OCCUPY STUDENT DEBT

Student debtor stories submitted by the 99%

I attended Xavier University of Louisiana as a Biology Pre-Med student with dreams of becoming a doctor and multiple scholarships to pay my tuition. But that did not happen. I left the comfort of my home state to attend school at the #1 Historically Black College for placing students into med school. The out of state tuition was so high that I needed additional funds to pay my tuition or I would have to go home. Now, I think that that would have been better. It was suggested by the financial aid counselors that I take out a loan to cover the rest of my tuition. Even at 18, I was weary. I had always planned on being wealthy and debt free. But I was far from home and did not have parents or family who could help me financially. I took out a loan using my mother as the co-signer with Sallie Mae at a 6.0% interest rate. Every year, I had to take out loans to cover my interest. I had to use my grandmother as a co-signer on some. The loans that I could not use a co-signer for, I had an interest rate of 9.75%! When I graduated, I was already working. My pay was not enough to cover my living expenses, so I had to take out an additional private loan. I have had trouble finding work since I graduated. I have had nothing but bouts of unemployment and low pay. It is upsetting enough to desire success and hit wall after wall. What has made things worse is me, my mother and my grandmother constantly harassed by Sallie Mae. I have paid them multiple $150 forbearance fees only to have them call 5 times/day, weekends, holidays even early mornings. They have asked for my permission to call my cell phone and I have denied it only for them to call my mother 10 minutes later. Whenever I call them to try to work out arrangements, I am forced to speak to employees who try to demean me, threaten and remind me every 5 seconds that my $50,000 debt is now $113,000! I am now about a month away from defaulting on all of my loans and the only options they present to me ( and I am currently unemployed) are to pay $1450/month or enroll in a program in which I pay $800-but have to post date checks for that month for the entire year! What is even more upsetting is that I have never even had a credit card, I have always paid for cars, insurance, etc. up front to avoid being in debt. And now, my credit is wrecked-solely because of Sallie Mae. What Sallie Mae does is despicable, disgusting and immoral. I am glad that I am a strong person and have faith that things will get better, but I know that there are many that are not as strong. I hope that change comes soon.

I attended Xavier University of Louisiana as a Biology Pre-Med student with dreams of becoming a doctor and multiple scholarships to pay my tuition. But that did not happen. I left the comfort of my home state to attend school at the #1 Historically Black College for placing students into med school. The out of state tuition was so high that I needed additional funds to pay my tuition or I would have to go home. Now, I think that that would have been better.

It was suggested by the financial aid counselors that I take out a loan to cover the rest of my tuition. Even at 18, I was weary. I had always planned on being wealthy and debt free. But I was far from home and did not have parents or family who could help me financially. I took out a loan using my mother as the co-signer with Sallie Mae at a 6.0% interest rate. Every year, I had to take out loans to cover my interest. I had to use my grandmother as a co-signer on some. The loans that I could not use a co-signer for, I had an interest rate of 9.75%!
When I graduated, I was already working. My pay was not enough to cover my living expenses, so I had to take out an additional private loan. I have had trouble finding work since I graduated. I have had nothing but bouts of unemployment and low pay. It is upsetting enough to desire success and hit wall after wall. What has made things worse is me, my mother and my grandmother constantly harassed by Sallie Mae. I have paid them multiple $150 forbearance fees only to have them call 5 times/day, weekends, holidays even early mornings. They have asked for my permission to call my cell phone and I have denied it only for them to call my mother 10 minutes later. Whenever I call them to try to work out arrangements, I am forced to speak to employees who try to demean me, threaten and remind me every 5 seconds that my $50,000 debt is now $113,000!

I am now about a month away from defaulting on all of my loans and the only options they present to me ( and I am currently unemployed) are to pay $1450/month or enroll in a program in which I pay $800-but have to post date checks for that month for the entire year! What is even more upsetting is that I have never even had a credit card, I have always paid for cars, insurance, etc. up front to avoid being in debt. And now, my credit is wrecked-solely because of Sallie Mae.
What Sallie Mae does is despicable, disgusting and immoral. I am glad that I am a strong person and have faith that things will get better, but I know that there are many that are not as strong. I hope that change comes soon.