315 posts tagged Sallie Mae
In October Kyle McCarthy, Stef Gray, and Robert Applebaum started Occupy Student Debt and look at what it has blossomed into- quite a MOVEMENT! Check us out in Van Jones’ New York Times Bestseller, Rebuild The Dream!!!
Sallie Mae is greedy!
Occupy Student Debt!!!
I knew the principal balance was bad but I didn’t realize how bad till I added it up! So depressed again!
Each state should pass a law stating that in order to borrow money to pay for a state college high school seniors must attend a student loan debt lecture given by college seniors - not the school finance office. In other words…don’t go to college on student loans…it’s just too risky. Once the pool of incoming fresh meat dries up the colleges and lenders will have a reason to make some changes, but as long as there are new suckers to be had this nightmare will continue. It may be too late for a lot of you, but you all could really help others by getting involved in warning young people about the trap that’s been set for them.
I’m 27 yrs old and I owe about $22K in private loans. When I checked the balance the loan grew to $39K. I took the loan out about 5yrs ago and I have had to do forbearance during the course of the five years because of the fact that I was not making enough money. I was on and off jobs and whats really worse is that when the economy collapsed, it has become hard to find stable employment. I have been unemployed for the past 2yrs. Finally, I got a statement from Sallie Mae saying that I had to pay the full loan upfront or other wise I was going to into collections. In order for me to get into a repayment program I had to use a bank account so that they could debit the monthly payments. I had to borrow money just so that the loans would not go into default. The customer rep Teresa told me that if I default, its like defaulting on a mortgage. She even told me that I can let the loan go into default and that maybe the debt collector would settle with me. Sallie Mae is nothing but a botched company that takes the principal amount and triples it. I even tried to settle the loan even with a 1% to 2% and they said we cannot do that. They should know that if something happens in which someone becomes deceased especially if you do not have children nor are married, Sallie Mae you lose the money that was owed to you. There will be no one to go after. They need to accept the money that is offered and at least look that I am willing to pay. People if you must file a complaint with consumerfinance.gov they will listen as action must be taken.
DSCF6058 on Flickr.
University of Colorado seniors “Occupy Graduation”!
The government isn’t thinking for the future. One issue: insane amount of student debt. We’re expected to pay for the debt -fine. Issue two: Lack of jobs. No jobs = no income = debt -not fine. In fact, impossible.
My goal was to become a doctor, but I don’t think I can even continue to afford my undergraduate education. I’ve already been telling myself to accept the reality and go to college near home instead; giving up what I love, and taking up something I have no interest in. Might as well just not go to post-secondary altogether.
It’s obvious, the government has designed society in such a way where only the rich can excel. Only the rich can be educated to get good jobs, to get even more rich. Way to increase the gap between the rich and poor.
“Right to an education”? Well, my education is going to be taken away soon (by the very people who “enforced” that statement -the government) because the government made it impossible for me to continue university.
We’ll be following Snowe’s vote on the upcoming Stop the Student Loan Interest Rate Hike Act which could either:
a) Keep interest rates on federal student loans the same or
b) double interest rates on federal student loans.
If she votes to double them, that would suck. It would also be stupid.And here’s the tricky thing— there’s no good option for Snowe to look good. Because there are no restrictions on where federal student loans can be spent (like say, only on tuition for accredited institutions) snake oil salesmen like Olympia Snow and her Husband can run these phony colleges like the Arts Institute of California - Hollywood, which are non-academic, non-accredited “colleges” which offer worthless degrees and have non-transferable credits.
It’s a MASSIVE conflict of interest for Snow to be voting to make student loans more available when she’s raking in the dough with her fake school.
And it’s even MORE audacious that she’s University of Southern Maine’s commencement speaker this year.
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!!!!!
