OCCUPY STUDENT DEBT

Student debtor stories submitted by the 99%

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Mr. Samuel Pratt

I recently finished a degree program with initial goal for a PHD degree but settled for a second Master’s degree. I am up to my throat buried in student loan debt. I owe approximately 180K in Student Loan debt. I cannot come up with a job, even in the most minimal technical jobs. Yesterday, like most days, I got two rejection letters, nicely written, that though I am qualified, they have hired another candidate most suitable for the position. At this rate, I am never, ever going to be able to pay back every penny of these loans. Except, may be if GOD willing, HE blesses me with financial wealth, as I preached in my congregation and promised before them and GOD, that I will pay back every single penny of my student loans. Then and only then, will I be able to repay back every dime. GOD Help us.

THANK YOU OCCUPY PURDUE!________________________________________________________________ Come watch Default: the Student Loan Documentary on Wednesday, Feb. 29 at 6pm in BRNG 1268 (Purdue University). We will have a discussion with panel members after the film. Information about the film at www.defaultmovie.com http://www.facebook.com/events/195351090565619/http://www.facebook.com/occupypurdue

THANK YOU OCCUPY PURDUE!
________________________________________________________________

Come watch Default: the Student Loan Documentary on Wednesday, Feb. 29 at 6pm in BRNG 1268 (Purdue University).
We will have a discussion with panel members after the film.
Information about the film at www.defaultmovie.com

http://www.facebook.com/events/195351090565619/
http://www.facebook.com/occupypurdue

I graduated from a small private school in California. I have a BS in Anthropology and Environmental Studies. I got an excellent education. My parents could not afford to pay for college, and my school did not give out good financial aid, so I took out loans. I originally took out around 90k. I have 5 student loans, 4 of which are private. When I first graduated college I moved to Portland, Oregon and worked a job which paid $9.00 dollars an hour because it was all that I could get (the job market up there is very bad). I had 6 months before the 4 out of 5 of loans started kicking in. I had my first mental breakdown in January of 2010 when my first payments were due, and they started around $500.00. I had no idea that it was going to be this much. I found another part time job, this one making $11.90 an hour. I worked six days a week and had to commute 35 miles for my jobs. I had to borrow money from my parents, grandparents, and roommates to get by, although it wasn’t really borrowing since I couldn’t afford to pay them back. I had to call two loan companies to change my payment plan so that I pay less now, and more later (meaning $150.00 now, and will eventually have payments of $450.00, and this is just for one loan!). By June of 2010, my 5th loan started kicking in, making my monthly totals $668.78. As my first part time job was as a teacher and ended right before summer break, I was back to one part time job. I then applied for food stamps, because all of my income was going towards student loans. I fed myself for the next few months on food stamps (thank god for that!). Since my second part time job was technically a paid internship, I discovered that some loan companies allow you to defer during your employment. I was able to defer two private loans until the end date of my internship (August of 2010). My federal loan (Direct Loan) allowed me to defer for up to a year. The two other private loans wouldn’t help me. Once my internship was over I contacted my loan companies to let them know that I was now unemployed and was looking for work and may not be able to make full payments. They all were pretty helpful, or at least kind, except for Wells Fargo. Wells Fargo told me that even if I had $50.00 dollars left to my name, it should go to them. I made partial payments for about 3 months, thinking that as long as I paid something ($50.00 or $75.00 out of $150.00) that they would get off my case as I have called them many times to explain my situation and I could catch up once I had a job. They started harassing my co-signers (parents) and calling them every morning at 8am making threats. My parents aren’t in a good financial situation (also a lot of debt) and I woke up every morning feeling stressed and sick thinking that Wells Fargo would take action (over me being only $150.00 behind). I moved back to California to live in my parent’s basement, since all the money that I was making was going straight to these companies and I couldn’t afford rent. I am so thankful that I have family that can help me in a time of need by providing shelter and assistance. If I didn’t have them, I don’t know what I would do. I have been pretty lucky in that I haven’t had much trouble finding work. After about 2 months (which I consider good) I found a job that pays over $19.00 an hour. However, with a monthly loan payment of $668.00 a month, I cannot afford to be independent and still can’t afford to live on my own. After taxes, 28% of my income goes to student loans alone. That is almost 1/3. I have been living in my parent’s basement for a year now, with no savings to show. I am 25 years old. I don’t know when or if I will be able to afford living on my own, especially in this economy. I really had no idea what I was getting into, as loan payments did not become a reality until after college. I never experienced anxiety until the loan payments started, and I have been stressed ever since. At this rate, paying the minimum, I will pay off my loans in about 30 years (when I am 55). Having a large debt of 90k (not including interest) at 22 years old is scary and its even more than that today with interest applied. Although my borrowed amount was $89,061.22, since graduation (2.5 years) I have paid off over $10,000.00, and I still owe more than I borrowed with a current balance of $91,959.78. I have been busting my butt and have not even taken a dent in the money that I originally borrowed. I am not planning on ever buying a house, or a car, or having the “American Dream”. But hey, at least I am surviving and am healthy, right? I don’t think I would be where I am today without my college education, as I am in the field that I want to be, and really enjoy my job, but I definitely question my decisions. I always come back to telling myself “you can’t do anything about it now, so just deal with it”. I am trying to deal with it as best as I can.

I graduated from a small private school in California. I have a BS in Anthropology and Environmental Studies. I got an excellent education. My parents could not afford to pay for college, and my school did not give out good financial aid, so I took out loans. I originally took out around 90k. I have 5 student loans, 4 of which are private.

When I first graduated college I moved to Portland, Oregon and worked a job which paid $9.00 dollars an hour because it was all that I could get (the job market up there is very bad). I had 6 months before the 4 out of 5 of loans started kicking in. I had my first mental breakdown in January of 2010 when my first payments were due, and they started around $500.00. I had no idea that it was going to be this much. I found another part time job, this one making $11.90 an hour. I worked six days a week and had to commute 35 miles for my jobs. I had to borrow money from my parents, grandparents, and roommates to get by, although it wasn’t really borrowing since I couldn’t afford to pay them back. I had to call two loan companies to change my payment plan so that I pay less now, and more later (meaning $150.00 now, and will eventually have payments of $450.00, and this is just for one loan!). By June of 2010, my 5th loan started kicking in, making my monthly totals $668.78. As my first part time job was as a teacher and ended right before summer break, I was back to one part time job. I then applied for food stamps, because all of my income was going towards student loans. I fed myself for the next few months on food stamps (thank god for that!).

Since my second part time job was technically a paid internship, I discovered that some loan companies allow you to defer during your employment. I was able to defer two private loans until the end date of my internship (August of 2010). My federal loan (Direct Loan) allowed me to defer for up to a year. The two other private loans wouldn’t help me. Once my internship was over I contacted my loan companies to let them know that I was now unemployed and was looking for work and may not be able to make full payments. They all were pretty helpful, or at least kind, except for Wells Fargo. Wells Fargo told me that even if I had $50.00 dollars left to my name, it should go to them. I made partial payments for about 3 months, thinking that as long as I paid something ($50.00 or $75.00 out of $150.00) that they would get off my case as I have called them many times to explain my situation and I could catch up once I had a job. They started harassing my co-signers (parents) and calling them every morning at 8am making threats. My parents aren’t in a good financial situation (also a lot of debt) and I woke up every morning feeling stressed and sick thinking that Wells Fargo would take action (over me being only $150.00 behind).

I moved back to California to live in my parent’s basement, since all the money that I was making was going straight to these companies and I couldn’t afford rent. I am so thankful that I have family that can help me in a time of need by providing shelter and assistance. If I didn’t have them, I don’t know what I would do. I have been pretty lucky in that I haven’t had much trouble finding work. After about 2 months (which I consider good) I found a job that pays over $19.00 an hour. However, with a monthly loan payment of $668.00 a month, I cannot afford to be independent and still can’t afford to live on my own. After taxes, 28% of my income goes to student loans alone. That is almost 1/3. I have been living in my parent’s basement for a year now, with no savings to show. I am 25 years old. I don’t know when or if I will be able to afford living on my own, especially in this economy.

I really had no idea what I was getting into, as loan payments did not become a reality until after college. I never experienced anxiety until the loan payments started, and I have been stressed ever since. At this rate, paying the minimum, I will pay off my loans in about 30 years (when I am 55). Having a large debt of 90k (not including interest) at 22 years old is scary and its even more than that today with interest applied. Although my borrowed amount was $89,061.22, since graduation (2.5 years) I have paid off over $10,000.00, and I still owe more than I borrowed with a current balance of $91,959.78. I have been busting my butt and have not even taken a dent in the money that I originally borrowed. I am not planning on ever buying a house, or a car, or having the “American Dream”. But hey, at least I am surviving and am healthy, right? I don’t think I would be where I am today without my college education, as I am in the field that I want to be, and really enjoy my job, but I definitely question my decisions. I always come back to telling myself “you can’t do anything about it now, so just deal with it”. I am trying to deal with it as best as I can.

This Sunday, DEFAULT: The Student Loan Documentary will be shown at the San Francisco Indie Fest followed by a panel discussion with filmmaker, Serge Bakalian, Nat Lippert of Unite Here/ Credit Catch 22, and one of our own, Kyle McCarthy!

Source sfindie.festivalgenius.com

A recent submission: The US Department of Education is now doing what would be considered to be fraud if any other business was caught doing this to clients. People currently in default and in the rehabilitation process are being screwed right now because of the DOE incompetence of getting the computer system upgraded. Many that have paid their 9 month fulfillment are having to continue to pay until DOE fixes their problem. I finished my 9 months, received no notice, no letter stating that I had to keep paying because they were not letting anyone out of default. Then wouldn’t you know it, I received a statement three months later stating I owed money to them, I called and was told that I have to now start the 9 months ordeal all over again because I didn’t make payments beyond what the agreement was. Talk about a raw deal. And this is going on to thousands right now.

A recent submission:

The US Department of Education is now doing what would be considered to be fraud if any other business was caught doing this to clients. People currently in default and in the rehabilitation process are being screwed right now because of the DOE incompetence of getting the computer system upgraded. Many that have paid their 9 month fulfillment are having to continue to pay until DOE fixes their problem. I finished my 9 months, received no notice, no letter stating that I had to keep paying because they were not letting anyone out of default. Then wouldn’t you know it, I received a statement three months later stating I owed money to them, I called and was told that I have to now start the 9 months ordeal all over again because I didn’t make payments beyond what the agreement was. Talk about a raw deal. And this is going on to thousands right now.

“

Finally, they sent a letter saying my debt was discharged. I was elated to have that unbelievable burden off my back. I began to feel better. After eight years alone, I remarried and moved with my new husband to the place where his job was located.

That was in 2002. Life was good for a few years until we bought a house. That’s when the student loan people wrote again and told me I still owed them money. I couldn’t believe it. They said the discharge letter was sent to me by mistake.

”

Utterly Screwed

I have $80,000 in student debt with about an 8.5% interest rate on them. Sallie Mae had $40,000 of them, but I had them consolidated and paid for with a personal loan. Now, my guess is, these are now not considered student loans. The other $40,000 are with Student Assistance Foundation and FedLoan. None of my loans were able to be consolidated and I was SICK of them being sold to random other places. In 3 months, my loans were sold THREE times. Tons of paperwork and stupid notices. Rather than loans being capable of coming from one place, sending in one payment and making it a manageable payment is apparently too much to ask for. It is infuriating that these companies are making billions off of students. All we ever wanted was to get our education and better our lives. Now, some of us face collections and damaged credit. Tell me, does that seem fair? Bail us out and we will help rebuild this damaged economy.