OCCUPY STUDENT DEBT

Student debtor stories submitted by the 99%

A message to John Kerry, Scott Brown, John Olver, and Barack Obama: Dear Sir, I’m writing to state my frustration about the lack of support from Congress to truly help reduce student loan debt. I would like Congress to pass legislation that would reduce the interest rates on all student loans past, present, and future to 3% or lower. As a first generation college graduate who attended public universities and earned a BS and MEd., and who has been working for the past 15 years full-time and making on-time monthly payments towards my initial total student loan debt of $70,000, I still struggle to pay down the principal balance. Currently, the principal balance is at $65,000 after several years of paying $520/mo. The interest rate is way too high and is too blame! I’m not asking for forgiveness of my debt. I am proud to pay my own way. And as I’ve mentioned, I’ve been making payments on-time all these years but my principal balance barely goes down because the interest rate is way too high. My payment mostly goes to interest, even after all these years of paying $520/mo. Student loan interest rates are just way too high. Rates should be no higher than 3% yet they are at 6% and even higher. My federal interest rate on my consolidated loans started at 8.125%. Thankfully, after years of on-time and automatic payments, the federal lending partner (ACS) knocked it down to 6.5%. Even still that’s very high. I still can barely knock down the principal balance. I’m on schedule to pay off my student loans by 2034 at $520/mo. I will be 62 years old. That’s outrageous. It’s bad for the middle class and our economy. There’s no way to get ahead. If Congress could pass legislation to reduce the interest rate to 3% or lower on all student loans, it would be a win-win situation. The lender would still get a good chunk of profit while the student borrower would have a little less struggle in paying down their principal balance, and thus, have a chance to achieve the American dream of a little bit of prosperity. Please consider sponsoring such a bill that would lower interest rates on all student loans past, present and future. Thank you.

A message to John Kerry, Scott Brown, John Olver, and Barack Obama:

Dear Sir,

I’m writing to state my frustration about the lack of support from Congress to truly help reduce student loan debt. I would like Congress to pass legislation that would reduce the interest rates on all student loans past, present, and future to 3% or lower.

As a first generation college graduate who attended public universities and earned a BS and MEd., and who has been working for the past 15 years full-time and making on-time monthly payments towards my initial total student loan debt of $70,000, I still struggle to pay down the principal balance. Currently, the principal balance is at $65,000 after several years of paying $520/mo. The interest rate is way too high and is too blame!

I’m not asking for forgiveness of my debt. I am proud to pay my own way. And as I’ve mentioned, I’ve been making payments on-time all these years but my principal balance barely goes down because the interest rate is way too high. My payment mostly goes to interest, even after all these years of paying $520/mo.

Student loan interest rates are just way too high. Rates should be no higher than 3% yet they are at 6% and even higher. My federal interest rate on my consolidated loans started at 8.125%. Thankfully, after years of on-time and automatic payments, the federal lending partner (ACS) knocked it down to 6.5%. Even still that’s very high. I still can barely knock down the principal balance. I’m on schedule to pay off my student loans by 2034 at $520/mo. I will be 62 years old. That’s outrageous. It’s bad for the middle class and our economy. There’s no way to get ahead.

If Congress could pass legislation to reduce the interest rate to 3% or lower on all student loans, it would be a win-win situation. The lender would still get a good chunk of profit while the student borrower would have a little less struggle in paying down their principal balance, and thus, have a chance to achieve the American dream of a little bit of prosperity.

Please consider sponsoring such a bill that would lower interest rates on all student loans past, present and future. Thank you.

Notes

  1. thereallizlemon reblogged this from adventuresinlearning and added:
    This scares me, but it is the truth.
  2. foreverrhapsody reblogged this from khakhov
  3. khakhov reblogged this from adventuresinlearning
  4. thirdworldartocracy reblogged this from adventuresinlearning
  5. buildyourfenceshigh reblogged this from adventuresinlearning and added:
    ^^^^^^Sooooo true. If you’re a student, you know EXACTLY how this is. Unless you’re filthy rich which in that case,...
  6. adventuresinlearning reblogged this from occupystudentdebt
  7. Mike S submitted this to occupystudentdebt