Comments on: The Dark Side of Student Loans http://www.onpointradio.org/2009/02/student-loans On Point is a live, two-hour morning news-analysis program, produced by WBUR 90.9 and NPR. Sat, 21 Nov 2009 22:59:59 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: John http://www.onpointradio.org/2009/02/student-loans/comment-page-4#comment-16117 John Fri, 01 May 2009 04:03:48 +0000 http://www.onpointradio.org/?p=13825#comment-16117 Student loans destroyed my life. I quickly realized I would never be able to pay them back and never be able to declare bankruptcy. I understood that the usuary being practiced against me by my own government was propping up the most terrible generation in American history - the baby boomers - on whose watch this and countless other unsustainable policies have been taken to fuel their pension/retirment & keep their bellies full & keep the economy propped up as a justification and exhibit A for their know-it-all stench. America will be a safe place to live when the baby boomers have died out - but there won't be anything left. I left over 10 years ago - live in Europe - have spent every holiday and birthday alone - miss my family & friends - but I lost touch with most people and could not bear the shame of poverty and dissapointment - and the student loan collection agencies STILL CALL MY FAMILY. Toughened me up, however - I take pleasure in the simple things in life now - a piece of bread, 10 minutes in the sunshine, etc. I will live FREE OUTSIDE THE USA - and poor, rather than being a slave at home and defined by this credit score. As I understand it, to have a job with any financial responsibility the employer will review your credit score. Shall I advise you where you can stick my credit score? I KNOW THIS WILL NEVER CHANGE. I am 40 years old now - with no real home. I don't want your pity. I don't want anything from you ever again! I try not to think or speak about this subject as it upsets me too deeply. And anyway people never understand - they just assume you are one of those terrible people in life that does not pay your debts. It is not a democrat/republican issue - it is a generational issue - you baby boomers - pointless to even engage you in conversation - its all about YOU! I curse you all! May you reap what you have sown in the afterlife. And when you come to Europe for your holidays, I'm the one glaring at you on the metro. And when you ask for directions I will reply in the foreign language I did not learn at your university. Student loans destroyed my life. I quickly realized I would never be able to pay them back and never be able to declare bankruptcy. I understood that the usuary being practiced against me by my own government was propping up the most terrible generation in American history – the baby boomers – on whose watch this and countless other unsustainable policies have been taken to fuel their pension/retirment & keep their bellies full & keep the economy propped up as a justification and exhibit A for their know-it-all stench.

America will be a safe place to live when the baby boomers have died out – but there won’t be anything left. I left over 10 years ago – live in Europe – have spent every holiday and birthday alone – miss my family & friends – but I lost touch with most people and could not bear the shame of poverty and dissapointment – and the student loan collection agencies STILL CALL MY FAMILY. Toughened me up, however – I take pleasure in the simple things in life now – a piece of bread, 10 minutes in the sunshine, etc. I will live FREE OUTSIDE THE USA – and poor, rather than being a slave at home and defined by this credit score. As I understand it, to have a job with any financial responsibility the employer will review your credit score. Shall I advise you where you can stick my credit score?

I KNOW THIS WILL NEVER CHANGE. I am 40 years old now – with no real home. I don’t want your pity. I don’t want anything from you ever again! I try not to think or speak about this subject as it upsets me too deeply. And anyway people never understand – they just assume you are one of those terrible people in life that does not pay your debts.

It is not a democrat/republican issue – it is a generational issue – you baby boomers – pointless to even engage you in conversation – its all about YOU! I curse you all! May you reap what you have sown in the afterlife.

And when you come to Europe for your holidays, I’m the one glaring at you on the metro. And when you ask for directions I will reply in the foreign language I did not learn at your university.

]]> By: jp http://www.onpointradio.org/2009/02/student-loans/comment-page-4#comment-14620 jp Mon, 13 Apr 2009 03:41:00 +0000 http://www.onpointradio.org/?p=13825#comment-14620 I'd really like to know just what is so holy about an educational debt (compared to any other consumer debt) All the arguments here posted by self-styled congratulatory and accomplished survivors of academia seem to miss an important point: Sure - the lenders are all predatory wolverines, weasles and skunks (and often have proven themselves thus since the first gilded age...) I see it as a profound waste of time to debate that issue. Just the same - it's astounding how their silly greed reduces them to such stupidity. Granted - they make their killing, so why should they care? But as the whole sordid system unwinds...I forget exactly who here made the comment - forgive me for not crediting you...words to the effect - you'd love to support the economy by being a good consumer, but it's all going to the student loan. A hoot. A sad, pathetic shamble. America has financialized itself back inside its own navel (not a pretty sight.) It does not produce wealth anymore. Just intercepts it. (like a Catcher in the Wry) oh my. I’d really like to know just what is so holy about an educational debt (compared to any other consumer debt)
All the arguments here posted by self-styled congratulatory and accomplished survivors of academia seem to miss an important point:
Sure – the lenders are all predatory wolverines, weasles and skunks (and often have proven themselves thus since the first gilded age…) I see it as a profound waste of time to debate that issue.
Just the same – it’s astounding how their silly greed reduces them to such stupidity. Granted – they make their killing, so why should they care?
But as the whole sordid system unwinds…I forget exactly who here made the comment – forgive me for not crediting you…words to the effect – you’d love to support the economy by being a good consumer, but it’s all going to the student loan.
A hoot. A sad, pathetic shamble.
America has financialized itself back inside its own navel (not a pretty sight.)
It does not produce wealth anymore. Just intercepts it.
(like a Catcher in the Wry)
oh my.

]]> By: Darren http://www.onpointradio.org/2009/02/student-loans/comment-page-4#comment-13843 Darren Fri, 27 Mar 2009 19:42:41 +0000 http://www.onpointradio.org/?p=13825#comment-13843 Sallie Mae needs to be investigated for fraud, money laundering, and racketeering. Albert Lord should be thrown in prison along with any politician who has ever received donations from a student loan company. I had a hardship issue that began with unemployment, and subsequent underemployment (with two jobs, no less). Here is the way it works: I open a "ticket" to start the process of reviewing my loan status. I am informed that I must call their customer service number. I call their customer service number and am informed that I have reached the Sallie Mae service center (which happens to be in India, or Pakistan). I tell them my issue, they direct me to the website (where I started) and close my ticket; No discussion ever occurs... no resolution, or even communication, is ever achieved it is a dead end. I have complained to the US Dept. of Education, they claim to have instructed Sallie Mae to work with me... I can never speak to anyone who can confirm this, let alone work with me. It is completely circular process. It is completely legal, and completely unethical. There IS a problem, it IS a scam, and the government, by not stopping it, is complicit. Guilty Guilty Guilty. Sallie Mae needs to be investigated for fraud, money laundering, and racketeering. Albert Lord should be thrown in prison along with any politician who has ever received donations from a student loan company.

I had a hardship issue that began with unemployment, and subsequent underemployment (with two jobs, no less).
Here is the way it works: I open a “ticket” to start the process of reviewing my loan status. I am informed that I must call their customer service number. I call their customer service number and am informed that I have reached the Sallie Mae service center (which happens to be in India, or Pakistan). I tell them my issue, they direct me to the website (where I started) and close my ticket; No discussion ever occurs… no resolution, or even communication, is ever achieved it is a dead end.

I have complained to the US Dept. of Education, they claim to have instructed Sallie Mae to work with me… I can never speak to anyone who can confirm this, let alone work with me.

It is completely circular process. It is completely legal, and completely unethical.

There IS a problem, it IS a scam, and the government, by not stopping it, is complicit. Guilty Guilty Guilty.

]]> By: Melony http://www.onpointradio.org/2009/02/student-loans/comment-page-4#comment-13487 Melony Sun, 22 Mar 2009 17:02:34 +0000 http://www.onpointradio.org/?p=13825#comment-13487 Sign this. Perhaps it will also help assuage student debt: http://www.thepetitionsite.com/1/forgive-student-loan-debt Sign this. Perhaps it will also help assuage student debt:

http://www.thepetitionsite.com/1/forgive-student-loan-debt

]]> By: Patricia watson http://www.onpointradio.org/2009/02/student-loans/comment-page-4#comment-13425 Patricia watson Sat, 21 Mar 2009 02:09:10 +0000 http://www.onpointradio.org/?p=13825#comment-13425 In my opinion, anyone who sells cocaine is a dirtbag and worse. they should be in prison. In my opinion, anyone who sells cocaine is a dirtbag and worse. they should be in prison.

]]> By: gabi532 http://www.onpointradio.org/2009/02/student-loans/comment-page-4#comment-13191 gabi532 Thu, 19 Mar 2009 04:32:19 +0000 http://www.onpointradio.org/?p=13825#comment-13191 Hello there from California~! Thank God I had great parents who allowed me to live at home during my first 2 years at the local community college. THEY DID NOT PAY FOR MY FIRST TWO YEARS..I did working a job in retail and a pizza joint..What a motivator! Also, it enabled me to save $$$ for my last 3 years Student Loans were inevitable, but I consolidated when interest rated were low. Call me advanced for my age at the time, or just smart, but SAVING $$$ is the way to go! It was enough to finance a semester abroad and allowed me to attend a public university in San Francisco, CA. What a dream I accomplished. In total, I incurred $16,500 for my undergrad in business which is endlessly useful. Thank you Mom & Dad for teaching the value of financial planning and money! Hello there from California~!

Thank God I had great parents who allowed me to live at home during my first 2 years at the local community college. THEY DID NOT PAY FOR MY FIRST TWO YEARS..I did working a job in retail and a pizza joint..What a motivator! Also, it enabled me to save $$$ for my last 3 years Student Loans were inevitable, but I consolidated when interest rated were low. Call me advanced for my age at the time, or just smart, but SAVING $$$ is the way to go! It was enough to finance a semester abroad and allowed me to attend a public university in San Francisco, CA. What a dream I accomplished. In total, I incurred $16,500 for my undergrad in business which is endlessly useful. Thank you Mom & Dad for teaching the value of financial planning and money!

]]> By: Jay http://www.onpointradio.org/2009/02/student-loans/comment-page-4#comment-13102 Jay Wed, 18 Mar 2009 15:31:54 +0000 http://www.onpointradio.org/?p=13825#comment-13102 I am a co-signer of my son's $30k student loan with AES, and paying back jointly. We have good record to pay back, but interest rate is still high, as of February, it is 10.5%, and does not reflect of prime rate, at all. I asked why no interest change accordingly to FRB rate, but no reasonable answers from them and they are so arrogant and have no sense of "customer services". Their demeanor is as bad debt collector, authoritarian and bureaucratic and I feel so bad to ask them questions. AES is a typical financial predator and greed banker. We need to stand up tore-regulate student loan industry or simply get rid of them and replace with 100% Federal Loan. I am a co-signer of my son’s $30k student loan with AES, and paying back jointly. We have good record to pay back, but interest rate is still high, as of February, it is 10.5%, and does not reflect of prime rate, at all. I asked why no interest change accordingly to FRB rate, but no reasonable answers from them and they are so arrogant and have no sense of “customer services”. Their demeanor is as bad debt collector, authoritarian and bureaucratic and I feel so bad to ask them questions.
AES is a typical financial predator and greed banker.
We need to stand up tore-regulate student loan industry or simply get rid of them and replace with 100% Federal Loan.

]]> By: Alan http://www.onpointradio.org/2009/02/student-loans/comment-page-4#comment-13028 Alan Wed, 18 Mar 2009 00:49:10 +0000 http://www.onpointradio.org/?p=13825#comment-13028 The last posting by JurisDoctorate failed to see that most of us already have / had 2 or 3 jobs to pay/ try to pay our loans and it was not enough for our lenders. Also, those who lost their jobs now JurisDoctorate who sells drugs is a very confused individual whose words fall on intelligent ears and received not with disdain but with emptiness at his/her lack of comprehending the true issues here. That said - it is easy to see how the general population who did not get snagged into Sallie Mae's or other lenders usurous practices have misplaced feelings about those who cannot pay their loans because those without these types of loans and situations have not informed themselves about the issues. The last posting by JurisDoctorate failed to see that most of us already have / had 2 or 3 jobs to pay/ try to pay our loans and it was not enough for our lenders. Also, those who lost their jobs now JurisDoctorate who sells drugs is a very confused individual whose words fall on intelligent ears and received not with disdain but with emptiness at his/her lack of comprehending the true issues here. That said – it is easy to see how the general population who did not get snagged into Sallie Mae’s or other lenders usurous practices have misplaced feelings about those who cannot pay their loans because those without these types of loans and situations have not informed themselves about the issues.

]]> By: JurisDoctorate http://www.onpointradio.org/2009/02/student-loans/comment-page-4#comment-13023 JurisDoctorate Tue, 17 Mar 2009 22:24:24 +0000 http://www.onpointradio.org/?p=13825#comment-13023 You people make me sick. If you have bills pay them. If you can't pay them get a second job. If you can't get a second job, do what I did, sell drugs. Yes that's right, I sell cocaine to pay my loans and I'm proud of it. At least I'm not some dirt bag like you people who walked away from your debt. I have plans to pay off my loan within ten years by expanding into the local community college and high school. My bills are paid and I have found that success is relatively easy to accomplish in America. We dont need a bail out. We need you people to quit crying and think outside the box. You people make me sick. If you have bills pay them. If you can’t pay them get a second job. If you can’t get a second job, do what I did, sell drugs. Yes that’s right, I sell cocaine to pay my loans and I’m proud of it. At least I’m not some dirt bag like you people who walked away from your debt. I have plans to pay off my loan within ten years by expanding into the local community college and high school. My bills are paid and I have found that success is relatively easy to accomplish in America. We dont need a bail out. We need you people to quit crying and think outside the box.

]]> By: tammy http://www.onpointradio.org/2009/02/student-loans/comment-page-4#comment-12949 tammy Tue, 17 Mar 2009 03:48:28 +0000 http://www.onpointradio.org/?p=13825#comment-12949 I am so scared of transferring from community college to private college. I feel so disheartened and I think the best thing for me it to finish my 65 credits and go to some skill training institution. I have a 3.80 GPA - all that work for nothing! I intend to drop out at the end of this semester and pay off the $16,000.00 that I already owe and call it a day. The most discouraging thing about school is not only the professors you pay to be rude to you but the student loan Direct Loan Department of Education envelops that keep arriving in the mail. I don't even open them anymore because I have no money whatsoever to pay the interest on these unsubsidized loans I have. I took the unsubsidized loans because I went thru so much crap to get signed up for school and after all the time I stood in that 5000-people line, I just said "yes" to everything without even understanding that I would be expected to start paying the interest back on it. Now the choice is between paying this interest or eating and sleeping under a roof. Sucks. I am so scared of transferring from community college to private college. I feel so disheartened and I think the best thing for me it to finish my 65 credits and go to some skill training institution. I have a 3.80 GPA – all that work for nothing! I intend to drop out at the end of this semester and pay off the $16,000.00 that I already owe and call it a day. The most discouraging thing about school is not only the professors you pay to be rude to you but the student loan Direct Loan Department of Education envelops that keep arriving in the mail. I don’t even open them anymore because I have no money whatsoever to pay the interest on these unsubsidized loans I have. I took the unsubsidized loans because I went thru so much crap to get signed up for school and after all the time I stood in that 5000-people line, I just said “yes” to everything without even understanding that I would be expected to start paying the interest back on it. Now the choice is between paying this interest or eating and sleeping under a roof. Sucks.

]]> By: The Dark Side Of Student Loans: NPR Radio Program « American Student Loan DEBT Crisis http://www.onpointradio.org/2009/02/student-loans/comment-page-4#comment-12918 The Dark Side Of Student Loans: NPR Radio Program « American Student Loan DEBT Crisis Mon, 16 Mar 2009 19:24:02 +0000 http://www.onpointradio.org/?p=13825#comment-12918 [...] LISTEN TO THE FULL RADIO INTERVIEW HERE (at On Point with Tom Ashbrook website) [...] [...] LISTEN TO THE FULL RADIO INTERVIEW HERE (at On Point with Tom Ashbrook website) [...]

]]> By: Gabrielle Ayres http://www.onpointradio.org/2009/02/student-loans/comment-page-3#comment-12840 Gabrielle Ayres Mon, 16 Mar 2009 03:33:17 +0000 http://www.onpointradio.org/?p=13825#comment-12840 I am age 55 and was encouraged twice to take student loans for salary promises that I never received back in 1992-1998. My original loan total in 1998 was ~$150,000 and I could never find the type of job with the salary that was promised for the degree. In 2001 salary cuts occurred 4 times, as well as cut backs in time to my job(s). Initially, while I was bringing home only $1500 Sallie Mae (Texas Guaranteed Student Loan Association) demanded $1200/ mo payments that I could not make and would they not accept less. I searched tiredly for work everywhere and could not get hired for the type of salary that would help me financially. In 2001 we started having more salary cutbacks at UCSD that made it worse for me and still I looked for better work. I was told repeatedly by Sallie Mae and the U.S. Department of Education that my only options were to take hardship deferments and forbearances, during which time interest would continue to add on monthly at the rate of $1200/mo. I had no other choice but to take the deferences. By 2007, my student loan debt increased to $240,000 and now it continues to grow at interest of $1380 each month. I have never been allowed to re-consolidate, refinance, put it into bankruptcy or pay less than the $1380. They returned my $600 checks to me repeatedly. They have increased the amount of the loan to $455,000 of repayment. They have increased loans that were to remain at zero and 4% to 8% I have written to, emailed and telephoned Sallie Mae hundreds of times since 2002 without the ability to get through to anyone who can help me. They actually put me in a circle, talking to 3 people in India, who transferred me to a rep who would not say who he was or where he was located and would not give me someone to help renegotiate the loan. I diligently looked for better paying work, went on numerous interviews and was often selected as the top 2 candidates, never receiving the offer and better salary that could have gone with the position since 1999. I have sent out over 500 applications since 2001 and been on numerous interviews in order to faithfully work and pay off my debt to no avail. In 2007 I was laid off and have no savings, home, or help from anyone. I have contacted numerous other borrowers who like me are stuck excessive fees, changes in interest rates without notification and inaccurate accounting (inflated amounts due), with sky rocketing due amounts (none of us in default yet because we are locked into forbearances) from Sallie Mae; they cannot pay off and no one will help us. . . yet. The following gives you a picture of my situation more, and it is similar to others'. Criminal Sallie Mae will garnish my wages as soon as I find work - which will only be take home of ~$1700/mo, leaving me only $1100 to live on. Rent alone is $1100. As I mentioned above, in 2005 I contacted the U.S. Department of Education, Investigative Department. Besides telling me my only option was to take the forbearances, they said that all they could tell me was to find a lawyer - and that bankruptcies are not allowed for student loans. I looked for a lawyer and no lawyer would help me, 15 lawyers in 3 cities, including Stanford U lawyers said that they could not take the case because student loans cannot go into bankruptcy or hardship unless I am disabled, which I am not. My salary was usually $1900 take home, for rent and medical bills. I finally got a short term job in late 2007 after my lay off, that gave me about $3000 month take home for several months, but I then was back to lay off status. I have been laid off now and unemployed for the last 9 months. The only job interviews (was not hired) I had if they chose to hire me, were only be willing to pay me something that would bring home only $1900/mo again, and the medical bills are still with me too and growing. I have no savings, no family. I now suffer from panic and anxiety attacks and my life as an elder looks very very bad. I have contacted my senators including, Senator Feinstein, who never replies. I have contacted their offices with letters and requests for an appointment with them for years now. And you and no one in their offices has replied yet. Is there a committee on this somewhere? Another senator? or someone that you can refer me too. Likewise my CA reps do not help after repeatedly letters and telephone calls. I never have received a call back or email from anyone. I would like to speak to congress too. I would be glad to send you my resume, proof of job searches, and anything that would help. I always wanted to pay back my student loans and attempted to several times. Have not those of us, who wanted to better ourselves and good faith took loans to get the education that we were encouraged to do to better our life, been punished enough? The previous administration has locked us into something terrible. If I can ever begin paying my student loans ( I need to make $75,000 / yr in order to do so at least), when I am 85 I will still have an outstanding balance of $270,000 and no retirement money. When I am forced to retire from work, if I make it that long, at age 68, how will I care for myself? I have no pension – that was lost in the economic debacle. I have no retirement money or savings. Realistically, now at age 55, I will never make more than $2000/mo take home. There are no funds to retrain at an income level that I need to pay off the loans and support myself. Please do something for those of us, and there are many, many of us, who were / are sucked in by Sallie Mae. I need to file bankruptcy, maybe you can help to change this law too!! I am age 55 and was encouraged twice to take student loans for salary promises that I never received back in 1992-1998. My original loan total in 1998 was ~$150,000 and I could never find the type of job with the salary that was promised for the degree. In 2001 salary cuts occurred 4 times, as well as cut backs in time to my job(s). Initially, while I was bringing home only $1500 Sallie Mae (Texas Guaranteed Student Loan Association) demanded $1200/ mo payments that I could not make and would they not accept less. I searched tiredly for work everywhere and could not get hired for the type of salary that would help me financially. In 2001 we started having more salary cutbacks at UCSD that made it worse for me and still I looked for better work. I was told repeatedly by Sallie Mae and the U.S. Department of Education that my only options were to take hardship deferments and forbearances, during which time interest would continue to add on monthly at the rate of $1200/mo. I had no other choice but to take the deferences. By 2007, my student loan debt increased to $240,000 and now it continues to grow at interest of $1380 each month. I have never been allowed to re-consolidate, refinance, put it into bankruptcy or pay less than the $1380. They returned my $600 checks to me repeatedly. They have increased the amount of the loan to $455,000 of repayment. They have increased loans that were to remain at zero and 4% to 8%
I have written to, emailed and telephoned Sallie Mae hundreds of times since 2002 without the ability to get through to anyone who can help me. They actually put me in a circle, talking to 3 people in India, who transferred me to a rep who would not say who he was or where he was located and would not give me someone to help renegotiate the loan.

I diligently looked for better paying work, went on numerous interviews and was often selected as the top 2 candidates, never receiving the offer and better salary that could have gone with the position since 1999. I have sent out over 500 applications since 2001 and been on numerous interviews in order to faithfully work and pay off my debt to no avail.

In 2007 I was laid off and have no savings, home, or help from anyone. I have contacted numerous other borrowers who like me are stuck excessive fees, changes in interest rates without notification and inaccurate accounting (inflated amounts due), with sky rocketing due amounts (none of us in default yet because we are locked into forbearances) from Sallie Mae; they cannot pay off and no one will help us. . . yet. The following gives you a picture of my situation more, and it is similar to others’.

Criminal Sallie Mae will garnish my wages as soon as I find work – which will only be take home of ~$1700/mo, leaving me only $1100 to live on. Rent alone is $1100.

As I mentioned above, in 2005 I contacted the U.S. Department of Education, Investigative Department. Besides telling me my only option was to take the forbearances, they said that all they could tell me was to find a lawyer – and that bankruptcies are not allowed for student loans. I looked for a lawyer and no lawyer would help me, 15 lawyers in 3 cities, including Stanford U lawyers said that they could not take the case because student loans cannot go into bankruptcy or hardship unless I am disabled, which I am not.

My salary was usually $1900 take home, for rent and medical bills. I finally got a short term job in late 2007 after my lay off, that gave me about $3000 month take home for several months, but I then was back to lay off status. I have been laid off now and unemployed for the last 9 months. The only job interviews (was not hired) I had if they chose to hire me, were only be willing to pay me something that would bring home only $1900/mo again, and the medical bills are still with me too and growing. I have no savings, no family. I now suffer from panic and anxiety attacks and my life as an elder looks very very bad.

I have contacted my senators including, Senator Feinstein, who never replies. I have contacted their offices with letters and requests for an appointment with them for years now. And you and no one in their offices has replied yet.

Is there a committee on this somewhere? Another senator? or someone that you can refer me too. Likewise my CA reps do not help after repeatedly letters and telephone calls. I never have received a call back or email from anyone. I would like to speak to congress too. I would be glad to send you my resume, proof of job searches, and anything that would help.

I always wanted to pay back my student loans and attempted to several times. Have not those of us, who wanted to better ourselves and good faith took loans to get the education that we were encouraged to do to better our life, been punished enough? The previous administration has locked us into something terrible. If I can ever begin paying my student loans ( I need to make $75,000 / yr in order to do so at least), when I am 85 I will still have an outstanding balance of $270,000 and no retirement money. When I am forced to retire from work, if I make it that long, at age 68, how will I care for myself? I have no pension – that was lost in the economic debacle. I have no retirement money or savings. Realistically, now at age 55, I will never make more than $2000/mo take home. There are no funds to retrain at an income level that I need to pay off the loans and support myself.

Please do something for those of us, and there are many, many of us, who were / are sucked in by Sallie Mae. I need to file bankruptcy, maybe you can help to change this law too!!

]]> By: beth http://www.onpointradio.org/2009/02/student-loans/comment-page-3#comment-12829 beth Sun, 15 Mar 2009 19:39:33 +0000 http://www.onpointradio.org/?p=13825#comment-12829 I am a current grad student with 100,000 of debt despite a scholarship and a work-study program. I would never suggest that I should not have to pay back my loans! I chose the program and the school and I was aware of the costs. I do, however, think that the current interest rates for federal student loans are truly ridiculous. I have excellent credit and I have credit cards and a car loan with interest rates that are significantly lower than my 6.8% and 8.5% student loans. If home-owners with excellent credit can refinance at lower rates; students with excellent credit should be afforded this same opportunity. I am a current grad student with 100,000 of debt despite a scholarship and a work-study program.

I would never suggest that I should not have to pay back my loans! I chose the program and the school and I was aware of the costs.

I do, however, think that the current interest rates for federal student loans are truly ridiculous. I have excellent credit and I have credit cards and a car loan with interest rates that are significantly lower than my 6.8% and 8.5% student loans.

If home-owners with excellent credit can refinance at lower rates; students with excellent credit should be afforded this same opportunity.

]]> By: Mike Feldman http://www.onpointradio.org/2009/02/student-loans/comment-page-3#comment-12816 Mike Feldman Sun, 15 Mar 2009 02:23:09 +0000 http://www.onpointradio.org/?p=13825#comment-12816 With all these people coming out of college with student loans, this is bound to have a negative effect on entrepreneurialship, since students need a reliable, stable job to pay off the huge loans they have. This in turn slows overall economic growth. Corporate capitalists destroying small-business capitalism. With all these people coming out of college with student loans, this is bound to have a negative effect on entrepreneurialship, since students need a reliable, stable job to pay off the huge loans they have. This in turn slows overall economic growth. Corporate capitalists destroying small-business capitalism.

]]> By: Joe http://www.onpointradio.org/2009/02/student-loans/comment-page-3#comment-12806 Joe Sat, 14 Mar 2009 18:49:28 +0000 http://www.onpointradio.org/?p=13825#comment-12806 Natasha I was in the same situation as you and could not get ANY student help... My parents were divorced and mom did not make much money and dad did not believe in helping out... I moved out at 18 and took me extra years to graduate as I had to work and go to school both at the very low full time... working 40 hours a week to pay for food and housing and taking 12 hours of classes PLUS taking out loan. I have currently been unemployed for almost a year and have had to get a deferment AGAIN in order to pay against the student loans. I am actually getting a 2nd degree now to go on to a masters and trying to get out of my non lucrative IT field... It has pretty much sucked for anybody starting out the last 5 years. I should have just been a plumber would have made a lot more money. I am 28 now and just feel its impossible to get ahead. Natasha I was in the same situation as you and could not get ANY student help…

My parents were divorced and mom did not make much money and dad did not believe in helping out… I moved out at 18 and took me extra years to graduate as I had to work and go to school both at the very low full time… working 40 hours a week to pay for food and housing and taking 12 hours of classes PLUS taking out loan.
I have currently been unemployed for almost a year and have had to get a deferment AGAIN in order to pay against the student loans. I am actually getting a 2nd degree now to go on to a masters and trying to get out of my non lucrative IT field… It has pretty much sucked for anybody starting out the last 5 years.
I should have just been a plumber would have made a lot more money. I am 28 now and just feel its impossible to get ahead.

]]> By: dwayne http://www.onpointradio.org/2009/02/student-loans/comment-page-3#comment-12690 dwayne Fri, 13 Mar 2009 06:20:35 +0000 http://www.onpointradio.org/?p=13825#comment-12690 I have earned my bachelor's degree from a private institution and do not owe any money for it. However I do a big sum for Graduate studies which I did not get to complete. They have refused to release my undergraduate transcript as a result, even for employment. THIS WAS VERY DISTURBING!! I am unable to pursue with my master's degree in an effort to further by professional/career goals. I pretty much held as hostage. I have gone back to college and earned an associate degree at a community college, paid cash. and plan to attent Cal state university. What's even worse is that I owe over 100K in Gov. loans with Sallie Mae and when I was in school on 2003 Sallie Mae put one of the account into default and got a judgement against me. I went to the first court date because I had received notification-- the judge did not grant judgement. However, they went back some time later and got a judgement against me== this time I did not receive any notification to appear in court and they were able to get a judgement against me. Now I am not able to purchase anything (by financing) due to judgement. I can never pay of the loan. I am currently trying to have my institution release my undergraduate transcript so I can continue to work (part time teacher), but my attorney is draining me.. I never thought institution can hold our transcript, eventhough you paid for it and even for employement. If I knew this I would never have attended a private institution, or borrow any money.. Lets face it... Only the rich can afford an education... you can pay off your debt. Dwayne I have earned my bachelor’s degree from a private institution and do not owe any money for it. However I do a big sum for Graduate studies which I did not get to complete. They have refused to release my undergraduate transcript as a result, even for employment. THIS WAS VERY DISTURBING!! I am unable to pursue with my master’s degree in an effort to further by professional/career goals. I pretty much held as hostage. I have gone back to college and earned an associate degree at a community college, paid cash. and plan to attent Cal state university. What’s even worse is that I owe over 100K in Gov. loans with Sallie Mae and when I was in school on 2003 Sallie Mae put one of the account into default and got a judgement against me. I went to the first court date because I had received notification– the judge did not grant judgement. However, they went back some time later and got a judgement against me== this time I did not receive any notification to appear in court and they were able to get a judgement against me. Now I am not able to purchase anything (by financing) due to judgement. I can never pay of the loan.
I am currently trying to have my institution release my undergraduate transcript so I can continue to work (part time teacher), but my attorney is draining me.. I never thought institution can hold our transcript, eventhough you paid for it and even for employement.
If I knew this I would never have attended a private institution, or borrow any money.. Lets face it… Only the rich can afford an education… you can pay off your debt.
Dwayne

]]> By: Patricia watson http://www.onpointradio.org/2009/02/student-loans/comment-page-3#comment-12662 Patricia watson Fri, 13 Mar 2009 00:58:55 +0000 http://www.onpointradio.org/?p=13825#comment-12662 What about those owing student loans and are losing their jobs? Do they get a bailout break? Do their loans go on hold untill the economy picks back up. All this was created by big government spending yet they are taking absolutly no responsibilty. Average people trying to get an education so they can find a job are getting screwed. What about those owing student loans and are losing their jobs? Do they get a bailout break? Do their loans go on hold untill the economy picks back up. All this was created by big government spending yet they are taking absolutly no responsibilty. Average people trying to get an education so they can find a job are getting screwed.

]]> By: Patricia watson http://www.onpointradio.org/2009/02/student-loans/comment-page-3#comment-12656 Patricia watson Thu, 12 Mar 2009 23:47:37 +0000 http://www.onpointradio.org/?p=13825#comment-12656 Well, its odd that the government backed housing loans are able to foreclose or people can even go bankrupt and owe nothing. Why cant those with defaulted student loans have the right to file bankrupcy? Why do those with student loans who fall on hard times get a break? I think this should be taken to the supreme court once more. Bryon is extremely judgemental and in for some bad karma. Well, its odd that the government backed housing loans are able to foreclose or people can even go bankrupt and owe nothing. Why cant those with defaulted student loans have the right to file bankrupcy? Why do those with student loans who fall on hard times get a break? I think this should be taken to the supreme court once more. Bryon is extremely judgemental and in for some bad karma.

]]> By: Belinda http://www.onpointradio.org/2009/02/student-loans/comment-page-3#comment-12509 Belinda Wed, 11 Mar 2009 18:05:19 +0000 http://www.onpointradio.org/?p=13825#comment-12509 Not only are student loan borrowers and defaulters being abused by collectors FOR LIFE, they have to bailout these greedy bankers with their tax money. At this point, our government has gone way too far to hurt to middle class, and did so knowingly. Five years ago, my doctor felt that since he had to suffer and pay his student loans back over 30 years (though he was in the business of saving lives), everyone else should have to pay theirs too. I told him that attitude would lead to people no longer being able to go to college. Now he feels opposite and is ready to march on Washington. And this is after he finally paid the loans off. You might feel lucky today because you don't owe or can afford it TODAY, but when your children and grandchildren can't afford it, you'll change your mind. My doctor won't be able to pay his daughter's college tuition in 10 years, at the rate tuition is rising. He certainly won't be able to pay for her to become a doctor and does not want her to take out loans. If you can't feel the pain of these new indentured servants now, you will later, when it is far too late. And don't forget, the consumer protections were stripped retroactively. Even people who would never have taken out a loan without consumer protections were dupped because the protections were in their contracts. This is a wrong that must be made right. RIGHT NOW. Also, we need artists AND scientists so stop arguing about majors. These fields go hand-in-hand. Artists dream. Scientists make the dreams happen. Only Americans want to limit how people think. Not only are student loan borrowers and defaulters being abused by collectors FOR LIFE, they have to bailout these greedy bankers with their tax money. At this point, our government has gone way too far to hurt to middle class, and did so knowingly. Five years ago, my doctor felt that since he had to suffer and pay his student loans back over 30 years (though he was in the business of saving lives), everyone else should have to pay theirs too. I told him that attitude would lead to people no longer being able to go to college. Now he feels opposite and is ready to march on Washington. And this is after he finally paid the loans off. You might feel lucky today because you don’t owe or can afford it TODAY, but when your children and grandchildren can’t afford it, you’ll change your mind. My doctor won’t be able to pay his daughter’s college tuition in 10 years, at the rate tuition is rising. He certainly won’t be able to pay for her to become a doctor and does not want her to take out loans. If you can’t feel the pain of these new indentured servants now, you will later, when it is far too late. And don’t forget, the consumer protections were stripped retroactively. Even people who would never have taken out a loan without consumer protections were dupped because the protections were in their contracts. This is a wrong that must be made right. RIGHT NOW. Also, we need artists AND scientists so stop arguing about majors. These fields go hand-in-hand. Artists dream. Scientists make the dreams happen. Only Americans want to limit how people think.

]]> By: jon http://www.onpointradio.org/2009/02/student-loans/comment-page-3#comment-12195 jon Sun, 08 Mar 2009 00:44:02 +0000 http://www.onpointradio.org/?p=13825#comment-12195 "And to all of you folks that tell us hurting to suck it up! YOU BE VERY VERY CAREFUL WHO AND HOW YOU JUDGE SOMEONE! That evil karma may come back to haunt you! I don’t wish it because I would NEVER ever wish anyone to feel as badly as I do! I, and others, are good people and do NOT deserve to be treated like this. Not in our own country! Posted by Mark, on March 4th, 2009 at 3:49 pm EST" TO MARK: SUCK IT UP “And to all of you folks that tell us hurting to suck it up! YOU BE VERY VERY CAREFUL WHO AND HOW YOU JUDGE SOMEONE!

That evil karma may come back to haunt you! I don’t wish it because I would NEVER ever wish anyone to feel as badly as I do!

I, and others, are good people and do NOT deserve to be treated like this. Not in our own country!

Posted by Mark, on March 4th, 2009 at 3:49 pm EST”

TO MARK: SUCK IT UP

]]>