I can certainly sympathize with someone who is struggling financially, but this attitude is ridiculous.Left Coast2020 (681 posts)
Need advice on student loan issue
I have this knot in my stomach right now. I have been out of the country for two years, now partially homeless, and I get this letter in the mail from ECMC with a 5 figure number I owe for my student loan. I have no clue how they found this address (possibly from my address for food stamps). I can't see how anyone can pay their student loans back -- especially if they are working a $10 an hour job. I called Sen Boxer's office and was told student loans are not dischargable--like a credit card is. I guess I default since I not a cousin of Mitt's nor have I worked at Bain Capital. What do I do? The interest is stacked against me. What should be about 25-30,000 minus the 17,000 I've already paid, the amount is well over 50. I am disgusted at our system of educating students. Yet, we have to suffer with debt. It is really depressing me. How do I handle this?
"The interest is stacked against me."
When you take out any kind of a loan from a bank or similar institution there is interest, and the interest rate isn't an unknown.
And you don't stop paying and expect that the interest is going to stop accumulating.
Liberals: always expecting something for nothing. If our economy implodes it will be because liberals think that life and everything in it is owed to them and if someone else doesn't pay for it then we should borrow until we cannot afford to pay it back to those who loan it.
Star Member Orrex (33,632 posts) Profile Journal Send DU Mail Ignore
9. Like countless thousands of similar student loan victims, you're screwed
At some point they're going to tell you that you need to pay them some crippling amont each month, to which you'll quite reasonably protest that you can't afford to give them that much. And then they'll say "if you can't give it, then we'll simply take it from you."
It's a nightmarish and predatory system that's more or less equivalent to indentured servitude, and the best part is that when you reach out to DU for moral support, you can count on at least several replies telling you that it's all your fault.
I've seen it many times before, and it infuriates me every time.
You won't likely get anywhere with your lender by explaining that you were out of the country. Your best bet is to ask for a hardship forbearance, which might buy you a year or so. After that, you can look into consolidating your loans, if possible, which could make you eligible for additional deferments.
Other than that, unless you're lucky enough to die or become permanently and totally disabled, then you'll be paying at least 10% of you monthly gross income until your loans are repaid.
Good luck to you and to us all.