This woman is close to $200,000 in debt for a useless college degree. So is her husband, who married her debt, “to have and to hold, until death — or a bankruptcy judge — do them part.”
They will never get out, unless a lenient judge lets them off the hook.
I do not understand the utter stupidity of parents who do not tell their children, “Don’t do this!”
This poor woman attended an overpriced private university to earn a degree that is worth nothing. She ran up a bill of $110,000. She is not alone.
Then she found out she had to pay back the loans, plus interest. This came as a shock to her. She is not alone.
To my horror, my first bill appeared in my mail box on the very day I graduated. How did they expect me to have a job this soon after completing my degree? How was I supposed to pay it? Again, to my horror I learned that they did not care. They wanted their money. And so began my nightmare with student loans.
We have raised a generation of economic illiterates with college degrees.
I took out $110,000 mostly because the private university I attended pushed private loans. I foolishly borrowed this money unaware of their lack of affordable payoff programs and complete disrespect for their borrowers.
Never ask the barber if you need a haircut. You’ll get one.
I was laid off from the non-profit I worked for six months after graduating. I was told due to the rough economy my position was being eliminated. Since I had not worked my last two years in college and since I was only employed for 6 months, I did not qualify for unemployment.
If she had followed my plan, she would have at least four years of employment on graduation day. She would have no debt.
Upset and scared I called my creditors and lenders explaining my situation. Sallie Mae offered an unemployment deferment, as did Perkins and Direct Loan. [My lender] did not. Instead, I was mocked and belittled with questions like “why did you take out the loans if you can’t pay them?” or “just ask a family member to pay.”
What did she expect?
My monthly payment was $1,100/month, how was I supposed to pay that with no job and no unemployment benefits? Once again, to my horror they did not care. On a conference call with them, my mother asked what we’re supposed to do if we cannot pay. They told her to sell her home. I am completely serious. SELL her home!
Why did her mother not intervene on graduation day from high school? Why did she let her daughter destroy herself?
Where are parents? Are they blind, deaf, and dumb?
Basically, yes.
I saw my score go from 756 to 530. All because I lost my job and they could not and would not offer me any sort of reasonable payment program. I pleaded with them, explaining that its not that I don’t want to pay its that I cannot pay that much. They refused to budge.
Of course they refused to budge. They are paid not to budge. Sob stories are universal.
They sucked her in. They lowered her monthly payments. Then they hiked her total obligation. She had not known they would do this.
Since they are a private lender, they offered only one consolidation program with a finance charge of $169,000. That means, over the life of the loan I will pay back $279,529.20. All for an undergraduate degree that has gotten me laid off 2x in two years.
She married a Marine. This poor sap now owes $169,000.
But that’s not all! “Did I mention I also have federal loans?”
Why can someone claim bankruptcy and get out of credit card debt and gambling debt, but we cannot forgive student loans?
Because the bankers got the law changed, that’s why.
Why are the educated being punished for doing what we were told to do? We stayed in school, we got our education.
Because the bankers want to trap debtors for life. This is the easiest way to do it.
Where is OUR bail out?
Everyone wants a bailout. The ones with college degrees are told in school everyone deserves a bailout. But these are hard to get.
This has got to change!
Why? It works too well for the banks. They do not want it changed. They designed the system, and Congress implemented it.
This was posted here. It is now a dead link -- just like the economic future of the two kids who did not understand what no-escape debt means.
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Published on July 24, 2012. The original is here.
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