The following are testimonials submitted to this site. To tell your story, please go here.
I attended a school in Charlotte NC
called Tech Train, it was and IT school. Well it shut
down with out any notice... and I was only about 2
months in, and I had already taken out a student loan
of $16,000. I am back in school now at a four
year school in Kentucky. Sallie Mae is trying
to get money from us, when I wasn't even able to finish
my education. We have a lawyer and are trying
everything in a our power to get out of paying it.
They say we went to them and asked for the loan, and
because of that it is my responsibility to pay it
back. Well we didn't go to them the school picked
out several loan companies and Sallie Mae was at the
time our best option. They have harrased us,
calling time after time one day they called my parents
27 times, knowing that I dont live there anymore.
We now owe well over 30,000 and I am still in school,
and there is no way I am able to pay this. I
cannot declare bankruptcy, I have a wife and 2 kids,
and that would kill everything of ours...including
other things I owe, and have had cosigners help us
with. Is there anything I can do?
I am so happy that I saw you on TV.
Now, I feel there may be some hope for me. My story
I I have a very expensive BFA
degree in a field that pays very little. I believe
that my college, The Savannah College of Art and Design
is partly blame. As I was searching for shools
and future career paths they appealed to me the most.
Although their tuition was/is extremely expensive,
$2,000 per 5 credit hours, they made me feel at ease
with guaranteed job placement and financial aide.
They helped me get all of my loans together, maxing
out the government loans and supplementing the remaining
$15,000 plus per year to Private Loans through a lendor
we all know and love Sallie Mae. I was given
no other options for financial assistance and now
understand that my school who has NEVER attempted
to assist me in my job search, was receiving kickbacks
from Sallie Mae. As if $2,000 a class isn't
I returned to college in 1994 as a non-traditional student (age46) to pursue my BS degree in Social Work and graduated in 1999 and then obtained my MSSW degree in 2000. I consolidated my loans then because paying on each loan monthly would have been over $2500.00 monthly. I was then in debt for $35,924.95. Due to health reasons, I did not obtain work until April 2001. My consolidated loan was put in deferment, however the interest kept accruing. The deferment expired 12/09/2003 and Direct Loans provided re-payment choices Standard $670.57/mo or Extended $429.17/mo or $349.99/mo. I attempted to make the payments, however supporting myself and having a gross income of 31,617.60 with Net Income of 22,761.79 (12/20/03), the payments were hard to make, I put my loans in deferment once more, then made payments, but have difficulty managing payments along with basic household maintenance. My loan id now in forbearance. As of 06/30/2006 my current balance is 58,942.00. It just keeps getting higher and higher. I did write House Representative Ed Whitfield, and he responded March 21, 2005 stating "With regard to H.R. 2505, this bill was introduced in the 108th Congress, which officially adjourned in December without taking action on this legislation." I contacted Jim Bunning Unites States Senator, and he replied 11/02,2005 stating that "no legislation regarding Student loan fairness has been introduced in the Senate." I wrote President Bush August 30, 2005 about student loan fairness which was forwarded to Marguerite A Murer Special assistant to the President who sent my inquiry to the Department of Education who of course only referred back to Higher Education Act. NO HELP from anyone!!!
I watched the 20/20 special on Sallie Mae student loan segment and never thought I would be at their mercy. See my circumstance was I was in a marriage with a 2.7M gross income and divorced and my ex has control over everything. I never thought I would reach out to a student loan company but here I am.
My daughter who is 20 yr old is 6 months shy of graduating from her 2 yr assoc degree. Here I am owing Sallie Mae 26K and not knowing what the hell to do. Do I go to the bank, financial planner, cash in my retirement?????????? HELP, that is what Sallie Mae loves, 20 min later after an on-line application I have a 20K debt with them.
Any suggestions? I have at least 1 million
assets right now but nothing liquid, what is a parent
I live in Bowling Green, Ky. I have lived in Bowling Green since 1988 and I have worked in several different jobs since moving here. I have been plagued and have struggled for years in order to try to pay back my college loans. Since I am orignally from Memphis, Tenn., and later lived in North Mississippi, I went to the University of Mississippi "Ole Miss" in Oxford, Miss., from 1982-1987. I never did graduate because I did not pass the foreign language and math requirements for a liberal arts degree in print journalism with a minor in sociology. I was a learning disability student all through grammar school and junior and high school and should not have gone to a major university in the first place. Believe it or not, I made a 13 on the ACT and at the time Ole Miss required a 15. I petition to get in and they allow me to get in on my written petition and letters of remmendation from my high school principal and guidance counselor. Needless to say, I was tested in my fifth year at Ole Miss and it was proven that I did have a learning disability that was keeping me from passing those required courses. Also, I tried to get a waiver from the university in order to graduate without the foreign langauge and math requirements. But my request denied by the faculity senate. I finally gave up on graduating because I got married and my son had been born and it was time to go to work to support my family. So we moved to my wife's hometown of Russellville, Ky. We lived there six months and then moved to Bowling Green...30 miles away where we have lived ever since.
I was a non-traditional student and received my BA at a university extension school in Southern Indiana. After graduation, I went on to earn to bachelors degrees at two universities in Louisville, KY. I needed these degrees in order to be able to teach my subject full time at the university level. Yet even with full time status, I earn only $34,000 a year and owe $120,000 in student loan debt. It seems that people who graduate from an in-state school and work in a service oriented, such as teaching or social work, should be allowed forgiveness on a major portion of their debt if state institutions demand such high levels of education for such low paying jobs. We deserve a break! I cannot pay off this loan, and do not make enough money to make substantial payments. How can schools charge so much for the education necessary to teach at their own campuses, then not pay a fair wage? The whole thing makes me angry.
To tell your story, please go here.