The following are testimonials submitted to this site. To tell your story, please go here.
loans originate from the Texas Guaranteed
Student Loan Corporation. After
I graduated from college, I paid on
my loans for a good seven years.
Due to an ex-husband putting me in
bankruptcy, I was unable to pay the
loans back, lost my house and everything
else. I moved back to my home
state of Nebraska where my family
helped me as much as possible, got
a low paying job, and was on welfare
for a while. I've always intended
to pay my student loans back if I
ever had the ability to do so.
Just this year, 2005, I finally secured
a decent job that enabled me and my
kids to get off welfare. I've
only had this job for a couple of
months and am just getting back on
my feet and am the sole support for
two young children as their father
MyAfter two consolidations, I now owe $85,000 on student loans that had a net worth of roughly $22,000 in the 1980s.
I lost my fulltime job on Black Monday (October 19, 1987). My condo went to sheriff's sale in January 1991 and I survived with the belongings that fit in my 85 Dodge Omni as friends and homeless shelters took me in.
I continued to work fulltime for a temp agency until December 1992.
SallieMae would call me at work once or twice a week, reminding me of "the dire consequences" should they not receive my "negotiated" payment on time. I was usually so rattled by the call, my boss would encourage me to go for a walk or sit in the cafeteria.
Would you believe? I had a debt consolidation service sending SallieMae their monthly payment. All of my creditors settled for lower monthly payments and/or a reduction in interest fees. SallieMae wanted the whole ball of wax and they REFUSED to speak with the owner of the consolidation service, saying they were only authorized to talk with me.
I lived in fear, even though I knew I was doing the very best I could to pay the bill on time.
December 1992 I had a breakdown that affected my emotional as well as my physical health. I have been receiving Social Security Disability Income for well over ten years. I am 59 years old, single and poor as a churchmouse.
I now have a second consolidation loan with an ICR plan that requires me to make payments for 25 years. At the end of 25 years, the balance owed will be written off (paid by the taxpayers?) and I will be required to pay the taxes that are due on the loss. How someone like myself will ever be able to do this, I don't know. Nor does the Department of Education.
My family offered to pay the amount that was remaining in 2000 (minus the accumulated interest). SallieMae refused the offer, saying they had to have it all. Now anyone in my family who could help me is dead.
I live with fear, shame and what feels to me like NO HOPE.
Why is the government allowing my loan to escalate so that taxpayers (not me) can pay well over $120,000 on a $22,000 loan in 25 years? Would it not be wiser for them to write it off now?
My breakdown was the direct result of the financial pressures exerted by SallieMae. Even when I was residing in a homeless shelter, SallieMae would call me so that I would remember what happens to people who do not pay their student loans. Now taxpayers are forced to help me survive with a Social Security check and other welfare related benefits.
Even if you do NOT care about me or the years I have remaining, I hope you will care about yourself. How many student loan fiascos are you going to pay for in the coming years in higher income taxes?
I planned to pay back the loans -- every cent. Perhaps there is a program that could help me do that. How about a volunteer program that allows a certain amount to be forgiven over time at the same time that the clock is stopped on the escalating interest?
To tell your story, please go here.