We need to find out who in congress approved a law where people would be better off owing money to the Mob. If you work for a congressman as a clerk you can get your student loan discharged and if you get out of law school and work at a district attorney's office you can also get it discharged, no questions asked! Do you not think the people putting this law in place probable never ever had to pay for their education or have to live under these laws. I guess if you get elected for four years and can retire with a full pension and medical benefits you may not care about anyone else. If we cannot find a way to organzize and lobby, or get working class people in power we are lost and might as well live in Zazi Germany.
KTof TN1:49PM November 06, 2011
900 A MONTH that is outrageous. I am a teacher also. I owe about 14k I am 46. I pay what I can and the only relief I have is that when I die, they can not come after my family for that money, IT'S THE LAW! So I keep paying what I can to keep the phone from ringing. Day by day the Lord provides!
God Bless!
Jillof FL8:47PM June 29, 2011
All student loans need to be dischargeable in bankruptcy! Why should this be any different than any other debt?!? I have almost $160,000 in federal student loan debt, had a law degree from a top 20 law school and an MBA, but I could not get a job at a law firm, so I work in a different field and have a part time law practice that so far just loses money. I cannot afford these payments. I think I may just have to move to another country for God's sakes! (Yes, I know, the US government will hunt me down and sue me in the other country). It is ridiculous that the only way you can really get out of these loans is through death!!! (Yeah, it is "theoretically" possible to get these loans discharged in bankruptcy if you can show "undue hardship" - good luck with that!).
TDof IL10:28PM May 08, 2011
I am a victim of private school loan. I have started writing extensively about this in a blog http://churaumanieb.blogspot.com
Please visit my link and pass on.
Best wishes. C. Bissun
C. Bissun of NY3:07PM March 09, 2011
I too have students loans. My family never really had any money. I was too young to realize how important High School could have been. After trying to get a good paying job, and believe me I have tried just about everything; I realized that college was my only option. I went to college and worked three jobs. I worked during the day, was a mechanic on any off time I had, and played music at night 4 nights a week. I still graduated with a 3.5gpa! I HAD to take out student loans. I wrote letter after letter in hopes that I would receive grants or any financial aid, but received none. Now I have graduated with a degree and a teacher certification. Yes I am teaching, but I have zero means to pay these loans back. They will have to take me to court. And what then? I own nothing, have nothing. Let them wait 20 years...I really don't care. I should be forgiven of ALL my debt because I am a teacher. It's always people who have help in some form or another saying that people like me shouldn't have borrowed money. Every single person I know that is doing really well today was given the money or inherited it. There is NO way you started from NOTHING and ended up making 250K or whatever a year without SOME help. There needs to be a law that allows bankruptcy to rid people of all debt! I can't afford a $900.00 monthly payment.
nobodyof TX4:38PM March 04, 2011
I became a struggling single mom...I did not know anything about student loan when I saw an ad saying that I will get a better job if I pursue higher education. In just a few days a college representative called me and convinced me that its a good thing to do. I thought the idea will pay me back for hard work. I dedicated my time caring for my child, working and studying at the same time; but until now I never got a good job. I became homeless and it took me time to get back on my feet...I continued working and then I was laid off. I struggled paying back part of my student loan using credit cards which took me number of years to finally finish paying it. Part of my student loan was consolidated and on deferrment. I am just starting on paying the consolidated student loan when ever I have a little extra but all my years before and now is a constant struggle. I do not own anything except the 4 walls, my son and the very basic to live. I walk to work everywhere and to think of my debts I will be old and its still not going to be paid. My consolidated student loan has grown so much over the years. I feel very stupid as I can't even pay my monthly bills and struggling with my rent. If I do not have a child with me I will just give up having a place to stay and just give all my income to pay back my student loan. I just want to be free of worry from it...It had become and "abomination" to me...if I was smart I would never ever had even thought of having a student loan...
Jeanieof WA5:16AM December 21, 2010
I too went back to school and had to take out loans. I made payments when I could then I became ill. I have higher than average medical costs (monthly)and am doing without medical care and medication that I need. I work 2 jobs (with a disability) and suffer the shame of wage garnishement. I can't even find an attorney that will take on my case and even if I did I couldn't afford the fees. I don't know what the solution is but I know I'm not alone in the need. I'm hardworking, ethical, help others (I work in a non profit serving low income elderly), I'm frugal don't travel, party, etc. Who know I would have multible medical issues. I don't see an end in sight and I worry constantly they (american student assistance along with delta management) will take even more of my monthly income and garnish my taxes at the end of the year. Even if I file for disability it can be garnished-I worry how will I manage then when I can't manage now.
tj of WV11:33AM November 02, 2010
this is to allow students to discharge a private student loan debt with bankruptcy. the petition is below. We need 500 signatures. thanks.
I didn't know anything about student loans when I started in 1998. I didn't come from a homestead where they went to college or even talked about education for that matter. All my parents (mother and stepfather) wanted me to do was to attend my high school classes and that was the most they ever said about my education. When I noticed my loans, I wasn't aware of what unsub/sub loans were or even what the difference a private loan was all about. Well anyways....now in 2010, I'm in severe student loan debt ($50+ federal loans (xpress loans) & $35+ private loans (sallie mae)). Sallie Mae is wanting $215/mo from me a month and I seriously don't know where I'm gonna get it from. I wish and hope soon something will change in our government to help us out.
Saraof SD1:03AM August 27, 2010
Banks should never have been allowed to make private student loans nor granted security interests in these student loans. Why?
Banks who make private student loans are preying on the inexperience and naiveté of young people who are just barely (if even) legal adults, new to the financial reality of the adult world, the responsibilities of making lifetime decisions, and handling the fiscal responsibility of their newly found independence.
Employers pay them MINIMUM WAGE and colleges/universities charge them MAXIMUM TUITION. Then, when they get out of college, we reward them with another low-paying job because they lack experience.
A student making minimum wage has to work 27 HOURS (3 ½ days) to pay for ONE credit hour ($200/credit hour) at a public institution and 80+ HOURS to pay for one 3-credit class. And books? With the average textbook costing $140, a student has to work 20 HOURS just to buy one book (which then has a value of $20 at the end of the semester when they try to sell it back).
So a student carrying 15 credit hours (5 classes) at a school that charges $200/credit hour pays $3000 in tuition alone. Add another $700 in fees and $700 for books and the bill just to set foot in the classroom door is $4400 for one semester. A student wanting to “Pay as you go” for college would have to work 600 hours (full-time for 4 months) to pay for classes for ONE semester. And that doesn’t take into account any living expenses – rent, food, gas, miscellaneous expenses.
Is this an economic scenario that makes any sense at all? Most working adults couldn’t afford to do this without having to go into deep debt. How on earth do we expect our young people to make this work?
And how can we as a nation, in good conscience, allow corporate institutions such as the now-defunct Wachovia (the MODEL of fiscal responsibility wouldn’t you say?) et al. to walk away from their “intentional” financial fiascos and yet hold an individual responsible forever and ever with no hope of relief?
We need a congressional representative who has the guts to stand up to the private banks and repeal this ghastly mistake of a law.
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KT of TN 1:49PM November 06, 2011
Jill of FL 8:47PM June 29, 2011
TD of IL 10:28PM May 08, 2011
C. Bissun of NY 3:07PM March 09, 2011
nobody of TX 4:38PM March 04, 2011
Jeanie of WA 5:16AM December 21, 2010
tj of WV 11:33AM November 02, 2010
melissa of CA 11:43PM October 12, 2010
Sara of SD 1:03AM August 27, 2010
Van of TX 2:19PM June 16, 2010