - saying the bailout money instead of going for loans - was BEING KEPT BY THE BANKS. When I was a little girl, I remember watching my mother do homework to earn her GED. It's all SELFISHNESS and GREED and these institutions are THIEVES. I was kicked out of college not allowed to finish. Additionally, as investigated by the New York State Attorney General, lenders and schools have for many years been in bed together, so to speak, to the detriment of borrowers so.... It's also frightening to potential husbands because they fear having to assume the debt. As a single mother with two small children, I made the decision to obtain a bachelors degree in order to make a better life for my family. I do not come from a family that could afford to contribute to my post graduate education, and could only somewhat contribute to my undergrad education. They say they have no idea who it will go to. I graduated with my Masters and $90,000 worth of student loan debt, $73,000 of which was attributable to two years of a graduate Ivy League education to become a social worker. Collect corp who collects for the DOE doesn't care, I have to make every payment on time or start over. At least, I was told that my loans would be dismissed. And that is what is destroying so many of the students lives. It paid for my bachelor's degree. I am a co-signer of my son's private studen loan, the lending company has from my perspective mis-informed me and now the loan is in default and I am having to pay the consequence of their actions. A MONTH TO LIVE ON. The fact is, it is the teachers get left behind forcing us into retirement. They found one more fool that thought of getting the AMERICAN DREAM ACCOMPLISHED!!!! LoanMe offers unsecured personal loans and small business loans. Apply online or call us today and get cash deposited as soon as tomorrow! Sallie Mae just cares about making money. I presume I can never get married, that none of us can get married, because spouses could be harassed and saddled with our debts. There is no job security, no entry level jobs for those who went to college or for people who go back to school to get retrained because of a loss of a job, and if you do finally get a job in your field the starting salaries are so low that you cannot possibly pay all your bills and be able to save for a rainy day let alone retirement. Never ever co-sign a loan for anyone!!! Considering the consequences, do we support a society that feels, that sees and reasons both with the mind as well as with the heart? Communication is dead end. I am paying each month. I quit school. Thank you for doing a feature on student loan debt and starting a dialogue on this. All loan inquiries are submitted to personal loan lenders offering loan terms greater than 60 days. We cannot guarantee you'll get a loan today, MoneyToday.com is They just want us to go back to sleep. My degree has cost me more than twice the 'sticker price'.
Then we their credit report is pulled, their score is hit hard because of the number of open accounts they have. And no, I'm not Republican. I went to school later in life (I'm now 48), and I can't see how I will pay back this money. What I am really angry about is that I am apparently not allowed to refinance it by federal law. By then I was really sick. Michigans economy is the worse. In early 2005 I decided to go back to school to obtain a second degree, but I needed help financing that degree. I understand you completely. In other words, they had no idea why their system told them this, and in fact two separate phone representatives confirmed that because I had paid all of my outstanding fees and penalties that there should be no more late fees due. I have two small SallieMae loans of 36K (maybe another smaller one too), a student loan from a Bank that is not consolidated, oh yeah, and a SallieMae consolidated loan for appx. They will borrow and borrow with no concept of what will happen when they go into repayment. Harvard has eliminated student loans, why can't the rest of the US? All because we choose to take care of our family- something I would think the American government would not only encourage, but facilitate. My first year out of grad school in 2008; my starting pay annually was 46,000 a year and increased to 54,000 this year (in Georgia). Payday lender direct
The only option that I see is to go back to school and finish my Bachelor's degree in the hopes of making a wage that I can survive on. I want to pay these loans back, but due to hours being cut at work and rent taking over half of my pay, I am financial unable to do so. I feel like I've be fattened up and harvested. In my darker "X-Files" moments, I start to believe there is a conscious effort on the part of The Powers That Be to a)undermine the education of the populace (e.g, making higher education something only the truly wealthy can afford), resulting in a citizenry that cannot think critically and does not question the status quo; and b)rigging the system in such a way that the vast majority become part of a permanent underclass who are lifelong debtors/wage slaves and are too beaten down to even think about fighting back. My town has a surplus of very smart people. UF312484945. While personal responsibility is a valid argument to make, majority of students did not use their loans for spring break vacations in Nice. I graduated in 1997 at age 30.
I feel my life is very oppressed and there is nothing to look forward to for my future. Sallie Mae has threatened me with taking my money out of my accounts without my approval, when I told them I wasn't able to pay the 68/mos they said that I was refusing to pay and that they would place me in default, which would in then allow them to garnish me. The schools are absolutely in on it. There is no free lunch, not now or ever! I have spent over $150K on my education and I have YET to earn that amount back! Your government doesn't care about you unless you got them elected with your money! But the student loans were often not enough, and so now I am saddled with both student loan debt and credit card debt, even after living a pretty austere existence throughout my time in school, working the entire time, and going to a low cost school. This was only for 2.5 years of school too. Live on the streets? My manager has told me that she would like for them to stop calling their harassing the other employees. I went to school, worked hard, had to pay most of my unemployment toward the loan for a fraud school which was on the states list of acceptable schools under the sec. No health care, predatory loans to go to school and don't get me started on how we treat the vets. Do I need to tell you what these jobs pay. THERE ALL LAIRES AND THIEVES. As other commentators have pointed out, most jobs in this country will never pay you enough to pay back this kind of money. As for people who were cheated and deceived as young people, we need to give them a bailout. What's worse is that I've noted that though I've paid consistently, the balance continues to go up - not down! I made the biggest mistake of my life. I was a student in the '80s who attended a state college as an undergraduate and later did an MFA at a private art college. I probably have about $100,000 in student loan debt, including subsidized, unsubsidized, private loans, etc. Then a loan consolidation option was offered, but Citibank wouldn't consolidate their own loan (2 loans - one each for two semesters). I sent letters, I talked on the phone.....frankly I gave up. Paying one would not have stopped the others from trying to collect. Personal Responsibility!!! We bail out the auto industry and the financial institutions...but not the "best and brightest" who will potentially comprise the future middle class?! FOR A HEALTHY FINANCED STATE. Guess i learned my lesson. So I was stuck for all those years working for pennies for someone else struggling to pay. We need help, we're drowning. I appreciated the opportunity to be part of the PBS Now that aired on 6/19/09. Free tutorials! So I took the MCAT (medical school admissions test). Hell or high water - these loans will not go into default. My loans are now over $70,000 which I can not pay. Also, for private student loans, you are not given the terms and conditions of your loan until AFTER you are obligated. TEN YEARS AFTERBEING DISABLEDAND ON SSI DISABILITY THE DEPT OF ED. Compare the latest & best deals on personal loans, including loans for bad credit & car finance. See the At the time when I took out my loans in the '90's to attend an Art School at Boston University, it didn't really dawn on me that as an art student, upon graduation I would have serious problems with paying it back. Thankfully, so far I've been able to keep up with the monthly payments, and 1 child is near finished and another is close behind, so pretty soon I won't have to take out any more loans, but I'll be paying them off for some time. Our vaunted financial system over the last two decades has established and built wealth based on the availability of exceedingly easy/cheap credit to make our "dreams" a reality.
But even with scholarships and grants, I still wind up taking out around $21,000 a year in private student loans from Sallie Mae. She said I have to options pay the delinquent amount or she could easy bring the account current by doing forbearance. Even with this job, my prospects are limited by age and likely work life. I was allowed to consolidate my student federal Stafford loans with the Department of Education to avoid default status in 2003. The whole thing is a mess. How can this person provide for themselves and children AND make any dent in a $98,000 student loan balance on $27,000 to $36,000 per year? I was penalized almost 30,000 dollars in penalties and late fees. So I am screwed. The real nightmare is the fact that you can go to college and get a 4 year degree but still not be able to find a good paying job in your field. We must fight back, be informed, get involved, and please don't give up the fight for treatment that we deserve as American citizens. So, I returned to campus with a "hardship" pass to get another Masters in a field where there were available jobs. When I finished school in 1998 Sallie Mae demanded a payment schedule which amounted to over 50% of my take home wages. Did anyone really believe that by removing these protections student loan borrowers would not be exploited? My parents knew I was going places. Guess what? They are not retiring--and who can blame them? Hey, I guess they have art programs in prison! That is just not the case anymore. I have helped hundreds around the country by telling you/them, what you need to do, who you need to call and the people in Congress who are repsonsible for letting these two voracious predatory lenders and voracious collectors rob what is left of your financial future. My 20 yr old has almost 2 yes done at our local community college and will do more when she has saved enough to pay for another class. Come here! How is that legal? Now they take my taxes, said they willtake my medical ins.and my s.s. I just feel as if I'm caught in a revolving loan and none of the companies will help me find a quicker way out. As a nation, we urgently need to reduce the financial burden of pursuing a higher education. I graduated a state college in 1996 after completing a Master of Social Work program with honors. At every college interview, I was told that my care for students and children came through loud and clear, and my knowledge of curriculum theory is extensive since I was part of a Curriculum Theory Project. I can't just declare personal bankruptcy; it will ruin MY credit too, to say nothing of the unfair load that would then fall upon the next generation of hopeful students trying to get Stafford funding. I wonder why that was not told to me when I signed up for college loans?? Tuition and cost of room and board reached $46000/year for my daughter and close to 10000/year for my son. For example, I agonized over my new company receiving a request for wage garnishment. I never heard back from him yet but I may write him again about it. I've dreamed of joining the Peace Corp but now I think this will prevent me from doing so. Basically I am looked at as a murderer or traitor who also has no statute of limitations on their crime. It appears that nobody ever gave her any advice about getting into hock this way - not in high school, or college, or even her parents. Okay I will await your insightful response. Don't go to school if you cannot afford it."- really? Stop now? It is even more of a stretch to realize how much I will pay back with interest! I have a bachelor's and a juris doctrate and I was forced to move back in with my parents. She had developed colon cancer. Then graduated into the worst economy since the Great Depression. Hope I don't end up like Socrates!! I am currently awaiting acceptance news from my application to an autism specialist masters program at university of oregon. I cannot own a home. Commenter: SURPRISED BY THE LACK OF CARING.. One guy used the race card, another accused me of drug use, eventually I got a tatto accross my forhead. I took the loans knowing not much of the details. I wanted to complete education and then I would have been able to pay back money. I don't know if I can list the website here but you should be able to find the information by using a search engine. That the many Vampires sucking our society dry might finally be pushed back in Health, Education, Military, Banking, and the myriad other ways more subtle was the Change I was hoping for. The hype that gov't, labor, and loan companies advertise to the American people becomes the lie when every fascet of our economy can be manipulated into making us think that higher education will get us a bigger paycheck. He said he filled in the paperwork and that it is being processed right away. Why when one takes out a $100,000 student loan not one minute is spent on educating you on the outcome of this, but yet you are punished as much as a murderer!! They helped themselves and then once again tightened up their purse strings. We need a change, and you know what we will never get it because we have gone stray for too long.
They took $500 off the top- which I now think was prepaid insurance if I defaulted. I'll need to change my religion so that I can pay off my college loans after reincarnation. After default, the interest and penalities have made it impossible to pay off these student loans.. But it is disheartening to pay $725 monthly, and see my balance go down only $150 at a time. It is easy to think that a starry eyed student of lesser years would not have had the second thoughts soon enough. Could this really have been an acredited University? I thought learning multimedia would give me edge on an internet income. I have made payments and even made a few payments through some lawyer which I never was given credit for and the amount just keeps growning. I don't understand why other circumstances can't be taken a look at. I wasn't able to take any of the work I had done for this company with me as a portfolio, so finding a new job was tricky. Some have committed suicide, others left the country. I found out later on that teh government guarantees the loan for Sallie Mae and then they can continue to collect on the debt by selling it to a third party debt collector. S. economic system. But paying the government eventually did get them to stop. America is a lost cause and I have no faith in the government to actually do the right thing. I fall through all the cracks..... Click here. Sallie Mae says it is in compliance with federal law. My loan costs me over $100 a month in interest, and I simply cannot make a larger payment. We are a debt society, we take on huge loans for school because we're told we should. It just seems there has to be a better way. I work in the student loan department at a university and I have troubles all the time trying to help students. The work is time consuming and it takes a caring person to do this job. We are the forgotten who carries most of the burden. My husband and I live off of my 30K salary and contribute his 32K salary to the loan. No one told me then that they can garnish your wages, take away social security and put liens on anything you own and hunt you down forever making sure your life is oppressed! I cannot live on my salary with my student loans and it shouldn't be that way. My college offered no funding for teaching programs. It just isn't kids fresh out of high school that is fed the lie but us olders that are trying to make our lives better. She considered "disbursement" to apply to the consolidation date, while it is clearly defined as referring to when the student was in school. Even if I am able to retire, I will still have to be able to afford my student loan payment. Then I took out another $40 for grad school and I'm paying on that now.. I had a state job so my Social security was reduced by a goverment penion offset of 2/3% of my state retirement. I made the biggest mistake of my life that now I have to pay for forever.
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