OCCUPY STUDENT DEBT

I have a Master’s Degree and over $100,000.00 in student loans. The interest on my loans is approximately $600.00 per month. At the present my loans are in economic deferment.

I am an adjunct professor at a community college. I make $1750.00 per class, per semester; after taxes that is about $1550.00. Thus, in a sixteen week semester –five months if I teach two classes I will take home $3100.00. I do not have benefits. I have taught three classes in a semester but normally I teach two classes. As a part-time adjunct I cannot teach more than four classes. I would make more working at MacDonald’s in a four hour week. However, minimum wage employers are reticent to hire people such as myself since they assume that we will only stay until I find a better position.

Obviously I can neither afford to pay back my loans or support myself.

I live in blue collar part of the Midwest. In other words, having an advanced degree is more of a hindrance in the job market in my immediate area than it is helpful. I am fortunate that I am married and therefore I am not out on the street starving. My husband [a disabled veteran] who recently earned his Associates of Arts supports the family on his $15.75 hourly wage.

I do not want my loans forgiven. I just want a job that will allow me to contribute to my community, my country and pay back my loans before I am 80 years old. I fail to see the logic in charging me $600.00 a month interest with a myriad a different interest rates. The taxpayers are not benefitting from these charges. Although I try to remain positive and keep searching for full time employment it may be years before the taxpayers even begin to recoup the interest on my loans—never mind the principle.

The system needs to be changed NOW! Here are my suggestions for changing the system:

1. While in school, the interest rates for unsubsidized and subsidized Federal student loans should be two percent.

2. Three percent should be the ceiling once out of school.

3. There should be one constant rate for Federal Student loans.

4. These rates should come up for review every ten years and be authorized by Congress if there is to be a rate increase.

5. If a borrower is out of work for more than a twelve month period the accruing interest should freeze.

6. Once gainfully employed at a full time job [that is not minimum wage] the employer must report the status of the employee after the first ninety days. Re-payments will begin after the first ninety days.

7. For those of us with Master Degrees and above who have outstanding student loans over $50,000.00 the Government should commence an incentive program [a tax break per employee] that would encourage companies to hire job seekers with advanced degrees.

8. Government Agencies that are behind in their workload for example the State Department [paper work for immigration and non-status residents] the Veterans Administration, should have programs that allow those with Advanced Degrees who have been unemployed for more than a twelve month consecutive period or have been employed only part-time for a twelve month consecutive period who like myself cannot find full time to work that allows the borrower to be self-supportive and pay back loans part-time volunteer for positions in said agencies. Minimal loan forgiveness would be allotted per quarter. This would not only allow for better customer service from these agencies but would give those borrowers a sense of satisfaction, alleviate stress regarding loans, give back to the community and country and be a source of experience and resume filler.