Author Topic: Got My First Student Loan Bill  (Read 1162 times)

Online Shiranu

Got My First Student Loan Bill
« 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...




...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.
« Last Edit: November 18, 2018, 11:04:41 PM by Shiranu »
"Judge a moth by the beauty of its candle." - Rumi

Offline Draconic Aiur

Re: Got My First Student Loan Bill
« Reply #1 on: November 19, 2018, 02:14:58 AM »
Thank Science I have the pell grant.

Re: Got My First Student Loan Bill
« Reply #2 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.
We 'new atheists' have a reputation for being militant, but make no mistake  we didn't start this war. If you want to place blame put it on the the religious zealots who have been poisoning the minds of the  young for a long long time."
PZ Myers

Offline Mr.Obvious

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Re: Got My First Student Loan Bill
« Reply #3 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 suΓ―cide are a dangerous thing. Struggle, don't give in.
"If we have to go down, we go down together!"
- Your mum, requesting 69 last night.

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Offline PopeyesPappy

Re: Got My First Student Loan Bill
« Reply #4 on: November 19, 2018, 11:44:42 AM »
Are your loans public, private, or both?
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Online Shiranu

Re: Got My First Student Loan Bill
« Reply #5 on: November 19, 2018, 04:27:21 PM »
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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.

Quote
Are 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.
"Judge a moth by the beauty of its candle." - Rumi

Offline _Xenu_

Re: Got My First Student Loan Bill
« Reply #6 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.
« Last Edit: November 20, 2018, 06:10:31 AM by _Xenu_ »
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Offline _Xenu_

Re: Got My First Student Loan Bill
« Reply #7 on: November 20, 2018, 06:14:01 AM »
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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?
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Offline PopeyesPappy

Re: Got My First Student Loan Bill
« Reply #8 on: November 20, 2018, 07:45:54 AM »
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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?
Save a life. Adopt a Greyhound.


Offline Mermaid

Re: Got My First Student Loan Bill
« Reply #9 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.
We are tied to the ocean. And when we go back to the sea, whether it is to sail or to watch - we are going back from whence we came.

John F. Kennedy

Re: Got My First Student Loan Bill
« Reply #10 on: November 20, 2018, 06:33:42 PM »
Better make sure all those bills get paid, or you might end up in jail:


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"Woe to thee, O land, when thy king is a child,"
Ecclesiastes 10:16

Re: Got My First Student Loan Bill
« Reply #11 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.
We 'new atheists' have a reputation for being militant, but make no mistake  we didn't start this war. If you want to place blame put it on the the religious zealots who have been poisoning the minds of the  young for a long long time."
PZ Myers

Offline Baruch

Re: Got My First Student Loan Bill
« Reply #12 on: November 20, 2018, 07:37:04 PM »
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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.
πŽπŽœπŽœπŽŸπŽŒπŽ€πŽπŽŽπŽ€πŽ€πŽšπŽ€πŽŸπŽπŽœπŽœπŽŸπŽπŽ€πŽπŽ‰πŽ€πŽ€πŽšπŽ€
luu shalmaata luu balt’aata
May you be well, may you be healthy

Re: Got My First Student Loan Bill
« Reply #13 on: November 20, 2018, 11:32:32 PM »
what is your unrestraint hedonism?

Offline Baruch

Re: Got My First Student Loan Bill
« Reply #14 on: November 21, 2018, 04:40:52 AM »
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what is your unrestraint hedonism?

Do you mean ... burning money like there is no tomorrow?  That is how Western economics works.
πŽπŽœπŽœπŽŸπŽŒπŽ€πŽπŽŽπŽ€πŽ€πŽšπŽ€πŽŸπŽπŽœπŽœπŽŸπŽπŽ€πŽπŽ‰πŽ€πŽ€πŽšπŽ€
luu shalmaata luu balt’aata
May you be well, may you be healthy

 

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