I have ___ in college debt.
30,0000... hate sallie mae!
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Deinonychus
Joined: 12 Feb 2009
Age: 50
Gender: Female
Posts: 323
Location: Saskatchewan, Canada
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 have an unknown amount of college debt (b/c I am just starting my freshman year in the fall) and would like to avoid Sallie Mae.
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Sallie Mae is as close to a criminal enterprise as a lender can be.
They pushed through a law that gutted most all consumer protections for student loan borrowers and then proceeded to use predatory practices so they can impose massive penalties and interests for "defaults" (many of which are caused by them).
I never had any loans with Sallie Mae, but here is some advice....
The US Government has the IBR and ICR repayment plans....only available from the Department of Education because you only pay what you can afford based on a formula. What's not paid off in 25 years is "forgiven." That forgiven amount is currently taxable, but the IBR has a 10-year forgiveness plan for those working for most any governmental entity that is tax exempt and because of that, lawmakers are pushing to make IBR and ICR loan forgiveness after 25 years of repayment tax exempt as well.
Even if you have consolidated your loans before and have no new loans, you have a legal right to the ICR program as detailed by law. Most all "ICR" programs done by private lenders are called "income sensitive" but you must pay the full interest that accrues every month. It's not the same thing. ICR and IBR will stick to the formula, even if you're not paying the interest off every month.
I advise anyone who has loans with Sallie Mae to consolidate them with the Department of Education and get them out of that pool of sharks.
https://loanconsolidation.ed.gov/AppEnt ... pindex.jsp
$100K+ in debt.
I will owe $12,500 at the end of this year, and $27,500 when I graduate.
You can thank my Congressman for that. Bastard accepted some kickbacks from Sallie Mae in order to help them double the interest rates on student loans.
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You can thank my Congressman for that. Bastard accepted some kickbacks from Sallie Mae in order to help them double the interest rates on student loans.
I don't know the current deal with what students have for options, but I'd avoid using Sallie Mae at all. There should be lots of lenders out there who are more reputable including the Department of Education directly (operates as "Direct Loans"). Secondly, since you're safe while in school, the first thing you should do is consolidate your loans when you graduate with someone reputable and get it out of Sallie Mae's hands.
^Sallie Mae cuts deals with universities to make it so that the financial aid departments push everyone towards them as a "preferred lender." I believe my loans are all Stafford loans from the federal government.
_________________
WAR IS PEACE
FREEDOM IS SLAVERY
IGNORANCE IS STRENGTH
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Deinonychus
Joined: 12 Feb 2009
Age: 50
Gender: Female
Posts: 323
Location: Saskatchewan, Canada
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!!
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