I have paid $20103.00 on the original $16,730.00 borrowed. I still owe $46,950.00. Even if I was able to pay this off today, I will have paid over 4x the amount for what I have borrowed. I don’t own a home, don’t have a family and never will, and I am harassed every single day by phone calls, texts, and emails. I have not defaulted on my loans, but I also am not paying the full amount, because I would like to continue to eat, have a place to live and be able to drive to work (in which the location changes quite often). The amount I pay only covers the late fees that Sallie Mae charges me every month, but this is no different than what happens when I pay the full amount. I had a loan consolidation done a few years ago, and the way that Sallie Mae structured the loan, there are actually two loans in a single wrapper. That allows them to take my payment and split it between the loans in such a way that it only ever covers the accrued interest and I make little or no progress on the actual principal (due to the compounding interest of 8.25%). I will never be able to retire, I will never be free of this albatross. I am an indentured slave, owned by the Sallie Mae corporation and eventually destroyed by them. I am being crushed under this systematic theft. Any value I would have gained from the education I received, has been fully extracted - siphoned off by these parasites, under the full approval of the government of the United States. I am the 99% and I am encased in economic slavery.
I owe 4x what I borrowed!
