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Student Loans = F'd 4 Life (Comments from Those Who R F'd)
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Date: February 5th, 2010 3:21 PM Author: Cerise station halford Very Sad:
***QUOTES***
"Steve,
I was in student loan rehabilitation program with Pioneer Credit Recovery and because of the rough economy and other issues I fell behind. They are now telling me that the only option I have is to pay $33,000 “TODAY” or have my wages garnished. Is there anything I can do?
Please Help"
******
"my son graduated college in 2007 with approximately $60,000 worth of student fed/private/and some other loan that was provided by the fed at 6.5%. He has tried to consolidate these mutliple loans to reduce the monthly payment but is being told by Sallie Mae that they do NOT consolidate. he makes $39,000 pcy and his payments are approx. $800 per month. Is there any program out there that he can apply for? His debt to ratio is upside down and has been rejected by private lenders. GOt any suggestions?"
******
"Our son has 115,000 in student loan debt. Two separate loans. One Federal, one Private. Federal lowered his payment based on what he makes. Private loan won’t even talk to him. He Has his degree, decided to join the Air Force to get a job in his field. Guess what, the Air Force won’t take him because he has too much student loan debt. We helped all those companies with billions and billions of dollars. And the United States Air Force says sorry.
I am still in disbelief. He has no credit card debt. He just paid the last payment on his car, he has one cell phone account. And he is too in debt even for the government. What a country!!!! Four and a half years of his life wasted. He had begun the masters program,then this happened and all has come to a screeching halt.
And the banks are garnishing peoples wages. Even after they themselves got a bailout. I know there is some sick irony here.
I only pray that the President and all the CEO’s he helped with bailouts and bonus money aren’t sleeping a wink at night. Or at least I hope they suffer from night terrors. I wish them acid reflux 24/7 and chronic mental fatigue for the rest of their natural lives. Then it is up to God what he does with them. It’s the same sentence the American public has been given, why should the rich be any better off. There should be a price to pay for being rich, greedy and always stepping on those below you in society."
******
"Hello, the last 3 years have been the worst! I work for one of the big 3 car companies and have learned the more money you make the more you spend. First its starts with having a rental property with a Adj rate, and a renter who did not pay on time. I was forced to file bankruptcy chapter 7 which was discharged Dec 2007. I lost everything my home, my car and more. The problem is the house was already in the forclosure process, so its still showing up on my credit as a negative. I returned my car, and I was left with over 50k(about 20k in intrest) in student loan debt that is now in default. I understood that gov loan can not be eraised with a chapter 7, but I also had(15K) private loans with a bank, that are also still remaining on my credit. I tried to make repayment attempts with my 2 loans on in which is already consolidated, and the other one from Saliemae that a lawyer now has! The 1st loan I was making ontime payment to get out of default, but was laid of from my job after 10 1/2 and was then evicted from my apt. The 2nd loan I called and tried to make payment, but the Lawyer laughed and said that My payment was nowhere near enough and that they will continie to sue unless I paid $17,000 right then and there.
So update to 2009 I was out of work for 8 months(oct 08-aug 09) with no money coming in . I now have my job back, and trying to rebuilt my credit, and get my student loans out of default! I also want to return to school, but with default student loans I can’t get any help and my job is no longer paying for schooling!
I ordered my credit reports, and debt from 2004 is now popping up on my credit after a chapter 7 in 2007. At this point I don’t know what to do! My credit is the worst,and I don’t know where to go from here. I would like to one day be able to purchase another home, buy a car, and have good credit. Where do I start? Are there programs that will forgive my debt, or help me get out of default?"
******
"I am 23 years old, and have recently graduated from UM with a BA. Unfortunately, I’ve also graduated with $110,000 in loan debt, $20,000 of which is federally-backed. It’s the other $90,000 in private loans that have got me backed into a corner: From what I can tell, I have no options as far as repayment plans go, deferment or forbearance (I’m currently in AmeriCorps — which is like the domestic version of the PeaceCorps — and my loans would not defer!), or forgiveness programs. I am now at the point where I am considering bankruptcy, but I have a sneaking suspicion that I will not be eligible for even this…. Do I have any options available to me whatsoever?
My monthly loan payment is $850 for the first two years (interest-only) and then is supposed to jack up to $1100 after that! :( Can this be legal? Even if I somehow manage to find a job paying $14 or $15/hr., I would only be bringing home around $1500 net…. How am I supposed to survive on $300 or $400 per month? I went to college to have opportunities after I graduated — not to be shackled.
At 18 years old, I did not have a realistic concept of what this type of commitment meant…."
******
"P.S. I am so desperate, I am seriously considering selling my eggs for money. I cannot believe my life has already come to this point in my early twenties!"
******
Hi Steve,
I left a professional school after a few years and accrued about 60k in loans. For a few years my wages were really low and I couldn’t afford to pay, but that didn’t stop them from garnishing my wages. Now I have a better paying job, but the amount that is being taken puts me right back at my lower wages. I want to pay, but the garnished amount I’m paying now is very high and I can’t afford to pay them anymore, which is what they said I would need to do for a period of time before the loan can be rehabilitated (also, they stop garnishing my wages after that time). Is there any help for me? Are there any organizations that you would recommend that would be willing to negotiate with them for me so that I can pay them and lift the garnishment? Thank you for any help you can provide!
******
"My wage is garnished because of a large student loan debt which I am unable to pay for. How do I get out of wage garnishment? PLEASE HELP!"
http://getoutofdebt.org/7231/obama-student-loan-forgiveness-program |
Date: February 5th, 2010 3:24 PM Author: lilac puppy Horrible. I don't understand why legal education is so damn expensive. Cut all non-essential sending ASAP. We don't need to fund student organizations or guest speakers or faculty conferences or research assistants or clerical staff or school wide dinners. None of that sounds very expensive, anyway. Where does the bulk of law school tuition money go? (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025225) |
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Date: February 5th, 2010 3:34 PM Author: jet hunting ground The pockets of the deans and the board's they serve. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025301) |
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Date: February 5th, 2010 3:36 PM Author: Indecent Concupiscible Boistinker Partner Law schools are cash cows which earn a TON of money to help sponsor other research based departments and dean salaries. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025310) |
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Date: February 5th, 2010 3:36 PM Author: Plum at-the-ready indian lodge Profit center for the university. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025314) |
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Date: February 5th, 2010 3:41 PM Author: Glittery useless office becky why would they lower prices when chumps are begging for the opportunity to give away their cash (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025343) |
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Date: February 5th, 2010 3:42 PM Author: lilac puppy Because are gov't is guaranteeing their primary income stream, and we won't stand for this waste.
Edit: I guess if law school tuition is a backdoor way of funding productive research, the money is at least going to a good cause. But why do law student poors have to shoulder that burden for their entire lives? Retarded. |
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Date: February 5th, 2010 3:44 PM Author: Plum at-the-ready indian lodge Record number of LSAT takers this past October. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025367) |
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Date: February 5th, 2010 3:46 PM Author: lilac puppy To be fair, those kids are stupid, but the numbers are also a symptom of structural problems with our economy and higher education system. Aimless fucks who end up in law schools shouldn't get BAs to begin with. And they shouldn't be aimless fucks - high school should teach them how to do useful stuff like math and science. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025384) |
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Date: February 5th, 2010 3:58 PM Author: charcoal startled rehab milk As long as I don't ever have to read or maintain their code, and they aren't operating on me. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025511) |
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Date: February 5th, 2010 4:03 PM Author: lilac puppy many dumbs can do the work of lab technicians, petty accountants, auto mechanics, and HVAC techs, and all of these workers contribute more to the economy than TTT law grads. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025572) |
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Date: February 5th, 2010 3:45 PM Author: Glittery useless office becky sure we will. what would happen if a politician tried to eliminate government guaranteed loans to students (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025374) |
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Date: February 5th, 2010 3:57 PM Author: charcoal startled rehab milk People would rather make -$40k/year and be unemployed in a socially respectable way than $0/year and be completely jobless, despite the latter being the economically rational choice (unless we're talking about an elite school that can actually open doors). Hence, the TTTs shall stick around. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025506) |
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Date: February 5th, 2010 3:59 PM Author: lilac puppy I know a couple of TTT prospectives and one TTT grad, and you're right. Somehow, the myth that law is a glamorous, prestigious career needs to be destroyed, even if that means my own prestige will decline a bit. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025532) |
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Date: February 5th, 2010 3:49 PM Author: Misunderstood Puce Degenerate the money probably goes to pointless deans and various layers of bureaucracy.
loans are non-dischargable in bankruptcy. the lenders will get their money back no matter what, so they have no great incentive to be too discriminating about who they loan to. people in their 20's now have been told their whole lives that MOAR education is ALWAYS the answer and you should REACH FOR UR DREAMS, especially when it comes to being a wealthy and glamorous attorney, so they don't bother to do due diligence into whether or not it would be a good investment. the ones that do due diligence are convinced that they will be that special little flower and graduate in the top 5% and get biglaw from cardozo or some such shithole.
if they were dischargable lenders would be more discriminating against who they would lend to, and schools would spend more time competing on price. won't happen for a while though, given how many organizations are happy with the current system.
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Date: February 5th, 2010 3:51 PM Author: lilac puppy where's your HOAP? (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025421) |
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Date: February 5th, 2010 3:59 PM Author: Plum at-the-ready indian lodge Obama took over the student loan business so now it's everyone's problem. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025525) |
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Date: February 5th, 2010 3:44 PM Author: exciting peach dysfunction they should all be working 90 hour weeks not whining on message boards. noobs. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025364) |
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Date: February 5th, 2010 3:54 PM Author: magical french chef ticket booth Did they not realize they were taking out the loans...? Very little sympathy. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025466) |
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Date: February 5th, 2010 3:56 PM Author: Fiercely-loyal bonkers deer antler area did you understand the concept of money (or the future) when you were 18? (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025488) |
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Date: February 5th, 2010 3:59 PM Author: exciting peach dysfunction doesn't really matter. do they understand it now when they're 25? they still act like they're 18 (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025524) |
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Date: February 5th, 2010 3:59 PM Author: Glittery useless office becky you didn't? (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025530) |
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Date: February 5th, 2010 4:35 PM Author: magical french chef ticket booth I did. I attended my shithole uni instead of Columbia because I understand that its hard or impossible to pay for things with no money. Again, all I got from those stories were "I took full advantage of opportunity X and now want to enjoy the benefits without paying for it." Grow up. They say that the difference between the rich and the poor is that the poor are risk averse. Those about to attend grad school need to either start being risk averse like the poor or stop looking for handouts when their bet doesn't pay off. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025932) |
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Date: February 5th, 2010 4:58 PM Author: Mildly autistic violent property stock car Then 18 year olds aren't mature enough for college. Make go through a two-year public service stint in the Americorps or military. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026168) |
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Date: February 5th, 2010 3:58 PM Author: charcoal startled rehab milk Yeah, because having to take loans to go to college is a choice for most people. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025520) |
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Date: February 5th, 2010 4:00 PM Author: Glittery useless office becky explain (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025538) |
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Date: February 5th, 2010 4:00 PM Author: Chestnut Exhilarant Gay Wizard LOL. WTF is this supposed to mean? (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025543) |
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Date: February 5th, 2010 4:01 PM Author: charcoal startled rehab milk I mean that no one wants to take out $50k+ in loans to go to school. People do this because they have no other choice. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025555) |
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Date: February 5th, 2010 4:03 PM Author: Chestnut Exhilarant Gay Wizard Uh, yeah. They have a choice. Community College to State School OR plumbing apprentice OR electrician's apprentice OR construction OR a million fucking other things. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025565) |
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Date: February 5th, 2010 4:08 PM Author: stirring insecure national jewess This is all entirely correct, but few parents would guide their children in these directions. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025612) |
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Date: February 5th, 2010 4:09 PM Author: Plum at-the-ready indian lodge If parents aren't shelling out cash for college who gives a fuck what they think? (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025638) |
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Date: February 5th, 2010 4:10 PM Author: stirring insecure national jewess their clueless 18 year old children? (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025647) |
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Date: February 5th, 2010 4:13 PM Author: charcoal startled rehab milk Then the wages for those jobs go into the toilet.
Far too many people are going to college, but making college expensive and screwing peoples' lives up for going isn't the proper solution. |
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Date: February 5th, 2010 4:37 PM Author: magical french chef ticket booth There are many cheap colleges and trade schools. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025951) |
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Date: February 5th, 2010 4:03 PM Author: Glittery useless office becky 1. go to a cheaper school, 2. don't go, 3. work for a year and apply for more scholarships (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025567) |
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Date: February 5th, 2010 4:05 PM Author: exciting peach dysfunction there are still relatively cheap UG options in this country. they didn't have to go 90k in debt to get a ba in politics from some shitty private school (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025585) |
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Date: February 5th, 2010 4:07 PM Author: Plum at-the-ready indian lodge CC + state school can be done very cheap (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025603) |
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Date: February 5th, 2010 4:01 PM Author: stirring insecure national jewess mods please delete this thread, it is giving me anxiety (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025546) |
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Date: February 5th, 2010 4:01 PM Author: Chestnut Exhilarant Gay Wizard File an IIED claim. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025549) |
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Date: February 5th, 2010 4:02 PM Author: exciting peach dysfunction be sure to out the OP ty (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025556) |
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Date: February 5th, 2010 4:04 PM Author: Lemon razzle rigpig They should have gone to schools they could afford. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025581) |
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Date: February 5th, 2010 4:37 PM Author: Gaped theater Overleveraged idiots. It is a travesty that we currently have a socialist president who wants to bail out the morons with my hard-earned money (and lack of bailout-worthy debt). (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14025954) |
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Date: February 5th, 2010 4:51 PM Author: stirring insecure national jewess link to plans for any such bailout? (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026112) |
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Date: February 5th, 2010 4:53 PM Author: Gaped theater IBR at only 10% for 10 years if you go into public interest. read the SOTU transcript. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026132) |
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Date: February 5th, 2010 9:34 PM Author: Swollen crystalline space The original IBR (15%) was passed under Busk there buddy. Your talking about 5% (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14028485) |
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Date: February 5th, 2010 4:42 PM Author: magical french chef ticket booth You are now aware that a hiring decision is the only difference between xoxo_aspie_1 bragging about biglaw and talking shit about poor people being dumb for being risk averse and jdu_aspie_1 who is a passionate advocate for student loan reform and megapoasts about the exploits of the higher education system. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026008) |
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Date: February 5th, 2010 4:46 PM Author: Gaped theater I have no offer. Yet, I will still talk shit about morons who are parted with money they don't have assuming that the world owes them something. You take debt, you pay it back. Period, end of story.
Nobody owes you anything, and you should have thought of that before taking on a shitton of debt. Your wages should be garnished until you pay it back should you refuse. |
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Date: February 5th, 2010 4:47 PM Author: charcoal startled rehab milk So you advocate slavery, essentially? That's what garnished wages for debt amounts to. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026077) |
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Date: February 5th, 2010 4:48 PM Author: Glittery useless office becky and what are income taxes (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026087) |
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Date: February 5th, 2010 4:50 PM Author: stirring insecure national jewess segregation (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026107) |
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Date: February 5th, 2010 4:51 PM Author: Gaped theater this. if you don't garnish their wages, the cost comes out of everybody else's taxes, many of whom were too responsible to consume luxuries they couldn't afford. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026118) |
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Date: February 5th, 2010 4:50 PM Author: stirring insecure national jewess I'd say it's more comparable to autodebit + stigma and ruined credit (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026101) |
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Date: February 5th, 2010 4:50 PM Author: Gaped theater People should have worked your ass off to pay for shit upfront, and then gone to enjoy whatever "education" you wanted to consume.
Unlike slavery, where somebody holds a gun to your head and forces you do something, everybody took educational debt of their own free will. If you took more than you could handle, you should pay for your mistake. |
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Date: February 5th, 2010 4:53 PM Author: stirring insecure national jewess agreed, by filing bankruptcy (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026131) |
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Date: February 5th, 2010 4:54 PM Author: Gaped theater not when the loans were federally guaranteed in the first place.
i fully support privatizing the entire student lending system and allowing student loans taken under that system to be discharged in BK. |
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Date: February 5th, 2010 4:55 PM Author: stirring insecure national jewess this is what I am advocating as well, not a bailout (though I'd be totes fine with that too) (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026154) |
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Date: February 5th, 2010 9:09 PM Author: Gaped theater well, then the whole "i don't make enough to pay my loans" problem would largely go away, and this discussion would be moot. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14028210) |
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Date: February 5th, 2010 4:52 PM Author: Plum at-the-ready indian lodge Except for the whole voluntary vs. involuntary part. Minor technicality with slavery. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026126) |
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Date: February 5th, 2010 4:47 PM Author: lilac puppy Try to be more direct next time. hth. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026073) |
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Date: February 5th, 2010 4:50 PM Author: Diverse costumed abode pistol i don't want a bailout, but WHY ISN'T THE RATE ON FEDERAL LOANS THE RISK FREE RATE? (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026110) |
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Date: February 5th, 2010 4:53 PM Author: Diverse costumed abode pistol seriously, i'm getting raped at 8% interest. i don't understand how this isn't just a massive fucking handout to the banks. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026133) |
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Date: February 5th, 2010 4:58 PM Author: Plum at-the-ready indian lodge you have no collateral you fucking moron and plenty of people don't pay (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026175) |
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Date: February 5th, 2010 5:03 PM Author: Diverse costumed abode pistol but the gov't guarantees the debt, so there is no risk at all for the banks. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026199) |
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Date: February 5th, 2010 5:01 PM Author: Mildly autistic violent property stock car Date: February 5th, 2010 4:50 PM Author: the wrassler
i don't want a bailout, but WHY ISN'T THE RATE ON FEDERAL LOANS THE RISK FREE RATE?
(http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2#14026110)
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Date: February 5th, 2010 4:53 PM Author: the wrassler
seriously, i'm getting raped at 8% interest. i don't understand how this isn't just a massive fucking handout to the banks.
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Date: February 5th, 2010 5:03 PM Author: Diverse costumed abode pistol ok? (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14026201) |
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Date: February 5th, 2010 8:09 PM Author: aphrodisiac bawdyhouse pocket flask That has been the fate of TTTs for years. It's just now starting to hit the kids of elite schools. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14027658) |
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Date: February 5th, 2010 9:10 PM Author: purple knife cruise ship I can't read about this loan stuff without becoming full of rage towards those responsible. Smug fucking academics make me sick. (http://www.autoadmit.com/thread.php?thread_id=1213393&forum_id=2,#14028218) |