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!
I borrowed $70,000 total (federal and private). After a year of deferment due to not being able to find a job right away, I now owe $92,000. Wells Fargo almost didn’t let me defer. I make $29,000 annually. I’m a music teacher.
Recently, Congresswoman Virginia Foxx raised eyebrows when she expressed her lack of sympathy for those who are currently drowning in student debt. Foxx, 68, makes the assertion that she was able to attend college and she “never borrowed a dime” in her seven years it took her to finish her undergraduate degree.
How is her college experience even remotely relevant to students of today? It’s not. In fact, she is just another example of a cancerous bureaucrat that is infecting Congress and a great example of why so many Americans today no longer trust our government. Instead of fighting for her constituents, she seems to be waging a war against them. She also fails to acknowledge that when she was graduating from college in 1968, according to the University of Minnesota, students only needed to work a minimum wage job just over six hours a week to afford college tuition. Foxx, a former college professor and community college president, also seems to forget that since 1978, college tuition has skyrocketed by over 900%, outpacing inflation by 650 points.
So why might Foxx be waging war on education? Look no further than her cozy relationship with Sallie Mae and the thousands of dollars in campaign contributions from Sallie Mae, Nelnet and the fact that 76% of the time she votes in favor of her campaign donors.
Outstanding Balance: $7,904.52View Payoff Details Scheduled Payment $200.00 on 3/14/2012 Monthly Auto-Debit 108.67 on 9/28/2015 Last Payment:
$2,400.00 on 2/2/2024
Status:
Multiple
Benefits/Details View Loan Benefits and Details
I am paying and paying and paying, came from Poland, study English and Economics in Central Connecticut State University and I am not a deadbeat. I took $14,000 for my Bachelor degree and I have 3 more semesters until I graduate. I will graduate without taking more loans, as I found a way to get grants and scholarships until graduation. Anyway, I borrowed $14K, paid $6,100 so far and still owe $7,900! Why is college so expensive? I pay $200 each week but the balance is moving so slow. Is there any option to get the hell out of the balance?
I tried to set up payment plans on my student loans, but they wanted astronomical down payments that I didn’t have. I let my loans default until they required wage garnishments. They take 15% of my salary. For a while I had two separate garnishments, one to Wells Fargo and another to Texas Guaranteed. Wells Fargo is now paid off. Now $622 comes out of my check monthly. I still owe over $13k. They also take my income tax refund each year.
I graduated from a local private college last May. I went back to school with elementary kids at home. I could not qualify for financial aid because my husband Makes $90,000.00 a year. Yes, that is a decent salary, but raising a family with so many fixed expenses in this economy is an obstacle. My tutition for this private college was $8,000.00 a semester. I also took out a little extra to make ends meet for gas, teaching expenses, etc. Fast forward one year I am now 43 years old with no teaching job. I have been subbing in the county for the past year, and there are 80 applicants for elementary education jobs in Grady County. If I do not receive a job soon, I will be forced to take any job because I can not keep Wells Fargo from hounding me everyday, three times a day. My payment is $679.00 per month. I also have a few more loans out, but that is my biggest and hardest to manage. The other loans range from $50.00 (which I have been paying) to 150.00 per month. So far I have paid $900.00 so far to Wells Fargo. I need to be worrying about retirement and putting my exceptionally gifted kids through college, but I am burdening my family with this debt. I am a Christain, but lately I have felt like killing myself over this!
At a time when young people should be planning their lives, many now are faced with inescapable lifelong student debt which sucks away most of their disposable income.Many in our generation wake up every morning and realize that we will never be able to afford a car, a home, health insurance, or even to start a family. The American Dream?Gone.
Since 1978 college tuition has skyrocketed over 900% while, simultaneously, funding for grants continue to be slashed. The result?Students are forced to mortgage their futures with non-dischargeable student loans. Since 1999, student debt has increased by 511%,nearing $1 Trillion.
To make matters worse, at least 1 out of 5 students currently DEFAULT on their loans, resulting in devastating consequences, including: exorbitant fees and penalties, exploding and usurious interest rates, destroyed credit ratings, possible suspension of driver’s licenses, possible suspension of professional licenses, and more.
We stand in solidarity with everyone that is fed up with this predatory lending system.We are OccupyStudentDebt.This is why we occupy. We are the 99%!
Who is YOUR Representative? Work with Occupy Student Debt and Forgive Student Loan Debt to petition EVERY Representative to support HR 4170. Start your own petition urging YOUR Representative to support the Student Loan Forgiveness Act of 2012.
Dear Representative ________,
My name is _________, and as one of your constituents, I urge you to support H.R. 4170 The Student Loan Forgiveness Act of 2012. Like so many other young people, I borrowed money for school and I’m drowning in debt. I borrowed ________, paid ________ and still owe_____. With 2/3 of college students borrowing money for school and 1 out of 5 defaulting on their student loans, we clearly need serious and swift action. We are suffering and want to contribute to society but we’re drowning in debt.
Rep _______, please support ending indentured servitude and support the Student Loan Forgiveness Act of 2012 (HR 4170).
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.
