My name is Martin and I stopped making payments to my student loans 5 months ago. I currently have $300K in student loans (started with 260K) from the various lenders listed below:
-Wells Fargo: ~128K
-Chase: ~ 48K
-Citizens Bank: ~99K
-SallieMae: ~25K
My phone, my brother’s phone, my dad’s phone, and everyone else related to me gets about 1 phone call every 2 hours. My intentions were to negotiate with these people, however they are unwilling to change there demands, I have asked for lower payments, interest rate reductions, principal reduction or anything else. The only thing these lenders do is make threats to me and my family. I have blocked all their calls until these lenders file law suits and legal proceedings start. I am planning on getting the best lawyers I can afford to help me in these matters.
I just wanted to share my story, thank you for listening.
I am a full time musician who graduated in 1996 with an original student loan dept of $80,000 that since then has escalated to over $105,000. As you know, musicians do not make a lot of money as it is, but I never fully realized I would have to carry such a burden now, especially at the age of 45.
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.
What to do? Sallie Mae is taking me to “legal” now. They have cashed my little checks each month, but won’t put it towards the $150 that it costs to defer the loan. They can only accept one check to do that whether I have paid $150 already, but it was several payments and not on one check. Who else does this? Will my loans be forgiven if this law passes and I’m already in “legal” which I guess means I’ll be with another bill collector?
I have been reading the argument on how people sign the contract and should be liable for their debt they are incurring from their student loans. How many actually read the document and how many were encouraged by television ads and other media or even friends and counselors at school that getting a higher education is the way to go. I realize now that higher education was a wonderful thing, however not worth the cost of it. Education in this country should be free, then we would not care as much how terrible our politicians are today and how worthless our government is as a whole. People need to stand up for what they believe and wake up to what is happening.
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
