OCCUPY STUDENT DEBT

I graduated in 1998 with a degree to teach Spanish, was told my “loans” were forgivable because I was to teach a critical needs subject AND in a critically needy district.  I owed at the time $44K.  Well, a single mom on a teacher salary can barely afford to live.  Deferred for 3 years, then payed some then did economic forbearance on and off.  Was advised to consolidate from SC Student Loan Corp to Direct Loans to get better repayment options.  so I did.  Guess what? that locks you in at whatever rate you had.  8.25%!!!!!  Now, in 2012, I owe $96K!!!  Insane!  I am not a doctor!  I did not attend Med School!  I will never be able to may 120 payments!  NUTS!!!!!

I was the first and only child in my family to attend college. Without any financial guidance whatsoever, I was told that it was the key to unlocking my dreams. For, nobody could get a job without going far. So, I signed up for an Associates Degree.

I needed books, so I took out a loan for books. The friendly financial aid clerk handed me some paper work, I filled it out. It seemed very straightforward. My check arrived an I got books and other living expenses paid. This was great. Accomplishing my dream.

Then I find out that I am accepted as a transfer student to a 4 year BA. Wow! The Big Time! I worked hard. Why not? I accepted. But, sir, you will need to come up with a few thousand dollars. Sign here, sign there. It wasn’t like a mortgage, just a few slips a paper. It was a very covert process. But, I noticed that each loan the university would receive hundreds of dollars totaling thousands of dollars over the years. 

All of this loan business started around 2000-2001. We are now in 2012 and I owe 140,000 dollars from education obtained from public schools. I couldn’t work a full time job, so I had to borrow money for living expenses too. I even received a few scholarships, but they were small. 

I have a BA and an MS. I support a spouse and my parents. I owe $140,000 dollars. My monthly payments are $900 dollars a month. I can’t afford a home—barley make rent, groceries and transportation. I would gladly bargain for half. There should be a cap on our monthly payments. $900 is reasonable if you’re making $150,000 a year. But $40,000 and 50,000 dollar salaries today aren’t what they were ten years ago. 

Rent has gone up, gas has gone up, food, utilities, everything—all the life essential resources have increased, but salary stays the same. I can’t afford it.

Years ago I went to college to study accounting, and like millions of other Americans I took out loans to pay for it.   A few years later I got a temporary job in the accounting department at Bain & Co., and after 6 months of reliable work I was thrilled to be offered a full-time position.

However, just a few weeks after starting in my new position the company fired me because my debt-to-credit ratio was too high.  I later learned that 60% of employers now check credit reports, which typically include student debts.  How are you supposed to pay off your student debts if you can’t get (or keep) a job BECAUSE of your debts? And what do my student debts have to do with my ability to do a job well anyway?

25 states have debated bills in the last year to restrict this practice, and in a number of these states one company has fought hardest against these efforts: credit reporting company TransUnion.

What’s ironic is that Penny Pritzker, TransUnion’s Chair and part owner, sits on President Obama’s Jobs and Competitiveness Council, which advises the President on putting Americans back to work.  How can someone advise on national job creation when her company sells products that may keep qualified people out of work?

Please join me and 25 national civil rights organizations in calling on TransUnion to stop its sale of credit reports to employers.  As the only one of the “Big 3” credit reporting companies that’s privately held, TransUnion has the ability to stop this practice overnight.  

It was recently announced that in the coming weeks TransUnion will be sold to two private equity companies, including Goldman Sachs.  If Penny Pritzker is serious about job creation, she should do what she can to ensure that her company stops this abusive practice before the company is sold.

Click HERE to sign Latoya’s Change.org petition

Pls RT: what does my student debt have to do w/ my ability to do my job?
#StopTransUnion #OccupyStudentDebt #UniteHere
http://www.change.org/petitions/transunion-stop-selling-credit-reports-to-employers

I am 33 years old and currently have $25,000 worth of student loan debt. The majority of my student loans are private loans from Sallie Mae.  I’ve been paying back these loans since 2008 and my principal balance has not decreased.  It sucks the interest rates on student loans are so high.

The weight of student loan debt makes it harder for students to further their education and it’s a disservice to society.  Why are people being punished for furthering their education?  When people are educated there is a greater chance they will become productive citizens.   There has to be student debt reform!

Current balance, $175,000. Original Principle was $120,000. Administered by Sallie Mae and National Collegiate Trust (American Education Services) I imagine in the next few years it will be a quarter million.

I’ve never been able to touch the principle since i started paying. I struggled finding a job for 2 years after school, and my interest skyrocketed during forbearance and deferment.

Now i finally have a well paying job as a graphic designer, and i still struggle. My job is very demanding, i work long hours, and usually have to take side work to make due. I mostly live paycheck to paycheck, my monthly payments equal around another month’s rent, about $1200. I also suffered two great family losses in one year, had to move, and had some health problems. Which put a huge financial burden on my life. Sallie Mae and National Collegiate Trust have no sympathy or understanding for their customers. At this point i’m so far behind payments, I have no idea how i’m going to catch up. I get about eight phone calls a day harassing me for money i don’t have, threatening to sue me, and unwilling to work around my pay schedule or income. It’s humiliating, demoralizing, and disruptive. This disturbance and added stress makes it difficult to concentrate on my work, and takes a toll on my general well being. I’ve even had the collections agencies (who are owned by the lenders) make harassing phone calls to my office, extended family, and even friends.

At 19, had i known my education was going to cost me over a quarter million dollars, i would have made other arrangements. But the schools are payed by these lenders to sell you these loans, and they sell that dream of success really well. My only hope now is that my family and I remain in good health and hopefully the laws change soon.