Many new interesting stories! : )
MY STUDENT LOANS EVENTUALLY TOTALED OVER $1 MILLION, five times what was originally borrowed. The recession, financial struggles to keep up with taxes owed to the IRS meant we could not pay student loans. So the servicers sold the debt to subsidiaries they own and added 'collection fees,' assigned the debt to collection agencies who assessed a 30% collection fee while claiming the debt is in "rehabilitation" (Pioneer Credit Recovery, owned by Navient), and put other loans into forebearance while adding enormous collection fees WHILE the loans were in forebearance. At one point we took them all to court, suing them for their antics. The 9th Circuit Federal Judge who presided over our case was disgusted with the student loan companies, calling their actions, "...egregious" and, "...the worst thing I have ever seen." But still, no one has been able to help us. No one. No one does anything. We have no house. My husband cashed out his retirement after working for 33 years at the same company. We own nothing. We settled most of the debt but still have $300,000 left owing. My payments are $2,000/month on the Standard repayment plan because it is the ONLY repayment plan that actually pays down the principle. This is ridiculous. If I knew then, what I know now, I would never, EVER EVER EVER have gotten a single student loan. Ever. And I would have not gone to school. No crappy degree is worth the hell we've experienced. We'll come out of this one way or another if I die trying. But I don't wish this on anyone.
Amy January 28, 2016 Oregon
I owe over 90,000 in student debt. I graduated from the University of CHicago in 2015 as a model student, the first female editor in chief of both the student newspaper (the chicago maroon) and the campus investigative news journal (grey city magazine). I am highly skilled, award-winning journalist, who is stuck in a job working as a nanny + dinner server for a nyc reporter in order to keep ahead of my monthly loan payments. Instead of reporting myself -the reason I attended university, and incurred so much debt- I pour drinks for reporters.
Joy Crane February 21, 2016 New York City
I had very good grades aside from working a rinky dink cleaning job and raising 5 CHILDREN with my husband. I received little to no funding or grants/scholarships. No problem, since Davenport had a very successful job placement after school plan, I figured I would be okay to pay off loans. NOT THE CASE!!! I didn't qualify for anything and Davenport didn't even offer to help after I finished my undergrad program. When my loans went into payback mode, they wanted a house payment so I put myself on the IBR plan. I am currently still on the plan 5 years later. I called Navient the other day crying.. They had not processed my application and wanted that house payment in hand on the 23rd. I do not have this kind of money with my size family and no job. I have to say that the rep was kind and said she too was even in the same boat as us and wish she had never went to school. She finished my app immediately and told me what my amount was. Even though I felt better at the moment, my heart aches and my brains is fried. This has cost me sleepless nights, hours of crying, this sinking gut feeling that one day they will take everything from me to get their money back . $65,000 @ 6.8%. I will die with this loan unless they keep their word of forgiveness after 25 years on the IBR. I feel for all of us, not just myself. The government sees this debt.. This 1+trillion dollar debt. I keep my hopes high because something has to be done.
Aimee March 10, 2016 GR, Michigan
My student loan debt has skyrocketed to $135,000, of which $100,000 is the astronomical interest rate that I am stuck with to pay on this outrageous loan. I was encouraged by my school to take out student loans to pay for my education as a court reporter. Consequently my school closed, I NEVER RECEIVED THE DEGREE, and even though I had filed babkruotcy years ago, and attempted to discharge the student loans, my request was denied. I did manage to pay off two of the loans, but due to financial burden and family illness, I have been unsuccessful to get the current loan to a manageable state, I am deeply disturbed that there is no substantial relief for the current student loan debt burden, and that the banks are able to get away with unregulated policy that destroys people's lives. I pray that one day all student loan debt will be forgiven - it would forever change my quality of life.
jhr June 26, 2016 California
http://studentdebtcrisis.org/read-student-debt-stories/