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?
