OCCUPY STUDENT DEBT

Student debtor stories submitted by the 99%

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.

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.

Citibank - Ruining Lives

A terrorist organization has nothing on Citibank.

I co-signed the private student loans for both of my children with no doubt in my mind at the time that they would be able to re-pay the loans. Then 2008 happened. My daughter graduated in 2010 with a BFA; my son completed his Masters the same year.

The only job my daughter has had since her graduation is in a retail art supply store at $10 an hour; my son accepted a job teaching English in China last August when all of his attempts at securing employment in the US failed. Although his wages are adequate for life in China, in American currency it’s equal to about $800 a month.

I lost my job in 2008 and since have vacillated between temporary employment and unemployment. After three years, I managed to scrape enough money together to file for bankruptcy. In the process, my house almost went into foreclosure. After being turned down under the “Make Home Affordable Plan” (for not having sufficient income…the very reason I applied), I contacted a person from HUD, and (magically), it was approved, so I know the importance of having an advocate.

Both my son and daughter pay their Citibank loans every month without fail; they just can’t pay the exorbitant amount they’re requesting. Both of them had their federal loans deferred without a problem. Both of them have called Citibank so many times, we’ve lost count. They continue to send letters asking them to call to make arrangements, but when they do, they are told that they can only help with the federal loans, not the private. Citibank personnel have told us that it makes no difference what their incomes are, or even if they have an income; they still have to make these huge payments each month.

We are barraged with constant phone calls, emails, regular mail and, at least twice a week, hand delivered UPS threatening letters. Because I am the co-signer, I receive the same amount of harassment as my children. After going through all the expense and trauma of bankruptcy, because student loans are non-dischargeable, Citibank continues their relentless psychological warfare on me and my family (and I’m sure, hundreds of thousands of others).

Citibank referred my daughter’s loans to a debt collector. After this debt collector contacted one of our neighbors (appalling!), she sent a “cease and desist letter”. After sending that letter, the same debt collector called a different neighbor (isn’t this illegal?!!) asking for me, as they’ve now referred my son’s loans to the same debt collection agency. Now I’ve had to send another “cease and desist” letter. These are loans both my son and daughter make payments on every month.

When President Obama spoke last October in Denver addressing the issue of student loan debt, we felt slightly hopeful, but I’ve heard nothing since that time regarding this issue. He was proposing that all student loans (federal and private) be consolidated, and there would be one payment, not to exceed any more than 10% of an individual’s disposable income. When my kids heard this, they both said, “I could do that.” They could do that; they can’t do this. I can’t do this – dealing with the constant threats and harassment. My son’s, my daughter’s and my credit is completely ruined. I am in desperate need of a newer car, but even though I am now employed, I can’t get a car loan after what Citibank has done to us.

I hear these same stories from my children’s friends and my friends’ children. Most of them are living at home again because they can’t rent an apartment; they can’t buy a car. They cannot do any of the things that young adults should be able to do, because these loan sharks are asking for 75% of their income.

Support The Student Loan Forgiveness Act of 2012
By Robert Applebaum (Contact)
To be delivered to:  Rep. John Kline (MN-2), The United States House of Representatives, The United States Senate, and President Barack Obama
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.
Total outstanding student loan debt in America is expected to exceed $1 TRILLION this year. Millions of hardworking, taxpaying, educated Americans are being crushed under the weight of the educational debts, while the economy continues to sputter. Support a REAL Economic Stimulus and Jobs Plan. Support The Student Loan Forgiveness Act of 2012

Support The Student Loan Forgiveness Act of 2012

By Robert Applebaum (Contact)

To be delivered to: Rep. John Kline (MN-2), The United States House of Representatives, The United States Senate, and President Barack Obama

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.

Total outstanding student loan debt in America is expected to exceed $1 TRILLION this year. Millions of hardworking, taxpaying, educated Americans are being crushed under the weight of the educational debts, while the economy continues to sputter. Support a REAL Economic Stimulus and Jobs Plan. Support The Student Loan Forgiveness Act of 2012

I tried to set up payment plans on my student loans, but they wanted astronomical down payments that I didn’t have. I let my loans default until they required wage garnishments. They take 15% of my salary. For a while I had two separate garnishments, one to Wells Fargo and another to Texas Guaranteed. Wells Fargo is now paid off. Now $622 comes out of my check monthly. I still owe over $13k. They also take my income tax refund each year.

And we have hit 60 schools showing the documentary just today!!!  Thank you United States Students Association, Student Labor Action Project, Jobs With Justice, Young Democratic Socialists, and all of the Occupations for partnering with us and showing DEFAULT: The Student Loan Documentary! The student debt crisis is here and it is real!  We’re all suffering in so many ways just so the very few at the top can benefit. 
How much do YOU owe on YOUR future???

And we have hit 60 schools showing the documentary just today!!! Thank you United States Students Association, Student Labor Action Project, Jobs With Justice, Young Democratic Socialists, and all of the Occupations for partnering with us and showing DEFAULT: The Student Loan Documentary! The student debt crisis is here and it is real! We’re all suffering in so many ways just so the very few at the top can benefit.

How much do YOU owe on YOUR future???

Albert Lord: We need to talk!
Today is  National Fax-in Day to Albert Lord, Sallie Mae’s CEO.  We are asking for a  meeting with students from around the country that will be visiting  the Sallie Mae DC office.  Below is a sample letter we are asking people to FAX to Albert Lord and Sallie Mae.  CLICK HERE to do it from your computer.
Albert Lord,For months now, we have been asking Sallie Mae to meet with us to talk about the burden that student debt causes us and our communities. We’ve only heard silence in return, so now we’re contacting you.1)   Stop robbing us of our futures: Forgive student debt after five years of repayment and eliminate all interest on student loans. This would end the student debt crisis, allow millions of students to obtain a college degree, reset the housing market, pump billions of dollars back into the economy, and create jobs.2) Pay your fair share: Stop draining government of revenue. Pay the statutorily required 35% corporate income tax instead of gaming the system through off-shore tax shelters, loopholes, and scams.3) Get your money out of my democracy: Disclose corporate money in elections to date and pledge to keep all corporate money out of the 2012 and future elections. This includes an end to lobbying on public policy issues, such as Pell Grant and Trio Programs. 4) We need to talk. Albert Lord, will you meet with United States Student Association and Student Labor Action Project representatives on March 26th?Sincerely.Your Name Here
TO:
Albert Lord Sallie Mae, Inc
P.O. Box 9532Wilkes-Barre, PA 18773-9532US
Fax:(800) 848-1949

Albert Lord: We need to talk!

Today is National Fax-in Day to Albert Lord, Sallie Mae’s CEO. We are asking for a meeting with students from around the country that will be visiting the Sallie Mae DC office. Below is a sample letter we are asking people to FAX to Albert Lord and Sallie Mae. CLICK HERE to do it from your computer.

Albert Lord,

For months now, we have been asking Sallie Mae to meet with us to talk about the burden that student debt causes us and our communities. We’ve only heard silence in return, so now we’re contacting you.

1) Stop robbing us of our futures: Forgive student debt after five years of repayment and eliminate all interest on student loans. This would end the student debt crisis, allow millions of students to obtain a college degree, reset the housing market, pump billions of dollars back into the economy, and create jobs.

2) Pay your fair share: Stop draining government of revenue. Pay the statutorily required 35% corporate income tax instead of gaming the system through off-shore tax shelters, loopholes, and scams.

3) Get your money out of my democracy: Disclose corporate money in elections to date and pledge to keep all corporate money out of the 2012 and future elections. This includes an end to lobbying on public policy issues, such as Pell Grant and Trio Programs.

4) We need to talk. Albert Lord, will you meet with United States Student Association and Student Labor Action Project representatives on March 26th?

Sincerely.

Your Name Here

TO:

Albert Lord
Sallie Mae, Inc

P.O. Box 9532
Wilkes-Barre, PA 18773-9532
US
Fax:(800) 848-1949

Where will YOU be this week??? Stand up! Take action!

Student Debt Week of Action Feb 27 – March 2

If you want to participate in SLAP and USSA’s Student Debt Week of Action, click here to sign up.

On Monday: National Fax-in day to Albert Lord, Sallie Mae’s CEO, asking for a meeting with students from around the country that will be visiting their DC office. We will also continue to collect signatures for our petition, a banner that students are uniting behind.
On Tuesday: Students will escalate on their campus with banner drops, collect personal testimonies of students struggling with debt, track who their school banks with, and continue to fax-in to Albert Lord.
On Wednesday: Coordinated national showing of Default: The Student Loan Documentary on more than 50 college campuses to raise awareness of the growing issue.

On Thursday: SLAP students will be leading and participating in walk-outs and letter deliveries to corporate and governmental targets in solidarity with the March 1 National Day of Action For Education, including Sallie Mae and the Department of Education.
On Friday: Based on where students are regionally at there will be lobby visits to Congress members asking for regulations to be put on student loan lenders, an increase to student aid, and to reduce the rate of federal loans.

#OccupyStudentDebt!!!