My son Ben borrowed approximately $156,875.00 in private and Federal student loans which has now grown to over $223,000.00 and is suffering severe psychological problems. He has major depression, major anxiety, anorexia and exercise bulimia and is now in very dangerous physical condition. The stress of this debt is affecting his health so badly that we are having difficulty finding medications that will lessen his symptoms. He was told the loan companies would work with him, which is completely untrue. We have had to change our phone number twice because they were calling 7 days a week from 8 am to 9 pm sometimes every hour which caused Ben to spiral downward. After graduating in 2008 with a Physics degree he started trying to find a job, but with the economy he could find nothing. As more and more time has gone by his health has worsened, and he is unable to work. At one point he was purging but then started eating very little and exercising to the point of exhaustion. Finally today he is 5’ 11” and 145 pounds. His muscles have become atrophied, and he looks skeletal. Our lives revolve around trying to get him to eat and not exercise too much. It is a struggle every day, every minute of every day.

He talks about killing himself because he feels there is no hope for him to have a normal life, buy a home, have a family or a successful career. He feels like a complete failure. Ben borrowed this money in good faith and fully intended to pay it back, but things have not worked out as he planned. Those who have racked up debt on any other debt can discharge in bankruptcy, but students who have borrowed to better themselves are sentenced to a lifetime of poverty. In order to recover Ben must get this debt discharged now!

Recently, Rep Hansen Clarke introduced H.R.4170: Student Loan Forgiveness Act of 2012. This bill would help my son, and I am asking my representative, John Carney to sign it.

Support H.R. 4170 - The Student Loan Forgiveness Act of 2012

Greetings,

I just signed the following petition addressed to: Rep. John Kline, The U.S. Congress & President Obama.

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Support H.R. 4170 - The Student Loan Forgiveness Act of 2012

Since 1980, average tuition for a 4-year college education has increased an astounding 827%.

Since 1999, average student loan debt has increased by a shameful 511%.

In 2010, total outstanding student loan debt exceeded total outstanding credit card debt in America for the first time ever.

In 2012, total outstanding student loan debt is expected to exceed $1 Trillion.

In short, student loan debt has become the latest financial crisis in America and, if we do absolutely nothing, the entire economy will eventually come crashing down again, just as it did when the housing bubble popped. Reasonable minds can disagree as to the solutions, they cannot, however, disagree on the existence of this ever-growing crisis, as well as the unsustainable course we’re on towards financial oblivion.

As a result of more than 30 years of treating higher education as an individual commodity, rather than a public good and an investment in our collective future, those buried under the weight of their student loan debt are not buying homes or cars, not starting businesses or families, and they’re not investing, inventing, innovating or otherwise engaged in any of the economically stimulative activities that we need all Americans to be engaged in if we’re ever to dig ourselves out of the giant hole created by the greed of those at the very top.

Now for the good news: there’s finally hope on the horizon!

Representative Hansen Clarke of Michigan has just introduced H.R. 4170, The Student Loan Forgiveness Act of 2012, in the House of Representatives - legislation designed to lend a helping hand to those struggling under massive amounts of student loan debt.

For a brief summary of H.R. 4170’s main provisions, please copy & paste this URL into your browser: http://tinyurl.com/7akydbk

To read the full version of the actual bill itself, please go here: http://tinyurl.com/6txure8

To read answers to some of the most frequently asked questions about The Student Loan Forgiveness Act of 2012, please go here: http://tinyurl.com/8xh4csd

Student loan debt has an undeniable and significant suppressive effect on economic growth. The Student Loan Forgiveness Act of 2012 directly addresses this enormous boot on the neck of the middle class and represents a glimmer of hope for millions of Americans who, with each passing day, find that the American Dream is more and more out of reach.

Therefore, we, the undersigned, respectfully request that Congress bring H.R. 4170, The Student Loan Forgiveness Act of 2012, up for consideration and commit to holding a straight, up-or-down vote on it this year. Thereafter, we, the undersigned, respectfully request that President Obama sign this legislation into law.

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MarketWatch covers one of our own! We stand with Stef!

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Sallie Mae also said in emailed comments Monday that the fee was “a good-faith deposit that acknowledges the importance of and commitment to resuming payments in the future.”

“This is nonsense,” Gray responded, “because the forbearance fee is not applied to my debt, and is not returned to me … It simply goes directly to Sallie Mae as an arbitrary fee for doing what they do for federal loan borrowers free of charge.”

http://www.marketwatch.com/story/jobless-grads-rap-sallie-mae-over-loan-fee-2012-01-31

They say you never know who your real friends are until adversity hits. Judging by the Change.org campaign I started recently, I’ve got about 65,000 of them. That’s the number of people who’ve signed my petition calling on Sallie Mae to stop charging a fee for a deferment of student loan payments, known as a forbearance.

You see, I’m a recent graduate with private student loans who’s been unable to find full-time work. Sallie Mae told me that in order to place my loans in forbearance (and avoid defaulting outright), I would have to pay $50 fee per loan for each three month block — for me, that’s $150! I can barely afford to feed myself, much less $150! This fee isn’t assessed to any of the federal loans Sallie Mae services — it’s just for gouging private loan customers down on their luck.

That’s a big reason I started my campaign, and no surprise, Sallie Mae doesn’t agree. A spokeswoman told the Chronicle of Higher Education that the unemployment penalty is simply “a good-faith deposit that acknowledges the importance of and commitment to resuming payments in the future.”

Sallie Mae’s characterization of this onerous fee as a “good-faith deposit” is unbelievable! When I pay a deposit on my apartment, I get my money back at the end of the lease. If this were a “deposit” borrowers would either get their fees back at the end of the forbearance or the money would be applied to the loan’s balance. Neither of these is true.

During the forbearance period, Sallie Mae continues to add interest to the loans — in my case, more than $1,000 every three months I can’t find work. This fee is about one thing — padding Sallie Mae’s profits — and for them to pretend otherwise is galling.

Please stand with me against these predatory practices: if you haven’t already done so, take a minute to sign my petition. And please share this message with as many people as you can. Thank you so much!

-Stef