Wednesday, November 12, 2008

Student Loan Hell

So my student loan provider finally realized I'm not in school and wants me to start making payments. Nearly $300 a month. Um, yeah right. What have they been smoking?
I'm not even making that much right now. So I call them up and tell them I'm going to need a hardship forebearance. That will work for part of my loans, they say, but not for one of them. To get this other loan into forebearance I have to fill out a special application and pay a $50 fee, and oh yeah, the forebearance is only for three months.

I told them to send me an application, and I will send it back to them without the fee and with a note that says "Hi, I'm broke and living out of my car. I'm on food stamps. I don't have the money for your stinking fee. If I had $50, I would go to the grocery store. So, you can either give me the forebearance or mark me default status. Your choice. And oh yeah, you can blow me."

Okay, so I'm not living out of my car yet, but there's a good chance I will be by the time they finally send me that damn application. And I probably won't tell them to blow me; that would be uncouth as hell for a priestess to say, but just writing it down made me feel better. ;-)



Blogger Jacques de Beaufort said...


I was on forebearance status/ financial difficulty for 7 years until it ran out and I had to start paying them.

Right now I give them $500 a month, $400 of which just goes to capitalized interest that accrued over that time. At this rate I will pay them down in about 630 years.

What do they do if you default ? Can they take your house or garnish wages ? What % of wages can they garnish ? I've always wanted to know in case I go down that road. Like is it something even worth worrying about ?

The amount of young people entering (or not entering) the workforce with massive debt is ENORMOUS right now. Almost everyone I know has way more debt than they can handle.

If they're going to be bailing people out and giving away all this amnesty to homeowners, what about student loans ???

When you got nothin' you got nothin' to lose.

11/12/2008 2:43 PM  
Blogger RAS said...

They can take your tax refund and garnish your wages for a certain percentage, if you make enough. You have to make a certain amount to begin with and then it is only a certain percent. Sometimes for private loans they can place liens on your property. That's about it, aside from harassment, as far as I know. My best friend has been dodging them for 12 years now. They take her tax refund, but that's it.

11/12/2008 3:44 PM  
Blogger MeadowLark said...

I just consolidated all my student loans and am saving something like $180 a month. Yes, the interest rate went up on two and down on one, but having the available cash now helps. Not sure if consolidation will help, I'm sure they'll say "You can't consolidate, you don't have a job". No SHIT, SHERLOCKS.

Hope this works out for you. That's why we told YoungSon to skip college til he can pay for it with cash. We certainly can't pay for it.

11/14/2008 11:32 AM  
Anonymous freeacre said...

The debt servitude bombs out there are just criminal. If they don't get you with student loans or adjustable rate mortgages, it'll be child support payments later on. A former spouse goes on welfare, and holy shit! Before you know it they sue you for back payments to the state with interest until you beg to just go to jail. I think a young working class person today should try to get by on a two year degree that is paid for as they go and also get sterilized in order to not join the ranks of the slaves with no housing. Sorry, Kid.

11/14/2008 3:40 PM  
Blogger dzyns said...

what house? we would gladly give up a house just to get these vampires to go away.

we were told. . no house for you because you are a defaulter. . .this was my government telling me we can never own a house. ..even if it was a lie how at 20 stupid were we supposed to know. . .who was watching out for us as the banks and government played with our futures. . .

how many of us would look at invaders as liberators. . .stupid I know. . but the powers that be should really consider the hopelessness of us at the bottom.

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