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News & General Discussion => General Discussion => Topic started by: Shiranu on November 18, 2018, 11:03:08 PM

Title: Got My First Student Loan Bill
Post by: Shiranu on November 18, 2018, 11:03:08 PM

This semester, I had to drop out because I simply couldn't afford to go to school anymore; I made around $500-600 a month, and between car payments, medical bills, rent, phone and food I normally spend about $900 a month.

Last week I lost my job, and then two days ago I got hit with this. In the email they put it in very explicit terms that, if I did not pay it they would destroy my credit and thus my life...

(https://lh3.googleusercontent.com/3dW2-ttTehcmVtR69h0MvFOgGgfSirJ7Izse-N4LRB7rpZY6l_2Ge5XFmJ623PQpb4-dlnudYHnkHmQWNxP6Pz_3GDIDg2rdkooOubJ9E7owjB6x17th9VKGd9JiF9cja-yuJ6rt6cL-71kKOIcHn9CyheW78xSFGwinxu7s_jmTkKn1uajkuP3NWZL9ivHT9ePPqZJWohy7w8hUKdt0bufd6zaPcNs-GaGybIwE22U7rFLR9RuOnvUxKMly8FDlnpVnqz0rQLsRLYAyLsvBkXKsPMG5esMHm1d0q63eC543wPElGuQbETZxHPxTWJyI8URE04jLyy538PnWXGWohLIAjFaJg_xEbg4PeSyu115wxZu8y_XwItUTLPxjfcbpQrkXTBN9PKyUcavK7Ps0f2ZlY4a7iQXiwCfF-T6KsZfVqJ4OEymMbMwI_CozL7q9YjOzTJx2cVfQ_NwTSknPkVjjH-9FHoTf-Peuyd5JidReBRDo7qdoWXf6IpVCjXTAv6SDQ43DnjU7sP0tI17sw5Q6cfyLL7Fy98pFzOHSeWrK2x5YcgTq37Xh_xKKRW6r5X_I9WX4R1ioEm4wWn9jABpWdVRp4mFdQHs5WhSAKkMGGrxO-weLkUTYiopV-YhCJf7CQhq_kyNXXOKhhY0FNcX3=w371-h657-no)


...every month, I am suppose to pay an extra $437... even though I'm already paying several hundred dollars more than I make in bills and having to pull from savings... and of course atm, I have no income.

It is possible to get it down to about $200 a month with deferments and grace periods, but it's going to take up to 3 weeks for that to be approved (if it does get approved) and I'm still obligated to pay that $437. However with the payments at $200 or w/e it was, that will add $33,000 worth of interest to my debt, setting that grandtotal to about $80,000.


Student debt is on the verge of hitting 1.5 trillion dollars... since September, the student debt amount has gone up by $37 billion dollars. Over 11% of student debt has gone delinquent or defaulted, and that number is suppose to be significantly under-reported because of how many people are deferring it but still won't be able to pay it once that's over.


I'm about $50,000 in debt, and I haven't even been able to do anything "adult"; I have never been able to afford a house, a new car, start a family, nothing. Every last dollar of that debt comes from getting a university degree which is absolutely fucking worthless in today's economy, when people I know who never went to school are making $18/hour... far fucking more than any college degree would get me.

I mean this in all seriousness, if I could kill myself... I would spend all my money on a few months of unrestraint hedonism and lending money to friends before blowing my brains out. But I cant even do that, because the mobsters they are move that debt over to my mother if I die.


My best bet is to pay the absolute bare minimum I can, even if that will just drive me further and further towards being broke, and hope this system collapses sooner rather than later. This debt cannot possibly be sustainable.
Title: Re: Got My First Student Loan Bill
Post by: Draconic Aiur on November 19, 2018, 02:14:58 AM
Thank Science I have the pell grant.
Title: Re: Got My First Student Loan Bill
Post by: Gawdzilla Sama on November 19, 2018, 07:59:01 AM
Shirnau, have you contacted them about deferments? You can postpone payment if the circumstances are right. Ignoring the threats will have the results you are afraid of.
Title: Re: Got My First Student Loan Bill
Post by: Mr.Obvious on November 19, 2018, 08:02:05 AM
Jesus Christ, your educational system isn't borderline criminal. It's full-blown.

I'm sorry Shiranu. That sucks beyond my capacity to express.
But I do want to urge you not to despair; keep looking for solutions. You're in a bad place right now, lot of shit happening at once. But don't give up and don't think such dark thoughts. Even mere thoughts of suïcide are a dangerous thing. Struggle, don't give in.
Title: Re: Got My First Student Loan Bill
Post by: PopeyesPappy on November 19, 2018, 11:44:42 AM
Are your loans public, private, or both?
Title: Re: Got My First Student Loan Bill
Post by: Shiranu on November 19, 2018, 04:27:21 PM
Quote from: Gawdzilla Sama on November 19, 2018, 07:59:01 AM
Shirnau, have you contacted them about deferments? You can postpone payment if the circumstances are right. Ignoring the threats will have the results you are afraid of.

In the process of doing that. It can take 2-3 weeks however before they even respond it said, and during that period I'm still obligated to pay that $400.

QuoteAre your loans public, private, or both?

Both. When my family moved back to Texas I had to pay out of state tuition, and that was more than the government loans would cover.
Title: Re: Got My First Student Loan Bill
Post by: _Xenu_ on November 20, 2018, 06:03:38 AM
Oh man. I'm about to graduate from technical school in a few months and this is scary. My total debt is about $6000 and I have 3 months to start paying it. I'm hoping to make somewhat decent money when I get out but I really hope the payments are not that high, it could erase the entire income gain.

I'm sorry you are in this situation. This is just another example of how stacked the system is against the non-rich.
Title: Re: Got My First Student Loan Bill
Post by: _Xenu_ on November 20, 2018, 06:14:01 AM
Quote from: Shiranu on November 19, 2018, 04:27:21 PM
In the process of doing that. It can take 2-3 weeks however before they even respond it said, and during that period I'm still obligated to pay that $400.

Both. When my family moved back to Texas I had to pay out of state tuition, and that was more than the government loans would cover.

The private loans are often loaded with harsher terms than government ones. Just so you know. Is that bill a total of both of them or just one?
Title: Re: Got My First Student Loan Bill
Post by: PopeyesPappy on November 20, 2018, 07:45:54 AM
Quote from: Shiranu on November 19, 2018, 04:27:21 PM
Both. When my family moved back to Texas I had to pay out of state tuition, and that was more than the government loans would cover.

The private loans make it harder, but the government loans qualify for income based payments. Typically 10-15% of your income in excess of 150% of the poverty line. That could be as low as $0.00 per month. They can also be discharged after 15-20 years if you make the minimum payments, including payments of $0.00 if you qualify, even if you have a remaining balance.

A few questions.

Where do you live?
What was your field of study?
How far along were you?
What skills do you have?
What do you like to do?
Title: Re: Got My First Student Loan Bill
Post by: Mermaid on November 20, 2018, 09:12:35 AM
Shiranu, call them. Please.
It seems horrifying, but the more transparent you are with the loan people, the better for you. This is a very common scenario, and they have people who will help. Honest.

I understand fully this feeling of panic.
Title: Re: Got My First Student Loan Bill
Post by: Unbeliever on November 20, 2018, 06:33:42 PM
Better make sure all those bills get paid, or you might end up in jail:


https://www.youtube.com/watch?v=pz5-6bA3KBk
Title: Re: Got My First Student Loan Bill
Post by: Gawdzilla Sama on November 20, 2018, 07:20:35 PM
I got a call a few months after I left Purdue. An officer I had worked with when I was on active duty offered me a job doing what I did in the Navy. They couldn't hire me officially, but he did offer to get my student loans canceled. I had just over 100K is loans, so this sounded good to me. I never paid a dollar on the loans.
Title: Re: Got My First Student Loan Bill
Post by: Baruch on November 20, 2018, 07:37:04 PM
Quote from: Gawdzilla Sama on November 20, 2018, 07:20:35 PM
I got a call a few months after I left Purdue. An officer I had worked with when I was on active duty offered me a job doing what I did in the Navy. They couldn't hire me officially, but he did offer to get my student loans canceled. I had just over 100K is loans, so this sounded good to me. I never paid a dollar on the loans.

Deep State = Deep Pockets.
Title: Re: Got My First Student Loan Bill
Post by: SoldierofFortune on November 20, 2018, 11:32:32 PM
what is your unrestraint hedonism?
Title: Re: Got My First Student Loan Bill
Post by: Baruch on November 21, 2018, 04:40:52 AM
Quote from: SoldierofFortune on November 20, 2018, 11:32:32 PM
what is your unrestraint hedonism?

Do you mean ... burning money like there is no tomorrow?  That is how Western economics works.
Title: Re: Got My First Student Loan Bill
Post by: Gawdzilla Sama on November 21, 2018, 06:51:05 AM
Quote from: Baruch on November 20, 2018, 07:37:04 PM
Deep State = Deep Pockets.
Deep Donald = Deep Ducks
Title: Re: Got My First Student Loan Bill
Post by: Baruch on November 21, 2018, 12:42:09 PM
Quote from: Gawdzilla Sama on November 21, 2018, 06:51:05 AM
Deep Donald = Deep Ducks

Duck Dynasty = Bush Dynasty sans beards.
Title: Re: Got My First Student Loan Bill
Post by: PickelledEggs on November 21, 2018, 12:43:08 PM
SHOULD HAVE THOUGHT ABOUT THAT BEFORE YOU WENT TO HIGHER EDUCATION, DUMMY!!!

No, but for real, the trap of higher education is fucking horrid. I'm all for more knowledge, but they have hiked the price of it so high that it isn't morally acceptable anymore. Students don't even understand what they're getting themselves in to, until it's too late. I wish I knew what I know now, before I went to college. Student loans and the ridiculously expensive tuition they pay for are a fucking joke.
Title: Re: Got My First Student Loan Bill
Post by: Unbeliever on November 21, 2018, 01:09:35 PM
That's because with western economics there is no tomorrow.
Title: Re: Got My First Student Loan Bill
Post by: Munch on November 21, 2018, 01:10:30 PM
I've been looking at my local collage for further education, something like social care. just for the introductory 10 week course, it costs around £350. And each following level doubles the price of that. To complete all levels will set me back several thousand, but they expect it paid up first and foremost with this collage.

Its money I just don't have right now.
Title: Re: Got My First Student Loan Bill
Post by: Baruch on November 21, 2018, 01:29:18 PM
Quote from: Munch on November 21, 2018, 01:10:30 PM
I've been looking at my local collage for further education, something like social care. just for the introductory 10 week course, it costs around £350. And each following level doubles the price of that. To complete all levels will set me back several thousand, but they expect it paid up first and foremost with this collage.

Its money I just don't have right now.

Right ... private schooling (non-state-college subsidized) was $500 per class (not credit hour) 30 years ago here.  With DU on-site schooling it is now $1320 per credit hour.  Usually there are 3 credit hours in a full credit class.  Off-site social work schooling is now $720 per credit hour.  Executive MBA package is $15,000 per quarter inclusive.  University College (for working people) is $660 per credit hour.  My masters was from University College DU ... the 2 years masters should cost about $33,000 today.  Fortunately my employer paid most of my expenses 30 years ago.  Today it is more than 3x more expensive.  The current IT masters is 12 courses long.  You do the math.
Title: Re: Got My First Student Loan Bill
Post by: Baruch on November 21, 2018, 01:29:43 PM
Quote from: Unbeliever on November 21, 2018, 01:09:35 PM
That's because with western economics there is no tomorrow.

Eat drink and be merry ...
Title: Re: Got My First Student Loan Bill
Post by: Draconic Aiur on November 21, 2018, 07:27:56 PM
Quote from: PickelledEggs on November 21, 2018, 12:43:08 PM
SHOULD HAVE THOUGHT ABOUT THAT BEFORE YOU WENT TO HIGHER EDUCATION, DUMMY!!!

No, but for real, the trap of higher education is fucking horrid. I'm all for more knowledge, but they have hiked the price of it so high that it isn't morally acceptable anymore. Students don't even understand what they're getting themselves in to, until it's too late. I wish I knew what I know now, before I went to college. Student loans and the ridiculously expensive tuition they pay for are a fucking joke.

Di you go to a community college first? Get scholarships? Get a Grant of some sort? Get advise from a adviser? Apply for a waiver or something to help you?