11 Jul 2009, 10:19 pm
whipstitches wrote:
The problem that I had with Sallie Mae was that I had several Stafford Loans held by "other" lenders and I only had a few held by Sallie Mae. When it came time to consolidate my loans, Sallie Mae refused to sell my loans to the other holder because they don't "release loans" (this is the language they used 
). As a result of this, I was strong armed into consolidating with Sallie Mae. At the time, I had no idea what sort of organization Sallie Mae really is. I wish I had just left the few loans with Sallie Mae and consolidated the rest with the other holder 
.
). As a result of this, I was strong armed into consolidating with Sallie Mae. At the time, I had no idea what sort of organization Sallie Mae really is. I wish I had just left the few loans with Sallie Mae and consolidated the rest with the other holder .And what they did was ILLEGAL. Consolidation is not something they have an option over. They get PAID IN FULL and the new holder now owns and services your loan. If you want the IBR/ICR repayment plan, I can assure you that Sallie Mae does not offer it (nobody outside of the Department of Education will do those plans), and you have a legal right to sign up for that plan.
11 Jul 2009, 10:30 pm
12 Jul 2009, 5:09 pm
12 Jul 2009, 5:53 pm
whipstitches wrote:
The problem that I had with Sallie Mae was that I had several Stafford Loans held by "other" lenders and I only had a few held by Sallie Mae. When it came time to consolidate my loans, Sallie Mae refused to sell my loans to the other holder because they don't "release loans" (this is the language they used ). As a result of this, I was strong armed into consolidating with Sallie Mae. At the time, I had no idea what sort of organization Sallie Mae really is. I wish I had just left the few loans with Sallie Mae and consolidated the rest with the other holder . They are really hard to work with. When I got my first payment booklet in the mail after I had finished my undergraduate degree, the payment was $900/month. I only made about $900/month and was a single mother on top of it all! They said they couldn't adjust the amount and offered me a forbearance!! I realized right away that I had to boost my earning potential so I could pay these people off and that is when I entered into graduate school...... the rest is more or less self explanatory.... I was able to increase my earning potential, but I had to borrow more money to do it. It became a circular issue from that point forward. I decided that the only way out was to get a PhD with an earning potential that was around 65-75K/yr. so that I could afford to pay off the debt. My mother got cancer, I had a breakdown (anxiety attacks, depression, Asperger's, oh my) and ended up having to leave school to care for my mom and calm myself down (I was still a single mother at that time, too). I don't know how I will ever be able to pay these people off! They have "other" payment options, sure, but what they don't advertise is that not everyone is eligible for them! They are based on income and family size and whole list of other criteria. Sure, I am on a 30 year repayment schedule right now, but I still have to pay over $700/month and the final amount that I will end up paying will be almost $250K!! I am unemployed at the moment. The last job I had was one of the best I have ever landed and it only paid $13/hr. I ended up being laid off. I now have a preschooler that I have to stay home with because daycare is too expensive. I did, however, just get a full scholarship back to grad school this fall. I won't have to borrow a cent. I am hoping to update my education and skills and hopefully land a higher paying job so that I can at least attempt to make payments to Sallie Mae. I won't ever be able to retire, I am afraid.
I think the way they lend to students is really irresponsible. I was 19 years old when I took out my first loan. I had an infant that I was trying to care for and thought that I was doing the right thing to enter into school. I didn't want to end up on welfare and everyone was telling me that the only way I was going to avoid that was to go to school. As it turns out, I would have been better off to have gone to work in an unskilled labor position because by the time I end up paying my loan payment each month I am left with less money than my teenage daughter who works at a health food store makes each month! Honestly, would a bank loan at cashier at McDonald's (no offense to McD's
) $250,000 to buy a house? Why would you loan a 19 year old kid with no job $60K to complete an undergraduate degree with poor employment potential? There has to be a better system for helping students pay for school. I don't know what it is, but it certainly isn't creating generations of slave debtors!!
). As a result of this, I was strong armed into consolidating with Sallie Mae. At the time, I had no idea what sort of organization Sallie Mae really is. I wish I had just left the few loans with Sallie Mae and consolidated the rest with the other holder . They are really hard to work with. When I got my first payment booklet in the mail after I had finished my undergraduate degree, the payment was $900/month. I only made about $900/month and was a single mother on top of it all! They said they couldn't adjust the amount and offered me a forbearance!! I realized right away that I had to boost my earning potential so I could pay these people off and that is when I entered into graduate school...... the rest is more or less self explanatory.... I was able to increase my earning potential, but I had to borrow more money to do it. It became a circular issue from that point forward. I decided that the only way out was to get a PhD with an earning potential that was around 65-75K/yr. so that I could afford to pay off the debt. My mother got cancer, I had a breakdown (anxiety attacks, depression, Asperger's, oh my) and ended up having to leave school to care for my mom and calm myself down (I was still a single mother at that time, too). I don't know how I will ever be able to pay these people off! They have "other" payment options, sure, but what they don't advertise is that not everyone is eligible for them! They are based on income and family size and whole list of other criteria. Sure, I am on a 30 year repayment schedule right now, but I still have to pay over $700/month and the final amount that I will end up paying will be almost $250K!! I am unemployed at the moment. The last job I had was one of the best I have ever landed and it only paid $13/hr. I ended up being laid off. I now have a preschooler that I have to stay home with because daycare is too expensive. I did, however, just get a full scholarship back to grad school this fall. I won't have to borrow a cent. I am hoping to update my education and skills and hopefully land a higher paying job so that I can at least attempt to make payments to Sallie Mae. I won't ever be able to retire, I am afraid. I think the way they lend to students is really irresponsible. I was 19 years old when I took out my first loan. I had an infant that I was trying to care for and thought that I was doing the right thing to enter into school. I didn't want to end up on welfare and everyone was telling me that the only way I was going to avoid that was to go to school. As it turns out, I would have been better off to have gone to work in an unskilled labor position because by the time I end up paying my loan payment each month I am left with less money than my teenage daughter who works at a health food store makes each month! Honestly, would a bank loan at cashier at McDonald's (no offense to McD's
) $250,000 to buy a house? Why would you loan a 19 year old kid with no job $60K to complete an undergraduate degree with poor employment potential? There has to be a better system for helping students pay for school. I don't know what it is, but it certainly isn't creating generations of slave debtors!!Talk about being shackled with debt. How do you deal with all these problems?? I dont blame you for the debt. It's not like you went to Vegas and blew the money off in a casino. And I bet you really struggled through college and it wasn't all rosey. Sallie Mae gets it's pockets filled with government money, anyway. Almost none of my classmates can tell me how much they owe, cuz the school does the most to make you not think about loans. The problem with college debt is that unlike a mortgage, there is no equity in it. You cannot sell your college education like you can a house. In your case, the best thing to do is probably file for bankruptcy, not pay them a cent, get medicaid, and find an under the table job. u can baby sit, u can tutor a kid, clean, look after someone's grandparents, work in a church or synagogue as an assistant for "a check".. do what you have to do to survive. i'm glad i heard your story though, cuz it makes me feel much easier about my debt. and when you are in college, the professors should be working for you, but instead they make you feel small with all these requirements so that the students feel like they cannot demand anything from the school. why the heck do so many professors let the class go early? why do students have to finance giant gyms, useless glamour sports teams, and fancy lavish campus decor.
14 Jul 2009, 12:04 am
I owe my college approximately $769. Long story... and it makes me look like a dumbass. 
14 Jul 2009, 7:38 am
30 Jul 2009, 10:12 pm
whipstitches wrote:
I am so embarrassed.....
I owe $145,000 (11 years of college studying a" special friggin' interest") and I HATE Sallie Mae.
I don't know if I should blame my AS or Sallie Mae or both! I don't really want to blame myself, but I suppose I have to......
I owe $145,000 (11 years of college studying a" special friggin' interest") and I HATE Sallie Mae.
I don't know if I should blame my AS or Sallie Mae or both! I don't really want to blame myself, but I suppose I have to......
You poor thing. I was being pretty down about $20k in debt. I can't imagine 145k in debt. You must be one smart cookie after 11 years in college. Have you thought about doing volunteering loan forgiveness.....loan forgiveness. You would probably be a good teacher
I probably wouldn't do any additional schooling (unless you wanted to and your employer paid). You probably could score a pretty good job but a lot of it is who you know (that's where I get tripped up).
02 Aug 2009, 9:41 pm
