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LaToya Irby

President Obama Addresses Student Loan Forgiveness

By January 28, 2010

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In his State of the Union 2010 speech, President Barack Obama mentioned student loan relief for college graduates who are struggling to make payments:

"...[L]et's tell another one million students that when they graduate, they will be required to pay only ten percent of their income on student loans, and all of their debt will be forgiven after twenty years - and forgiven after ten years if they choose a career in public service. Because in the United States of America, no one should go broke because they chose to go to college."

What he's talking about is a modification to the Income-Based Repayment program (IBR) that was created in 2007. The current program forgives certain unpaid federal student loans after 25 years, or 10 years for people who work in public service. Borrowers enrolled in the program pay a lower monthly payment based on income, family size, and loan amount as long as the monthly payment is lower than what would be paid on a standard 10-year repayment plan.

The Obama-Biden administration wants to modify the program to cap federal student loan payments at 10% of the borrower's discretionary income (vs. 15%) and forgive unpaid federal student loans after 20 years (vs. 25).

If and when the modifications are made it could be good news for college students, assuming no future President repeals the rules.

There could be a few drawbacks. First, the overall amount of interest paid on the loan could increase since it's taking more time to repay the loan. The size of the loan could grow if your monthly payments aren't high enough to reduce the interest. Second, you could owe tax on the loans forgiven if it's more than $600. A bill (H.R. 2492) that would have eliminated this tax was introduced to the 111th session of Congress, but the law failed to move forward before a new Congress session began. If you'd like to see the bill reintroduced, write your Congressman. Unfortunately, the proposal doesn't apply to private student loans.

Update 8/10/10: The Health Care Bill that passed this year included provisions for federal student loan repayments, but the rules only apply to loans taken out after July 22, 2014. For federal student loans taken out after July 22, 2014, income-based payments will be based on 10% of the borrowers discretionary income. Loans can be forgiven after 20 years.

Update 10/27/11: President Obama announced plans to speed up the date for 10% income-based payments and forgiveness after 20 years to loans taken out after 2012 instead of 2014. His plan will also make it easier to consolidate different Federal student loans with a slightly lower interest rate.

Sources: WhiteHouse.gov, IPRinfo.org, CNBC

Comments
March 17, 2010 at 9:56 am
(1) Karen Brooks says:

I owe over 20,000 in student loans. I never receive my Federal taxes because of this. I have been out of school for 15 years. I just can’t pay this off because I only work 30 hrs. a week,and with all my other expenses their is nothing left. Would I be elegible to have this loan forgiven?

March 23, 2010 at 4:02 pm
(2) Ashley says:

I owe 60,000 and I’m a teacher, and I’m not even eligible for forgiveness…going to college made my future dimmer….I regret every penny of it…

March 24, 2010 at 1:41 pm
(3) Martin Buena says:

I am 54K in the hole. Wish I would have never gone to the ivy league grad program. Bad investment.

March 24, 2010 at 9:42 pm
(4) wilbert mcmillian says:

i’ve owed repayment on a student loan since 1987. i never attended college but i did attend a business school. would i qualify for the forgiveness program?

April 20, 2010 at 1:34 pm
(5) John says:

I have $200k in student loans, $175,000 are private, there is no relief for me. I’m a mechanical engineer and can not find work that pays more than someone who works full time at Wal-Mart. Because of this economy I have to make peace with the fact I will never be able to afford having a family. College was a huge mistake…

April 28, 2010 at 8:23 am
(6) Keith says:

I am a teacher and I am $ 78,000 in debt due to under grad and grad school. I will have my house paid off before I pay off the loans. It is scary that I need to begin paying the loans back in February and the payment will be almost 13% of my gross pay.

May 12, 2010 at 1:30 pm
(7) Cathy says:

I too am a teacher and still owe over $30,000 after paying on this for 17 years. I took 4 years off of work to raise 2 adopted children and I don’t regret that for a minute. I would love to have some help paying this loan off because the $500/month payment is making it difficult for me to do anything else and even though I work hard EVERY day, I don’t have money to enjoy my life.

May 13, 2010 at 6:06 pm
(8) lance says:

i went to a famous art school in the Seattle area; i worked hard going to school full time in the day and worked full time at night while getting A’s and B’s. After graduation from the school. I found out that the school had a bad reputation around the area. For over six years i could not get a full time position cause of the school. now its almost 20years later i am only making about 30k a year; which have been that way for about six years. My student loan is up over 70k and climbing. i can afford the minimal payments and goes against my credit score. I tried to go back to school to get my BA. However, since i haven’t been able to pay. I cant get my BA so I can get a better position. I am caught between a rock and hard place. going to that school was the biggest mistake that i ever made in my life.

May 21, 2010 at 2:43 pm
(9) Xavior says:

The biggest issue I see is not the term of the loans but the interest rates that they give them to us at. If the banks can borrow money from the gov’t for as little as 0.75% then the gov’t should lend students loans at the same rates. We are the investment in the future not the banks who gamble with our money.

I have a loan from the feds since 1993 and it is %7.2 for $40,000. At a payment of $299/month I will pay almost $58,000 in interest by the time my loan is paid off. A $40,000 loan costing almost $100,000.

How is that investing in the future, that is robbery by our lenders and Gov’t.

May 22, 2010 at 9:09 am
(10) cynthia says:

I have a graduate degree in social work. I owe over 60K in student loans. I work to help others improve their lives and enjoy my work immensly. I work over 40 hours each week and am still in debt and have not had a vacation in over 10 years. Going to school was a bad investment. I would never encourage my children to go to college. It did not improve my life economically, instead it put me in so much debt I do not see myself ever getting out.

July 6, 2010 at 12:40 pm
(11) Mat says:

As a federal program, I’m dismally overcharged at 8.5%. If the administration wants to make a difference, the way to do it is to move interest rates down for all of us over the last 10 years who paid high rates.

July 15, 2010 at 11:14 am
(12) Joann Scott says:

I attended a Business school in 1989 and was not able to find a job, my loan went into default it was like the more I paid the more I owed and the interest rate skyrocketed it is at the point that it will never be paid i have not received an income tax check in years. I am in the military will I qualify for student loan forgiveness

July 30, 2010 at 9:56 am
(13) Accountable says:

Loan forgiveness? Are you kidding me. Not to be heartless, but ever single person on this board made the decision to take out the loan with the responsibility of paying it back. I’m sorry if you’ve run into difficult financial situations, but it’s not my responsibility as a tax payer to pay your debt (you took the money and you agreed to pay it back – so honor your commitment). How did we get to a point as a country where we expect our neighbors to pay our debts. Last year 47% of U.S. Households paid NO FEDERAL INCOME TAX. That means 47% (half the country) is not paying one dime into the “system” yet expects the “system” to pay their debts. Being one of the 53% that is paying Federal taxes, I’m fed up with the blatant injustice of it all. I’m already being told that I now have to foot the bill for helthcare for those who are not paying into the “system” and now you want me to pay for your education as well? Why not just send me your mortgage bill and car payment while were at it? How is it possibly fair to ask half the country to foot 100% of the bill? Here’s a radical idea, if you agree to take money, and you agree to pay it back when you accept it – then just pay it back. Don’t ask the tax payers to pay your bill. Last I checked, we’re not a Socialist society. I’d personally like to keep it that way.

August 5, 2010 at 8:35 am
(14) Antitroll says:

My goodness, when the days of online anonymity are finally behind us, then the likes of Accountable will quietly fade back into the recesses of post-aggression, where he belongs. These comments are for people lost in the American Dream of going to school = better life. I myself have over 50k in debt, and would gladly apply for debt relief if available. The “system” touted in Accountables comment has failed the consumer, and needs to be regulated.

August 6, 2010 at 11:48 am
(15) Deb Wegner says:

I graduated in 2005, after working and rasing my family while going to school. I have been working in the field of Human services for most of 20 yrs, with little jonts doing nursing for 10, and law enforcement for a year, now back into child welfare. I have loved all the areas, especiall law enforcement, I have 40,000 in loans, which I have had set up to repay on several occasions, only to have a job loss on 3 different occasions, due to adminstrative change, funding cuts, and a company I worked for closing our dept, because of non-payment, from DHHS, for services, I am frustrated, I had looked forward to havine a job that I would be able to repay my loans, but have been kicked in the teeth several times, I am now looking into going back to change careers into something that might be more financially sound. I am a volunteer with Red Cross, REACT, and BoyScouts/girlscouts. I would like some help, even a little. would I be elligable?

August 12, 2010 at 4:00 pm
(16) Lisa says:

I just recently graduated with my Masters in the Social Work field. I am a widower with two small children who is trying to make a better living for myself and my family. I am also trying to provide my children with a lesson that education cannot be taken away. HOWEVER, with the prices of colleges going up and the federal aid in trouble there has to be something more to help individuals like myself with repaying these debts. I am not trying to get out of any of them I am just asking for assistance with repaying all of this debt back. Possibly with help in consolidating not only federal loans but private loans as well as they all were for the same purpose. With the way things are going now, not only will I not be able to assist my children in furthering their education but education will be too outrageously overly priced for anyone to think about it!!

August 22, 2010 at 11:10 am
(17) Accountable says:

Antitroll, so I guess those you disagree with need to just be quiet? Maybe we could ban free speech. Maybe, just maybe, Obama can slip that into one of his Bills – you know, the Bills he promised to go through “line by line” (we saw how well he lived up to that promise with the whole health care chaos).” Anyway, back to the issue at hand: my simple question is: where does personal responsibility play into this? If you felt the system was so flawed, why did you agree to take money from it in the first place? Then to have the gull to claim, after willingly accepting the money, that you shouldn’t have to pay it back because YOU think the system is flawed? How insulting to us tax payers is that? I agree that some intelligent regulation is probably needed. You’ve got a very good point there. But using my tax dollars to pay your debt is not regulation. Any objective, intelligent observer will call it what it is…socialism. It’s “spreading the wealth.” As Obama himself said to Joe the plumber: “we have to spread it around”

August 22, 2010 at 1:20 pm
(18) furious says:

I am furious at accountable you have things to say about people getting help with student loans but you dont say a word about all of these politicians making all of your tax dollars as income so where do you get off. I have student loans and then became very ill and cannot pay my loans and cannot get forgivness. I worked all my life raised my children and payed my taxes and still cannot get any assistants so since you have had your life handed to you dont be judging all the hard working people….

August 22, 2010 at 7:41 pm
(19) Accountable says:

Furious says: I’m not sure why you are furious with me as I completely agree with you 100% that politicians are using tax dollars as income. I am equally furious with them. So we are in agreement. And I completely respect you for working hard all your life and raising a family. That is not an easy job. But I’m a little confused as how you drew the conclusion that I’ve had my life handed to me. Actually, quite the opposite. I do not come from privilege. I have worked, and scraped and earned every penny I have (which, by the way, is not much). I have not inherited an estate and did got go to private schools. I come from a hard-working blue collar family that taught me to pay my own way. That’s why I am so furious with politicians taking our tax dollars and lining their pockets, taking our tax dollars and telling me I have to pay (out of my pocket) for someone else’s health care cost, taking my tax dollars and telling me I have to pay for someone else’s college. Furious, I ask you: what’s next? Do I have to pay your mortgage and car payment? Is that fair. I paid off my own student loans (yes, I took out loans) It’ took me working 2 and sometimes 3 jobs and 15 years, but guess what, I didn’t ask my neighbors to pay my debt. And that’s exactly what “loan forgiveness” is. Asking your neighbor to pay your obligation. Would you feel as strongly if you had to take your tuition bill and walk around your neighborhood knocking on neighbor’s doors asking if they’ll pay your bill? Because that’s exactly what you’re doing now. Think about it.

August 24, 2010 at 8:30 pm
(20) Fred says:

Accountable, I agree with everything you say. My wife and I have a total of 150k (well now its about 135) in student loans. We work hard paying them off. We drive cars with over 150k miles (one has 225), don’t wear fancy clothes, dont have cable, try to cook at home–things generally along those lines. And guess what? We’re doing it. I work one full time job and find part time work here and there (my last part time job working for the census lasted about 6 months) and my wife works on average about 60 hrs a week.

We do this because we understand that 1)education, though expensive, is worth it in the long run and 2) we refuse to steal from our neighbors. Our country was founded by people that took risks and refused to back down. They didn’t complain when things got bad. They didn’t ask for handouts when they failed. They picked themselves up and kept on going. Too many people on this board are complainers, pure and simple. One of you received an art degree and then complained about your 50k in loans and the fact you’ll never be able to pay them back. Well guess what? I coulda told you that unless you’re the next Picasso, you’d have a real struggle to pay that back. Then there is “furious” who can barely type. I can understand exactly why you are struggling to pay back your student loans…you didn’t learn basic english.

August 25, 2010 at 8:38 pm
(21) Accountable says:

Fred, hat’s off to you and your wife! Being 130K- in debt is a massive burden that can financially paralyze any household. Educational expenses are completely out of control. I don’t think there is any debate there. But what I respect (and many others like me) is the fact that you and your wife made the decision to incur these debts (a very expensive decision) and now that it’s time to pay the bill, your taking full responsibility for your decisions. Now that the 135K bill is due, your not claiming “the system isn’t fair so I shouldn’t have to pay” or, “I lost my job so the tax payers should give me “debt forgiveness — ie – pay my bill”. I bet if the taxpayers paid your bill you could drive newer cars and have fancy clothes. But, to your credit, you’re living within your means to meet your obligation. Thank you. This country needs more people like you and your wife who, as you say, “refuse to back down.”

August 26, 2010 at 11:04 am
(22) Kathy says:

I have a teaching degree and attended a public school. I also have a masters degree. How do I apply!

August 26, 2010 at 9:37 pm
(23) Accountable says:

Hey Kathy, that’s incredible that you got both a teaching degree and a master’s. That’s a lot of hard work and dedication. It’s also a huge financial commitment you made to get where you are. Good for you. And good for you for taking out loans to improve your career. Now how about paying your tuition yourself and not asking me, the tax payer, to pay it for you?

August 30, 2010 at 3:43 pm
(24) Thurmond W says:

I made the now unwise decision to go back to school at 40, I’m somewhere around 65k in the hole and now unemployed I see no way of ever making these payments. What a stupid mistake.

September 11, 2010 at 4:13 am
(25) Cole says:

Oh Accountable, your posts are so high and mighty since you were able to pay off your loans. Guess what? Who cares!! I could give a rip if you worked 20 jobs to pay your loans off, if I have the chance to take advantage of a program, I’m going to do so. Not to mention, everyone else with loans should do the same! Our tax dollars have gone to CEO’s who ruined companies, funded wars that we don’t support, bailed out car companies who failed to change their vehicles, pay off banks who knew they were in the wrong. It goes on and on, finally here is something the average Joe can do to actually get ahead in life. Folks, you went to college to better yourself, good for you, take advantage of this program while you can. Don’t let the naysayers (i ate dirt for 15 years) tell you any different. Our money has been given away for years and years, lets finally use a program for good.

September 12, 2010 at 3:56 pm
(26) Accountable says:

Hey Cole, I don’t think there is anything at all high and mighty about not asking your neighbors to cover your financial commitments. It used to be called “responsible & accountable.” But I guess in this new era of Obama socialism, ideas such as responsibility and accountability are not only ignored, but intentionally abandoned. Regardless, I just want to make sure I understand clearly your post: your argument is that the government has created many, many programs with our tax dollars that you think are not necessary. So, in your view (and this is where I want to make sure I understand), in your view, the logical reaction is to…..create more programs using our tax dollars. Hum. Interesting approach. If we want the government to stop doing something, we should encourage them to continue with the same behavior. Is that what you learned with your expensive education? And you want me to foot the bill for such genius? That’s extremely selfish, wouldn’t you agree?

September 14, 2010 at 2:51 pm
(27) cindy says:

I am a teacher with $30,000 in student loans. No, I don’t like making the monthly payment, but when, I signed the contract for the three different student loans, I signed on the dotted line to pay these loans off in due time. I went to college at age 35 and graduated at age 40 while working in my home as a daycare provider and taking care of a son with cancer. I felt fortunate to be able to go to college, nights and week-ends, and that they government had a program to help pay for my tuition and books. Yes, I would love to have some of my loans forgiven but I guess I am just to proud of a person to let somebody else pay for something that I am reaping the benefits from. My loans will be paid oneday and I will be the one to pay them off not someone else.

October 10, 2010 at 3:30 am
(28) kelly says:

I made every payment last year on 3 student loans. The payments totalled $275 per month. When I got my tax statement at the end of the year all but $25 went towards interest. I just feel like I will be in this bottomless pit forever. I just don’t see any relief in sight and that $275 per month makes me struggle with other bills I can’t pay because of it. I work 40 hours. I totally regret ever going to college. My degree is in Psych and Soc and a minor in Criminology with a 3.2 gpa and I have never been able to get a job that even requires a degree at all. It is awful.

October 14, 2010 at 3:38 pm
(29) For the people says:

It is obvious that some people are more fortunate and better off than others. Regardless, I agree whole-heartedly with Cole. Yes, we signed a dotted line to repay a loan, but we didn’t sign a dotted line to be screwed over. The Government, Banks, and other financial institutes created a propaganda to keep the average hard working person in debt by creating and making up these ridiculous bylaws that allow them to charge as much interests and fees as they want. Most of us tolerate this and make an endless effort to pay these loans back even when we can barely feed our families. We as a nation are encouraged to pursue higher education, yet the system screws you. This country is unjust and backwards. I encourage all hardworking people who came across some financial hardship and never got the career/job that they thought their degree would earn them to apply for the student loan forgiveness. Don’t let these heartless and backward thinking right wingers steer you differently.

October 14, 2010 at 5:50 pm
(30) Accountable says:

I’m amazed at how quickly people are willing to let the govt control more and more of their lives. Socialism does not happen overnight. It’s a long series of small things…let the govt take over the banking/financial system, healthcare, take control of financing secondary education. In the 1930′s, the German people did not just wake up one day and discover that their once cherished Democratic form of government had been replaced with a Socialist system. No, they systematically gave the government more and more control of their lives until one day they realized the government controlled every aspect of their life. That is where we are headed if programs like universal healthcare and loan forgiveness are allowed to happen. We will wake one day and ask ourselves: what happened to our Democratic system of government?

On the surface, Socialist programs seem very enticing. Who wouldn’t want the government to pay for everything? The hard truth is, the end result is a government that controls every aspect of your life. Every experiment with trying to institute Socialist societies has failed – it’s an economic model that is just not sustainable. Socialist economies ultimately collapse, resulting in hyper-inflation and a government that the citizenry finally revolts against. It has been proven time and time again.

Charismatic leaders (Mr. “Change we can believe in) dangle the hopes of Socialist programs (loan forgiveness) to manipulate the “ignorant masses” to throw their support behind them. It’s a political strategy that has been proven to work as long as you are so willing to be deceived. At the end of the day, these leaders don’t give a hoot about you. It’s about using you to keep them in power. You can either be a lemming and blindly follow the herd, or wake, stand up, and fight these ridiculous programs and tell this administration that we are not going to let you turn us into the next failed Socialist State.

October 23, 2010 at 12:06 am
(31) Jen says:

My husband retrained at age 40 as school teacher. In 1995 He was dismissed from the teaching program because he was disabled and had to use a cane. We fought and won his reinstatement. He graduated in 1996 with a BA in teaching. Endorsed to teach 4-12. In 1997 the law changed and his 4-12 became of no value he had to have either K-8 or high school level with Math to go with his science. He could not get anymore Financial aid. He subbed for for a year and then was hired as a Tutor Mentor for 3 years to help low income at risk youth. The school refused to give a contract. He tried to get hired. Finally someone told him because your over 40 schools will not hire you to work full time. My husband asked how they knew he was over 40 she said it is in your college transcript. Since then he has worked for 12 years as a substitute teacher. Our income is $14,000 a year. I am disabled and do not work I am a homemaker. My husband gets SSD because he could not get full time work only sub. Education Loan Dept garnished my husband Social Security check, he pays $169 a month but they keep saying he is in default and not crediting his payments. They take every dime of income tax refund for four years. This after they sold his loans to a collection when we were forced into bankrupcty and caused the loans to double from $24,000 to $44,000. They said he had run out of all defferals and foreberances and demanded he pay $395 a month we did not have that kind of money. We don’t even have money for groceries our kids buy them and we go to food banks

October 31, 2010 at 3:41 am
(32) Jesus says:

Accountable, the govt should give student loans with no interest.

But you arent really for that are you?

Your corporate agenda is pretty obvious.

Go worship Beck and get off the internet.

November 3, 2010 at 2:14 pm
(33) Accountable says:

Jesus, you’re right, I don’t agree with the govt giving student loans with no interest. Only for the simple reality that it costs the govt. (i.e. taxpayers) to borrow money from the Fed. I do agree with guaranteed low interest loans, say 2-3% that can never be raised. That would seem fair to all involved.

I have no corporate agenda. My agenda is to try to restore common sense and personal responsibility. You can do whatever you want as long as you don’t expect to do it with my money.

And Beck? Don’t really watch the guy so it would be a little silly to worship him, don’t ya’ think?

And you want me off the entire internet? Are you really that threatened by my ideas? Interesting? People you disagree with should “get off the Internet.” That’s both sad and amusing. Thanks for giving me a smile:)

November 12, 2010 at 12:20 pm
(34) Credit Counseling says:

For this to be fair to all, it would have to have certain stipulations. Debt to income ratio or number of years out of school, etc. It would have to delineate very strict guidelines.

December 3, 2010 at 8:23 pm
(35) Crystal says:

Accountable-Have you done the math based on the forgiveness program? You are required to devote 10% of your income for payments so let’s assume that you make $40,000 per year. Over the course of 20 years you will have repaid the amount borrowed assuming it is less than $80,000.00. So basically to achieve some “gain” from this you would have to have a tremendous amount of student loans and make virtually no money. Who would waste 20 years of their lives making nothing so they could have the remaining $10,000 or so forgiven on their loans? That makes no sense and I do not think that anyone who went through all of the trouble of going to school would sacrifice that much of their career in order to “get over” on the government. The problem in our country is the “me me me” mentality that most people have. Many conservatives feel that what’s mine is mine and what is yours could be mine. So I guess that brings me to my question for you. You will retire one day and I assume collect social security and use Medicare. I would also assume you feel that is your “entitlement” for working. Will you return your social security checks when you reach the point that you have received everything paid in by you and on your behalf? If you live a certain number of years that will happen so I would say that since you don’t want anyone taking something of yours that you shouldn’t be a hypocrite and take things that belong to others. The irony is not lost on me that the same people that moan and complain about what is theirs have NO PROBLEM taking things that as you put it “your neighbor paid in”. I would also assume that you will not use the socialistic Medicare system either right? Do I always like paying taxes? No, but would I want my neighbor die without insurance? NO, because unlike some narrow minded people *cough* you *cough* I can see the big picture and realize that things do come full circle.

December 6, 2010 at 9:25 pm
(36) Accountable says:

Crystal, you’re making a great deal of assumptions; first of all, I’m not *cough, cough* narrow minded. Rather quite independent in my thinking and rather enlightened. And I agree, the far right neo-cons in the conservative party want nothing more than to grab power at any cost. Just as the far left socialists want to hang onto power at any costs. Both parties need to go away. Imagine a political system where you actually voted for the candidate and not the party? But that’s a different discussion. Your perception is that conservatives want to take from you. Conservative’s perceptions is that narrow minded *cough* you *cough* want to take what they’ve earned and “spread it around.” All of it is nonsense. Going back to my very consistent argument on this board: If you make a financial commitment (be it a student loan, a mortgage, a car purchase etc) honor that commitment. Do not ask others *cough* tax payers *cough* to pay your bill because suddenly, you now think the parameters around which you agreed to the obligation are suddenly unfair. And for the record, I was the first one screaming when Bush signed the Medicare bill – the largest entitlement program in the history of the Republic. And, for the record, I am a complete supporter of the concept of the idea that you should never be able to draw more out of Social Security than you paid – not mention those who get Social Security $$$ who have never paid into it. So Crystal, I do see the big picture, and if the big picture is having someone else honor our commitments, we’re all in trouble. Let’s go back to the basics: you a financial commitment (or any commitment for that matter), honor it. Isn’t that what they taught us in Kindergarden?

December 9, 2010 at 12:55 am
(37) commoncentspreacher says:

Okay, wow I think that when it comes to personal pain the propganda machine should stop. Too many so called american citizen who have actually been recipients of other peoples sacrifices and exploitation seem to be looking down at other American’s who complain about their particular situation. Accountable seem to want to compare his current situation to another and state that they should or should not have done this, or that. That is immoral, selfish, and speaking from a class system mentality. I call this form of economical thinking hybrid communism. What right do you have too judge anyone based on your ideology or opinion. Communism is a state controlled government that is controlled by a few people. The key is controlled by.

Now let us examine your statement of understanding. Every culture in America, or lets say race except the African American, and the Mexican race have benefited from the exploitation of other races, for example slavery, immigrant labor, in the earlier centuries chinese labor for the rail roads, I can go on but I think you get the point. Now here you sit, the beneficiary of cultural economic preference with the ability to acheive goals and dreams because even if you were born poor your culture and the american economic system will support your progress up the ladder. You know nothing about redling, opportunity suppression, yellow journalism tactics, real estate devaluation scams, higher interest rates and insurance rates based on your zip code, dumping of Guns and drugs into your community. I can go on but I think you get the point.

Before you judge someone walk in their shoes, sleep in there home, overcome their obstacles, understand their pain, and dont discount their reality less you be a hypocrit bound for the halls of shame and hell has a place for those who wrongfully judge the innocent.

December 10, 2010 at 11:06 am
(38) Accountable says:

Preacher, I have never passed judgment on anyone. I suggest you take a deep breath, re-read your post and look in the mirror. It would as though you are passing judgment on me. Are you not guilty of the very thing of which you accuse me? I find it fascinating that those who disagree with my opinion are so quick to name call and berate. Are my views really that threatening? Is common sense really that evil? No one on this board has been able to answer the simple question I have consistently asked. In 2009, 47% of US households paid no federal income tax. (And it’s not the rich not paying, it’s the middle to lower-income households who exempt from paying federal taxes). That means 53% of the country is footing 100% of the bill (Remember, the to 2% of income earners are paying 90% of that bill – and no, I’m not in that top 2%). So, my simple question is: how is it fair to ask half the country to pay 100% of the bill? That’s the simple question. Half the country is paying for federal workers salaries, the military, roads and bridges, Medicare, education, and it goes on and on and on. And no you want them to pick up the tab for you student loans, a loan you made commitment to pay off. Again, how is that fair?

December 27, 2010 at 8:04 pm
(39) Linda Hopkins says:

I thought if I went back to school I would earn more money. In reality I owe so much money to scholl loans that the extra money i will make will go to repay those loans. Trying to inprove ones financial status was not met by my returning to school. Wondering what I will advise my children on retutning to school?

December 28, 2010 at 1:46 pm
(40) Another Borrower says:

As someone also deeply indebted to Direct Loans, I can sympathize with everyone who would like to see that debt go away. I paid religiously on my loans when gainfully employed, then had some hardships and in the end, lost my job and started working for much lower wages.

Even so, I also see Accountable’s point. I did in fact, sign on the dotted line. Nobody forced me to accept the money in hopes of better income after college. So, I do feel the responsibility of repaying what I received. It is not up to the rest of the US citizenry to pay for my elective indebtedness.

That said, I do see some changes that I would make to educational financing.

First, I would set up better counseling through High Schools and College Admittance offices to encourage students to seek funding from all sources…..savings, grants, scholarships, part time work, etc. Let them know that while in some cases a loan is their best or only course of action, it is an expense that will have to be repaid and therefore budgeted in the lowest potential earnings after school. This alone would have saved me thousands of dollars. As I, like many, just assumed that I’d start my post college salary at somewhere around $30K and it would continue steadily up from there.

Second, I would fix inerest rates to low or none. Some will say that the program should charge interest to pay for the administration. But, my feeling is that even if we don’t give everyone the money for college, a no interest loan is a reasonable investment and encouragement for our people to further their education. Certainly administration costs could actually go down if more borrowers just repaid these loans instead of endlessly deferring payments, and accruing interest.

December 28, 2010 at 1:48 pm
(41) Another Borrower says:

Third, I would change the repayment starting date to two years after steady employment. This means that a new graduate will actually have time to do a reasonable amount of post graduate slacking and still have time to find steady employment capable of budgeting in that rent, car payment, etc….with room to pay the student loan.

Fourth, I would offer lump sum payoff incentives to get money back into the program. Let’ssay our borrower is in good shape and want to pay back a quarter of their principal balance in one year. Let’s make that amount tax deductible as well as any interest paid, but only on amounts above the normal payments.

I do believe that there are some cases where loan forgiveness should be granted. In general, I think that if you borrow the money, you should pay it back. But, I also think that many of us are having a hard time paying back what seemed like nothing at the time. And, I see good reason for the government to help relieve what can be financially crippling debt, that makes it difficult to move forward in career or contrbution.

December 28, 2010 at 2:36 pm
(42) Another Borrower says:

I must say that after reading through all the posts on this topic, there is huge amount of defensive name calling From what I’ve seen in all his posts, Accountable has only stated opinions based on is own personal experience, without malice. And yet, I see many posts that openly make assumptions about his personal beliefs, agenda, and allegiance.

I do not agree with him 100%. But, I certainly respect the way that he has presented his arguments.

Why make assumptions that any of us are enemies, or in league with the Evil Corporate Empire?

His argument seems simple enough to me….if I might paraphrase….

1. Loan Forgiveness pays off other peoples’ unpaid student loans via funds from the Federal Government.

2. As an active taxpayer, he is working to pay his money into the Federal Government.

3. Why should he want that money to pay for someone else’s loan that they can’t or don’t wish repay?

It seems like a reasonable question. Perhaps those people that are in favor of Loan Forgiveness, could also give reasonable answers that explain how the program is beneficial to everyone.

December 28, 2010 at 11:44 pm
(43) Accountable says:

Another Borrower: thank you for an intelligent, responsible analysis of the “loan forgiveness” debate. Coming from someone who is in-depbt from student loans, it’s refreshing to read an honest evaluation and self-critique of your (and many people on this board’s) financial situation. It’s unfortunate that there is so much student loan debt. That is a major flaw in the entire loan system. I respect that fact that you do not agree with me 100% in my views. And I agree with you that there should be a grace period (1-2 years) to start repaying loans (as it’s an incentive to actually repay the loans), and there should be more education to inform loan recipients as to what they are actually signing/agreeing too, but I’m not a huge fan of the idea of providing students with loans with no interest. Only for the simple reality that every time the Federal Govt borrows money (be it for student loans or another f-16 Fighter jet) it costs us tax payers money – money we borrow from China) I’m more in favor of guaranteed low interest loans (say 1-2% that can never be raised).That way we cover the cost of borrowing money from a foreign government and still cover the cost of education. That seems fair.

January 3, 2011 at 3:33 am
(44) Personal Responsibility says:

As someone who currently holds student loans and a liberal supporter of President Obama, I have to say that I 99% agree with with Accountable is saying. While I do think that some amount of “spreading the wealth” is necessary for the good of society such as in the case with universal health care, Medicare, etc., I really think we need to draw the line with taxpayers subsidizing people’s life decisions.

People need to take personal responsibility for what they agree to give up when they sign up for a student loan or a mortgage. I don’t think that taxpayers should have to pay for an individual’s personal decision to borrow money for school or for that tax credit people were getting for buying a home or for principle reductions that many underwater homeowners are clamoring for. I’m still trying to save up for my own home, so I’m a little bitter that I’m helping to pay for someone else’s. The national deficit is astonomical and instead of promoting good decision-making and personal responsibility, the government is sending the message that someone else will pick up the tab for you if you don’t succeed. That mentality of entitlement is not what this country was built on and I worry that it will be our undoing.

However, as misguided as I think the loan forgiveness program is, it’s what’s in place and I wouldn’t fault anyone for signing up. People are struggling and will/should do what they need to in order to get ahead. I just don’t agree with the direction that the government is going in with its recent policymaking.

January 7, 2011 at 12:47 pm
(45) TaxPayer says:

Jen, It’s people like you, who have serious problems and are working hard and doing everything you can to correct your situation and live independently against great odds, that all of America wants to help. Accountable and Fred and Personal Responsibility, you will never get through to those who feel entitled to America’s funds to avoid dipping into their own disposable income. It seems reasonable to expect anyone who does not have funds available for higher education to take the least expensive route to a degree, live at home and go to a jr. college, work and save for the last year or two at a college or university. Fortunately, many high schools are providing college level courses in junior and senior classes that will apply to a degree. Even more fortunate is the fact that it is still possible, and advisable for anyone who does not want long term debt, to work and go to school and avoid loans through a college term, or, perhaps until he or she can obtain a lower amount loan that will pay out faster with managable terms. I agree that if you make a financial commitment to the taxpayers of America, you should pay it back without question or complaint.

January 10, 2011 at 8:56 am
(46) Lydia says:

I graduated a few years ago and I am currently paying over 60,000 in student loans. It is very hard for me since I am the only source of income in my household and I am currently struggling to make the monthly payments. I’ve had to ask for my loans to be put on hold several times and each time i have to resume my payments,the payments are higher. This is overwhelming and frustrating when one as to make means work one way or another. I am currently working, but it just doens’t cut it for me. With this economy, it seems like everything goes up but our pockets just keep minimizing.

January 17, 2011 at 5:58 pm
(47) J. says:

I’m $164,000 in debt, most of it private, and college was the worst mistake of my life. I am now a modern indentured servant. I’m screwed. The government is my enemy.

January 19, 2011 at 4:16 pm
(48) Jesse says:

Recent graduate with 80K in student loans, $1000 a month payments between 6 different loan companies! What a unrealistic future. I agree, paying for a college education just doesn’t seem worth it anymore when you have high school graduates becoming billion dollar entrepreneurs.

January 21, 2011 at 5:40 am
(49) L.B says:

Student Loans is a bunch of BULLS—!!! It takes years seem like to pay off a 5,000 loan due to all the intrest building. They got programs that hand out certificates in mostly the same about of majors as a college but it takes less time to learn that profession. and it cost less. I should have been doing that then to be behiend on my defaulted loans I’m so despreately tryin to pay off. Student Loans are wworst then CREDIT CARDS!!!!!!!

January 26, 2011 at 1:51 pm
(50) Ambee says:

I really don’t care what other people have to say about this program, if you are not looking to get student loan forgiveness get off this site, How did you find it anyway unless you were looking to argue. I went to college, graduated and have been out of school for 8yrs. I have about $30,000 dollars in student loan debt, and would love to apply for this program. We’ll see. I have 3 nieces and 3 Nephews and I am telling them to go to community college or a trade school that they can pay out of pocket or not to go to college at all. I was the first person in my family to go to college and so I really didn’t know what I was doing but now that I know I will do everything I can to explain the process to my nieces and nephews. I won’t stop living and enjoying my life over some debt, I serve in my community, and volunteer at homeless shelters and help single moms, that is my responsibility, I’ve been to the Bahamas when i was 13 yrs old, and I’ve been to Hawaii, and other places. I just want to encourage all of you who are having a hard time getting these loans paid off not to stress, let the IRS take your return, let the loan companies send you bills, pay them whatever you can whether its $5.00 or $5,000. Just don’t let it get you down. Do what you want to do live life, that’s it you only have one here on Earth. when i have children someday, I will not force them to go to college, maybe they will be misionaries, maybe an actor or actress, what ever their hearts desire, the Lord will make a way that does not include debt. Anyway, If I have upset, offended, hurt or enrged someone, sorry, but I am really not worried about that. You have a Blessed Day anyway!

January 26, 2011 at 2:00 pm
(51) Ambee says:

I think that the problem people are having is that people make it seem like going to college is going to financially benefit you when you graduate and these days that just not true, I am sure a lot of people including myself would like to pay back their loans but sometimes it’s just not feesible. College can only promise you one thing and that is that you will be indebted to them for the rest of your life!

February 3, 2011 at 4:38 pm
(52) T'mos says:

I see a lot of hatefulness here and a lot of comments, we will come together one way or another; and I see we have all come together for the worse; isn’t that the way we have always come together. Know that we’ve come together and every one has read each others comments etc. I/we feel better that we’re not in this wickedness alone. People listen, the world is wicked as you can see the only way out of this debt is delayed gratification to the fullest, while getting these loans I’m sure as I did and some of you’ve done (partied with the money etc). The LORD say be sure of your debts, and not be one of those who strike hands, and it’s true to the marrow; not the bone, when he speaks to us about usury in this wicked world, these loons aren’t gonna let you off, you can complain all you want, but remember, this is America, you can pull yourself up with a good plan, you just have to stick it out for some years; which is not easy when money in hand goes not along thought out plans. You have to stick to your guns, you’re gonna have to. If you don’t do it while you’re in your forties or younger your chances or when you get old, it will wear you down, don’t give the devil a foot hole, stick to it. Pray and do, Pray and don’t stop doing, I’d rather die trying than die lying to myself, a false Soul leaves a empty hole, the longer you are false to your self the more you will die inside while you live. So ask the Lord to keep giving you the strength to keep moving and doing and don’t stop. This is America, forget about vacations etc. and do your Math, so you can enjoy when you older, which is the best time to enjoy.
Thomas

February 10, 2011 at 1:49 pm
(53) lowekelly says:

Blah blah and blah! So what? And accountable you need to shutup! That’s why you ARE paying for people’s loans and you will do it until you get old and croak. You and your tax dollars! LOL

February 11, 2011 at 1:22 am
(54) Accountable says:

lowekellly – wow, very insightful and intelligent dialogue. Thank you for the constructive contribution to this debate.

February 16, 2011 at 5:45 am
(55) PATRICIA says:

I AM A 56 YR. OLD WOMAN, WITH A $32,000 STUDENT LOAN DEBT THAT I CAN NOT PAY. THEY ARE GARNISHING MY WAGES 15% FROM A $9.71 A HOUR JOB. WITH ALL MY OTHER BILLS ON TOP OF THAT , I AM DIEING. THE SCHOOL I WENT TO GAVE ME A DEGREE , BUT I COULDN’T TAKE IT TO THE CORNER. NO OTHER SCHOOL WOULD HONOR MY CREDITS. I’VE GOTTEN NO JOB FROM THIS MONEY . WHAT AM I TO DO

February 16, 2011 at 11:48 pm
(56) nik says:

I do not, nor will I ever understand why someone would take out tens of thousands of dollars in loans to get a degree that won’t get them a good paying job when they’re finished. I have modest student loans that I make payments on every month, but I have a very high paying job. I did a lot of research before choosing my career path, school, and signing for the loans. I was a working single mom when I decided to go back to further my education, and I did very well for myself. I would have loved to go into a different field, but i supporting myself and my kids was more important. I have an AAS degree (no, not in nursing) and I work in a growing field where my income keeps growing. I own my own home, take my kids to Disney World every year, and I should not have to pay for other people’s stupid decisions to get junk degrees from junk schools. If people did as much research before signing for student loans as they did before buying a car, then they wouldn’t be in that situation. Grow up, take responsibility, and pay your own debt.

February 25, 2011 at 9:55 pm
(57) Accountable says:

nik, I think you’ve clearly identified something here that those of us who are being asked to foot the bill are frustrated with. The simple reality that there is a certain population on this board who agreed, blindly, to financial commitments that they did not understand. They did not ask the right questions prior to signing. They did not educate themselves as to what it was they were financially committing to. As you said, if people spent as much time researching their student loan COMMITMENTS as they did purchasing a car, none of us would be in this situation. However, I do believe there is a certain population on this board who probably did do the proper research, but made the assumption that any sort of advanced degree GUARANTEES higher income. That’s naive and, again, not my responsibility as a tax payer to cover someone else’s financial commitment simply because of their misguided vision of the value of higher education. A degree does not guarantee anything. That’s reality. I agree with nik – grow up, take responsibility and pay your own debt.

March 7, 2011 at 11:50 am
(58) Disillusioned says:

Nik, so glad it all worked out for you; however, if everybody chooses a field based on solely on income, then we would all be competing for a very limited number of jobs. Many jobs take advance degrees, but do not have the monetary payoffs. Who will want to work these jobs in the future if they’re in debt for the rest of their lives? My husband is 50 and possesses a PhD, yet he makes substantially less money than many of our friends who have their undergraduate degrees. We’ve been paying $500 a month for years, yet we still owe $38,000. He didn’t even take out $38,000 in student loans. I think what folks find objectionable is the fact that you have interest rates that are far too high to pay off. We had 12% rates and consolidated to 8%. Since we consolidated his loans, we are not able to negotiate lower rates. Our loan has been sold out so many times that no one holding our loan can even show us the grand total paid to date. Something is very wrong with this picture. If we want people to be educated in this county, then we have to really rethink how we fund higher education. My husband and I are willing to pay what he owes, plus some reasonable interest amounts, we just don’t want to be screwed over for life!

March 16, 2011 at 9:26 pm
(59) Tanya says:

I owe over $85,000.00 in student loans, private student loans and government student loans combined… I currenlty work 50 hours a week as an LPN and my annual income is only $36,000.00! Please help!!!!!!!

March 28, 2011 at 9:48 pm
(60) lol@accountable says:

Hey you want to know why Jesus told you to worship Glen Beck? Guess who else compared Obama to the Nazis, lol.

Well, anyways, you completely miss the point of student loan forgiveness and it’s funny because you actually prefer a 1-2% interest rate which would actually be preferable with an income of at least $30,000 than a 6.8% rate, 20 year max, 10% salary plan plan. Add a 1 to 2 year grace period (interest free I presume) and your plan is much more favorable than Obama’s. I’d quickly borrow money from you before I borrow from the United States.

Public Service is a bit different though. Can’t win that argument through finance alone. It’s more about how important you feel the quality of your school teachers, nurses, lawyers and other public service employees should be and if the state should remove some economic difficulty for those who choose lower paying wages with massive debt since honoring the commitment of low paying wages + massive debt = no life.

March 29, 2011 at 12:26 am
(61) rburge says:

wow. i see everyone complaining about not being able to help themselves.

i left high school at 17 and immediately got my GED. I… 4 years later make a six digit income without any college. is this only possible for me? so forget that damn degree.. go find something that you can make a living doing. i can always have what you dreamed of. get over it. tough.

I sell cold air. thats it… plain and simple.. years ago, who fixed that broken a/c? that car in the driveway? that roof repair? the leaky faucet? YOUR DADDY DID. why cant people seem to grasp that we have all come to be beggers? get off your ass and work! i have moved from texas.. to florida… to tennessee.. all in search for a quality life.

i ask my fellow neighbors, dont lean on me unless you have truely exhausted every path.

Husband and father of two

April 11, 2011 at 11:27 pm
(62) Accountable says:

Hey, lol@accountable

Not quite sure where you got the idea that I’ve ever talked to Jesus and that I follow either Glen Beck, or more insulting, Nazi’s. Your math does not add up simply on the basis that your argument is still based on tax payers paying your bill.

My suggestion (and it was only an alternative suggestion) is that I would support government backed student loans with a1-2% interest rate. And God forbid, the people who commit to that loan actually pay it back. Not tax payers. Student loan forgiveness – per this board’s definition – is tax payers paying back other’s loans. I have been very consistent in my objection to that.

You’re throwing out figures of a $30,000 year salary at 6.8% interest rate at 20 years, etc, etc,. But you’re still assuming that the tax payer will pick up that tab. I am still 100% for a 1-2% guaranteed interest rate (enough to cover the cost of the Government to borrow from the Fed to cover that loan), as long as the person who commits to the loan ACTUALLY PAYS IT BACK AND DOES NOT ASK FOR TAX PAYERS TO PAY THEIR LOAN BACK – I.E. OBAMA LOAN FORGIVENESS!! “Loan forgiveness” is political speak for me paying your tuition bill.

April 21, 2011 at 4:33 am
(63) Amused says:

Thank you for making me laugh Accountable. In looking for information about my student loan I have consistently paid off for 10 years I ran across this message board. My first thought is why are you all over a student loan message board when you have paid yours off? Further, why do you continue to make the same tired argument over and over? We get your point, as you have made it 10 times over the course of an ENTIRE year. Bitter much? Get a life! Also, who is receiving the benefit of the crazy high interest rates that are paid in connection with my student loans? I can assure you it is not the taxpayers. Because of my income bracket, I do not even get a tax break on all the interest I pay every year. I would be happy to repay only my actual student loan amount back to the government/taxpayer. The only one that profits from my loan is Sallie Mae. My final thought is, judging from the hypocrisy of a large number of your arguments and the blatant butchering of the English language, I would suggest you call up Sallie Mae
and apply for a loan to take some college level English courses.

May 9, 2011 at 10:47 pm
(64) Accountable says:

Amused – wow, let go of the anger. You complain that, due to your income level, you don’t get a tax break for the high interest rates paid in connection with your student loans. Why should you? Yes, I’ve made this argument 10 times (no, make this 11), you made the commitment at an interest rate you agreed to, so friggin’ pay it off. Oh, and an argument is not tired if it’s valid:)

May 19, 2011 at 7:52 pm
(65) marty says:

I would just like to say that I feel sorry for the persons who are answering these people, who have no compassion. If I were the people taking the time to write in,why are you wasting your time on this selfish dirt ball. I dont care how much book sense you have, it dosen’t compare to common sense. I hope my friend that you continue to never know what cahnges and chances of life have to offer,because any turn of events, any hardships on earth, you will never survive it.You are so hard on your fellow man but you never know what could befall you in the next second. Just look around you, if you have the sense to comprehend your surroundings; at how quickly things are changing. You could be next! Who knows what is in the future of us all. The earth is turning on itself ,because of all of our bs. So If you can’t understand anothers plight, why not get out of the way,we don’t need your advise. marty

June 11, 2011 at 6:15 pm
(66) I says:

I just graduated with debt of 36,000 with a BA in computer science. Although I do not agree with the cost of education and repaying this debt, I have too and that’s all thats to it. I just figure that with the extended payment plan it is 206 dollars a month the first year, and it raises a little every two years. I did find a job for a minimal wage, not what I except to make in the future, which is fine for now, but with this minimal wage I automatically figure in deducting $1.25 a hour to pay for my loans as well as figuring my wage. This way I know what I can afford, and at the end of the month if I can pay more towards the loan, I am free to do so. Figuring out what you can a afford goes a long way. In addition, this minimal wage I am making minus the $1.25 is about the same I would make w/o a degree. However, I enjoy what I am doing, I don’t have to work physically hard, and I work M-F 8 – 5 with benefits.

June 12, 2011 at 5:37 pm
(67) Serenity says:

I agree with what Accountable has to say. Dave Ramsey would agree as well. I do not believe that Accountable is trying to be hurtful, but I think what Accountable has to say is very informative.

As a Personal College Advisor, I wish more students would think carefully about taking out student loans. They do not understand the enormity of taking out loans until they are required to start paying for them. For anyone who is reading this and thinking about taking out loans, please do your research.

I honestly believe that you should avoid taking out loans if possible. I also think that college should not be financed by credit cards. Would you sign up for a mortgage with a 20-30% interest rate? If not, why would you carry around a card with the same interest rate? It is scary the amount of debt (loans and credit card) the average student graduates with.

I do not say this to be judgmental, but I’m in the business of helping people. If this post helps one person, it was worth my time to post it. I usually charge for the advice. ; )

July 25, 2011 at 10:43 am
(68) mark says:

Obama, please throw me a repreive from my 60,000 student loan debt. Stop using my tax money to kill ‘insurgents’ abroad. Stop using my tax money to fund drone weapon development, congressional raises, and continuing to provide corporate tax loop holes for the richest individuals. Please cut John Q Public a break so that ‘accountable’ and people of his ilk will be reminded of their true place in society, whipping boys for the Mega rich. Dont believe me? Get sick without the right type of insurance then we’ll see if you change your tune. The shrinking middle class is not a wives tale and working 3 jobs for 15 years to pay that debt makes you no better than anyone else in this thread. I wonder what types of unique experiences, ideas, and projects you could have completed, had you not been saddled with that debt? What other goodness you could’ve produced with the countless hours you spent removing that albatross of debt from around your neck?

July 26, 2011 at 9:40 am
(69) Some guy says:

If we ended the wars and cut back our budget, for the cost of air conditioning tents in Iraq we could send every graduating American senior to a 4 year college. That’d be an investment in our economy in the long run.
Having said that, I agree that you should pay back your debts should you agree to accept them, but the system students are forced to borrow from is predatory. With 8 or 9% interest rates, and no form of competition between lenders, the principles of the market are undermined. You’re stuck with the choice of school, or no school. For anybody yearning for a better life, and wants to work hard to make something of themselves, the choice is obvious. Especially for a 19 year old kid who has no idea what they’re getting into.
The reason for this debt forgiveness program is to free students from the burdens put upon them by predatory lending programs, programs which they have no choice but to accept. I agree with it in spirit, but a better solution would be to have the Gov’t provide student loans at the same interest rates they give to banks, and ask THOSE to be paid in full. There’s no reason a student loan should have twice the interest rate of a mortgage.

August 8, 2011 at 6:08 pm
(70) Regret says:

I don’t wear fancy clothes, I don’t have cable, I eat all my meals at home, or bring food with me to work, I never go shopping for anything outside of what I absolutely need, and rarely, RARELY go out for fun. There will be 2 month long periods when I don’t see one friend.

I have 220k in debt. I went to school for business. I was a political science major, but later switched to accounting. I wanted to be more practical. I wanted to study something that would definitely land me a job once I graduated. When I switched to accounting, I enrolled in a 5 year program in order to obtain enough credits to sit for the CPA exam.

Guess what? I can barely pay off my debt. I JUST got a job somewhat within the realm of what I went to school for. I work 60 hour weeks and all of my money is gone before I make it. I’m not starving (always) and I am able to put a roof over my head, but it is miserable and I am going to be living like this for the rest of my life.

I can barely afford to get myself to the doctor when I am ill, which seems to be a lot since I am under so much stress. Sometimes my chest pains are so bad they wake me up out of sound sleep. My stomach constantly feels like it’s on fire and the headaches never go away.

I have worked hard my entire life. Nothing has ever been handed to me. I really believed if I went to school I’d be living a better life.

The loan companies don’t understand or care. The best Sallie Mae can do for me is $1300 a month? COME ON! When I am a day late or short on cash, they just slap on the fines.

August 10, 2011 at 2:47 am
(71) Erin says:

Loan is over 77000 and will never be paid off, ever. I am a teacher and therefore will not see a raise in my lifetime. This program is so not helpful. I have graduated payments and when I retire my payments according to my loan provider will be 600 dollars. What a joke.

August 12, 2011 at 5:54 pm
(72) Accountable Hater says:

Ha Ha! You are a punk Accountable… I bet when you were writing this you lived at home with mommy and daddy and they were paying for your gas and bills. You sound like some rich snob that probably has had everything handed to him… BTW: I am a US citizen with $40k in student loan debt, who lives outside the country now and I still pay my debt… and yes I would proudly take loan forgiveness :)

August 21, 2011 at 3:56 pm
(73) Angera says:

Ok. Default on your loans (cannot borrow again) then settle debt with the creditor.
Everyone has crappy credit now anyway. Companies that buy bad debt purchase it for pennies on the dollar. And they will accept a far smaller amount than you owed.
Make payments to the creditor and that will reflect on your credit that although you defaulted your payments are current. And it can’t be on your credit report after 7-10 years, likely when your new debt will be paid off.

August 31, 2011 at 1:38 am
(74) Freeloader Taxpayer says:

I want Obama to fluff up my pillow and tuck me into a nice comfy bed (paid for by Accountable)… ha… just kidding. You guys gotta lighten up a bit. Don’t Worry… be happy… I hate Jamaican music. It pisses me off about as much as freeloaders tick off ol’ Accountable. Lighten up folks, and enjoy the small good things in life. All of us are on a road that eventually comes to deaths door. Wonder what will be important to us on the day we cross that threshold… Charity, responsibility, loving God with all our heart and mind, loving our neighbor as we love our self. As you can see, I love giving unsolicited advice (probably more than I love my neighbor). So, let’s live like this is our last day because it could very well be. I can’t wait to hear the responses to this… “What the hell is he talking about?” ha… It is good to be anonymous… :-*

September 1, 2011 at 3:43 pm
(75) LOL says:

LOL. You people are stupid.

September 2, 2011 at 10:48 pm
(76) ParentalAdvise says:

I would like to address what I see as the true problem with the student loan program–the financial aid offices at over-priced, under-qualified so-called schools that blatantly lie to our young people in order to defraud the government of our tax dollars with student loans. Who hasn’t seen the commercials showing the down-trodden people with no job who find a fulfilling “career” with “great” pay, by attending such and such technical institute. You call the number and if you ask how much tuition is, they say their job is to make appointments–they have no idea how much tuition is. You go to the school and someone takes you on a tour, and this person also has no idea how much tuition is. They say we have to talk to financial aid for that information. Of course, the financial aid person is not paid to help you get the education you can afford. This person is paid to sell you a student loan. I would go so far as to say that the school is not in the business of training people for jobs, rather they are in the loan business. And they are making a killing on it.
The worst part is that the commercials target the unemployed who are the least likely to be able to afford to borrow $30,000 to train for what is truly a low paying job.

September 2, 2011 at 10:50 pm
(77) ParentalAdvice says:

I myself am only aware of these shady schools because I have accompanied my 20 year old daughter to many such “interviews.” She has a math disability. Her entrance exam math scores are so low that she cannot get into community college. She has learned that these “institutes” will take anyone, and don’t require a math test to get in. In fact, I suspect they are banking on the fact that their perspective students are bad at math. I have spent countless hours explaining to her why the school is a bad investment and that she shouldn’t commit herself to that kind of a burden.
I think it is shameful that the government supports these institutions that prey on the unemployed, the poorly educated, as well disabled individuals who are least able to guard themselves from such treachery.

September 4, 2011 at 2:47 am
(78) Enough says:

The student programs are worse than the mortgage scam. My 40,000 student loan was suppose to be in forbearance, TGSL/Sallie Mae put the loans into ‘default’ instead! My 40,000 loan jumped to 93,000, my 2.77% interest jumped to 27%!!!

Why/how could they do this?? Well, let’s follow the money….they own the collection agency! TGSL finally admitted they made a mistake and took my loans out of default. Sallie Mae has refused and sold my loans to TGSL. TGSL sold my loans to EdFinancial. Each time they sell it the amt goes up to cover their fee for buying the loan! Plus, they can’t/won’t tell me where the $11,000 in payments I made when I was challenging the loans being put into default. What a scam!

My 40,000 loan is now 75,000! No job. No way to make payments. So much for living the american dream.

The only ones living the american dream are ceo’s with their multi million $ bonuses….for what? It’s because we let them.

There should be some sort of (peaceful) protest, like the million man march. Except, since most of us can’t afford to march to DC, we should either march/protest to our local city hall or state capital, or DC on the same day/time, everyone on the same day and at the same time in all the states. This would be the perfect time, since the candidates are out there and elections are coming up! This would get their attention more than calling them or writing them.

Enough is enough! It is time we ALL should have a piece of the american dream.

September 6, 2011 at 2:28 pm
(79) Maestra Sierra says:

I’m a substitute teacher, so I definitely don’t qualified for the typical teacher loan forgiveness programs. I do wish these government officials would make one for us temporary teachers. I don’t have that large amount of student loans, but my pay check barely covers for the necessities of the household (I have three dependents). By the way, I owe $14,000 in loans. I know I would be able to pay off the $3,000 from Direct Loans, since it’s only $20 a month. However, the loans from nelnet ($11,000) is asking for too much… $150 a month and I can’t lower it. The loans were a big necessity. It was used mainly for home utility bills and food. With two family members disabled I wasn’t able to get a part time job to cover the costs so loans were a huge help. The state has lowered the income for teachers a lot since my mother was a temporary teacher. She earned anywhere between $1,500 to $2,000 every two weeks… now it’s a huge pathetic joke. I now only receive around $200 to 300 every two weeks. It’s ridiculous. I blame it on the Bush economy which we’re still feeling it. Anyways… teachers, especially temporary teachers ought to be given loan forgiveness automatically, right when they receive their certificates and start working.

September 15, 2011 at 3:44 pm
(80) Crystal says:

I chose a lower-tuition university where I received a better scholarship than I would have at a more prestigious school. This is called fiscal responsibility and I have no student loan debt. I hope this works out for you guys, but I wonder why you spent that money in the first place, especially if your career path almost assuredly leads to lower-salaried jobs. If you get bailed out, then good for you, but it’s not fair.

September 22, 2011 at 10:13 pm
(81) Debb Williams says:

I have a 25 + yr old student loan debt of $5,00.00. Each year the government takes my federal taxes. Due to the excessivley high interest rate I never make any progress, each year I am close to being back where I started from. I haven’t been able to work for 3 yrs now do to a disability(s) which means the loan interest will soar back up to 10,000. I have little to no income and have to pay living cost and I don’t know what to do to rectify the problem. Can this debt be forgiven or am I just stuck with no way out?

October 4, 2011 at 2:49 pm
(82) Cleartheair says:

Student loans are issued by banks. They are not paid for by the federal government. Fannie Mae and Freddie Mac are corporations that you can buy stock in. Execs get hefty bonuses. They were privatized some time ago.

When you default on a student loan, you owe the bank. They do not forgive them or reduce them because they cannot be discharged in bankruptcy. This is a gold mine for them.

All this talk about socialism concerning these loans is just uninformed hot air. The banks are the ones making the money. The interest rates should be in line with what banks pay depositors to use their money, which is around 1% (if your are lucky). Depositors should start a co-op, and loan out money to students. That way the working man can make a deceit return on his hard earn money.

October 13, 2011 at 9:29 pm
(83) Joette Haar says:

After my divorce in my 40′t I found myself trying to raise 4 children, go to school, and work part time. After paying on my loans for 20 years I still owe thousand dollars. Because of interest my balance goes up. I will teach special education children as long as I can but my loan will not be paid off when I retire. If I do not pay these payments they can take my house my,and any income tax return I may get. Does anyone know who to contact about loan forgiveness after 20 years of payment?

October 26, 2011 at 10:16 am
(84) DoctorK says:

The Chronicle of Higher Ed did a story some years ago that showed that MANY students who went on to pursue doctoral degrees do not work in their field of study. Reason? If they did, they couldn’t afford to pay off their student loans. The cost of a combined MS/PhD is around 6 figures. Many people I know in this situation feel failure, and stupid, what was the point of going on to “specialize” only to realize subsequently, it was a mistake? The price of paying year after year after year for this mistake is feeling like you will never be able to buy a house. I know, I know, people will say that no one forced you to get a higher degree – but at the time – you felt like it was a GOOD thing that WOULD pay off. And there are other countries where taxes support undergraduate and graduate degrees. I attended a poor parochial school – not public – and never had children – yet my taxes support public education. so for those who take issue with forgiveness programs – well, my taxes have gone to many programs from which I have never benefited. Perhaps your taxes can support me in SOMETHING!

October 26, 2011 at 2:15 pm
(85) Accountable says:

I categorically rescind everything I have posted on these comments to date. I am a fool, do not actually know what I am talking about, and I deserve nothing less than public humiliation for my polemic propagandist nonsense. The truth is that I am a political science college student with high ideals and very little life experience. My understanding of life, living, and financial reality have all been gleaned from listening to podcasts of Glenn Beck and Rush Limbaugh while working at the local car wash. I dreamed of being wealthy as a function of my erroneous superiority complex. It turns out I am just another human, after all. I realize now that I was wrong, that I am the 99%, and I humbly request forgiveness for my sanctimony.

October 27, 2011 at 5:05 pm
(86) Accountable says:

Nice one fake “Accountable”. Well done! I’m actually surprised that it took so long for someone to figure out that it’s pretty easy to post under my (or anyone’s) identity:) Well played. This is amusing. And I must say, you have a very educated vocabulary. Can I only assume that I, along every other tax payer, am picking up the tab for that education?

October 28, 2011 at 1:19 pm
(87) Naji says:

How about stopping capitalization of interest on loans that are in deferment (hardship deferments aren’t suppose to make the initial loan disappear, they just keep borrowers from going into default and allow time to repay the principal). My loans were 52,000 when I finished school. They are now 92,000 with capitalized interest during deferment periods (including the Income Based Repayment Plan). I wish I had received more information about how this works.

I’m retired from public education (after 20 years working in a high poverty/Title I school) and so I don’t qualify for the teacher forgiveness program – although if I could go back to work in a TItle I public school for 10 MORE years I might qualify. It feels so hopeless. Even with the income based repayment plan, the loans continue to capitalize interest. With the IBR I pay about $200-300 a month, without it I would be paying about $1300 a month. My income is $1500 a month. By the time I die (say I get lucky and live another 20 years) my loans will be well into the 120,000 dollar range or more.

I know I took out the loans, I owe the money for the loans and I believe in paying my debt — but remember the proverbial “blood from a turnip” — that’s me.

October 30, 2011 at 10:50 am
(88) chamuiel says:

commoncentspreacher sez:

“”"”"”"”"Before you judge someone walk in their shoes, sleep in there home, overcome their obstacles, understand their pain, and dont discount their reality less you be a hypocrit bound for the halls of shame and hell has a place for those who wrongfully judge the innocent.”"”"”"”"”"”"”"”

Are you a Communist? The above statement by you sure sounds like you are one. You want to sleep in someone else’s bed, eat their food that they paid for and even wear their clothes and shoes. Is there anything else of mine you want? Perhaps to have my wife with you while you sleep in my bed? Yep, I would think Hell has a special place reserved for people like you.

November 3, 2011 at 3:31 pm
(89) Brenda Fox says:

I went to college over 20 yrs ago but didn’t graduate. Had to drop out due to family obligations and never went back. My question is, I am now 62 years old and owe approx 11,000 in student loans. During the past 20+ years, I have had forebearances but no aggressive actions from my lender for payment till now when I am getting ready to retire. They want $110.00 per month and I can’t afford that much so they are pursuing wage garnishment. Can they also garnish my retirement income?

November 6, 2011 at 10:59 am
(90) Stephanie says:

Ridiculous!! HOW COME NOBODY IS CARING TO HELP THE PRIVATE STUDENT LOANS?? those are the ones klingon everybody!! Those are the ones giving WAY too much money, lying about payback options, insane interest, requiring cosigners…. The most they are doing is POSSIBLY trying to get them dischargeable in bankruptcy…. Oh THANK YOU SOOOOO MUCH THAT’S SO HELPFULLLLL…. all that does is force the bill onto the cosigners, Nevermind the damage to credit and cost of bankruptcy. Why are you protecting Sallie Mae so much, US government?? Oh because they’re lining your pockets. This country is so messed up. Spend billions ona pointless war while your future generations struggle and watch the American dream go down the drain

November 8, 2011 at 5:01 pm
(91) Annoyed with the 99% BUT not blaming the 1% says:

As I sat here reading through the comments about how sad everyone was about their student loans and “poor, poor little ole me” comments I became more and more perturbed. Why do we have to look at our neighbor to whine about the troubles we brought upon ourselves? Resources are available; why not use them instead of playing a victim.
Going into college, I was advised by my high school counselors to look into any sort of scholarships– free money. I applied for as many as possible. My parents did not attend college; however, they did want me to go. We weren’t wealthy, but we stayed afloat by holding ourselves accountable for the money we spent. They told me that I was to pay my way through college, so I used the skills my dad taught me (not some expensive teaching professional) and applied them in my college search. I earned that scholarship which paid for the majority of my schooling. However, I still had to take out loans because it is ridiculously hard to hold a job and play a division 1 sport. I am in my last year of school and am becoming a teacher. I am in minimal debt because I know that I will have to pay it off.
We hold the keys to our own destiny. We must be the change we want to see. I choose not to blame others for my own actions. I am accountable for my debt. Not you or my neighbor. We as a society need to realize this. If you can’t afford a house, don’t buy it on a loan that you can’t afford to pay off. That is how the housing bubble busted. If you can’t afford a certain school, find a cheaper school that you can learn the same things in. Or find a way to pay for it. It is your own fault if you foreclose on your home or can’t pay off your debt. Not mine.

November 11, 2011 at 2:06 pm
(92) Paul says:

I am in the same boat that Ashley is in. I owe 65,000 I will have to pay every pennie back. I wonder if they know how much a teacher makes. You know the ones that teach your future lawyers, doctors, and presidents. How will I ever be able to afford anything with a 450 dolloar monthly payment for the rest of my life making 35,000 as a teacher, unreal and thanks.

December 5, 2011 at 12:52 am
(93) accidents happen says:

“We hold the keys to our own destiny”….so when getting into a car accident and becoming disabled I should become homeless as long as I’m paying back my student loans?
Let me know what you really think after a decade with endless spinal surgeries and pain.
Me? I’ll take forgiveness.

February 28, 2012 at 6:59 pm
(94) Ed says:

I first started in trade school in 1990. The school was handing out $2500 with no payments until I got a job in the trade. I qualified for deferrments and did make payments when I could. I am now back to work full time..and I am making payments. It was $7500 total back in 1994,but my principal is still over 12,000, and I have paid back approx $5000 over the years. I filed for bankruptcy in 2008 and could not include this debt. I feel this will always haunt me unless I come up with the entire payoff amount. There should be a limit on total interest that has to be paid back, and consideration for bad economy. Also, we should be able to include this when we go BANKRUPT!!!!!

March 14, 2012 at 12:03 am
(95) alimelita says:

Greetings to the entire public,

I am Dr,Ali Melita i am a man that have come to put away every thought that is in EVERY ONE’S MIND THAT ARE SAYING THAT THERE ARE NO RELIABLE LOAN LENDER’S ON LINE THAT CAN GIVE LOANS,and now we all know that there are a lot of scammers searching for our legitimate documents to use for fraudulent act,SO i Dr,Ali Melita HAS COME TO ANNOUNCE TO THE ENTIRE PUBLIC THAT I HAVE got some money to Lend Out to Serious,TRUSTWORTHY and Prospective CLIENTS THAT ARE IN NEED OF LOAN,any person/organization who HAVE BEEN LOOKING FOR LOANS AND HAVE NOT GOTTEN THE LOAN ON TILL NOW SHOULD send their contact or apply via email:alimelita.loans@gmail.com .Services Rendered include; Refinance,Home Improvement,Investment Loan,Auto Loans,Debt Consolidation,Line of Credit,Second Mortgage,Business Loans,Personal Loans,Car Loan,Auto Loan.AND I HAVE ALSO COME TO TELL THOSE BORROWERS THAT WILL APPLY FOR LOAN,AND THEY DO NOT PAY BACK THAT In the book Of Mark 8:36: 36 “For what shall it profit a man, if he shall gain the whole world, and lose his own soul?”I WILL LIKE TO TELL YOU ALL THAT I HAVE COME TO WIPE AWAY THOSE TEARS THOSE ONLINE FRAUDSTER HAVE CAUSED To YOU ALL IN THE NAME THAT THEY ARE LOAN LENDERS OK.SO THOSE IN NEED OF THIS LOAN FIRM SERVICES SHOULD SEND THERE CONTACTS TO THE ABOVE EMAIL ADDRESS FOR URGENT ATTENTION,AND ALSO I WANT TO LET THOSE THAT HAVE BEEN SCAMMED BEFORE NOT TO COMPARE THIS LOAN FIRM SERVICES WITH THE PREVIOUS ONE THEY ENCOUNTERED THERE SELF WITH OK!!NOTE:YOU THAT IS ABOUT TO APPLY FOR THIS LOAN MUST HAVE Trust,Courage,Faith.COS THEY ARE THE KEY TO ANY TRANSACTION IN THIS WORLD OK!!

March 28, 2012 at 8:49 pm
(96) Joe says:

I’ve been in college too long and made several dumb mistakes. I changed majors (major mistake number 1) from business to Pharmacy. After getting accepted into an expensive pharmacy program I failed to finish in the four years because I wasn’t intelligent enough to keep up with the class. I now have a total of 6 years to finish at a pace I can go at. I have had to borrow an extra 100,000 onto the ~$200,000 debt I had from the start of pharmacy school and my undergraduate degree. My dreams are long gone as I learned there will be no pot of gold or additional wealth from my college experience after it is all accounted for. I have already spent years in the military and it sucked. My best option for repaying my student loans is to enter back into “hell” or the military (Army) to receive 100,000 in loan forgiveness. I will still owe $200,000 and the quality of my life is going to be piss poor in the military because the military is simply a lifestyle a step ahead of prison, and way below average life and akin to “Hard time.” Not only are my dreams shattered I’m also facing a crappy and low quality of life in my future. Big mistake? I think so. All I get to do in life is continue on knowing that the next days of my life have no hope of being better but only worse. I wonder what the suicide rate for college graduates in debt is? Suicide seems like a good deal at this point.

April 7, 2012 at 8:44 am
(97) Common Sense says:

I maybe making this too but how about this approach…

After High School, get a job at minimal pay and go to school part time at a community college. After 4 years you would have your associates degree and no loans.

You then can proably get a job paying a little more than minimal and transfer to a 4yr school, again going part time. Before picking your major be sure to look at the want ads to see what companies are looking for and what those positions pay, again, common sense.

When it’s all said and done you should be able to graduate, hopefully in a field that is hiring and has good pay, and have 0 student loans. All this and your still in your 20s!

But this is the generation of instant gratification, I want it now!

May 3, 2012 at 4:20 am
(98) Cheri says:

The biggest reason so many people take out loans is because of the promises the schools tell you about you making more money and it will be worth it; all lies. There is a very high level of manipulation and lying going on at these schools and in our society. If you want to ever become someone you better go to school to make money! The sad thing is there are people who have commented on here that seem to not realize that Corporations get Billions in forgiveness every year. All these people and MYSELF are asking is for it one time and for the Government to make College a priority in our nation. High school use to be enough, but today we need to compete with other educated nations, we can’t do that if people are afraid to become educated because it will ruin their lives. My family can’t afford to repair our car, our apartment’s rent is being raised above what we can pay, and now Sallie Mae is also at our door asking for their cut of our blood during this recession. No wonder suicide is up with companies like Sallie Mae around, people feel hopeless, like failures, and just destroyed… We need to forgive student loans that are 10 years and older and we need to make education realistic. Or, we will keep falling as a nation…

June 2, 2012 at 9:21 am
(99) $ C-NOTE $ says:

After reading all 98 of these comments…all I can say is….. WOW !!!!

July 21, 2012 at 3:31 pm
(100) Greg says:

YA, WOW. …um well I read most of these posts just… well… it was funny. I do not think that loans are the problem with society today its not money, politics either… its the way humans in general communicate and treat each other. This post is a great example of why our country is the way it is, people don’t want to pay what they owe. And people will search out avenues to argue there same points over and over.

August 16, 2012 at 5:50 pm
(101) Jay says:

Took out $103k for undergrad and grad school back in early/mid 1990′s. Didn’t finish grad school, but that was my fault. With interest accumulated, balance is $365k. Definitely not going to pay it back when making less than $30k/yr. BUT, I MADE THE DECISION to take out the loans AND HAVE TO PAY IT BACK…one way or the other. HENCE, I AM A PUBLIC SERVANT and have less than 7 years to go. Then the whole balance will be paid off completely. I’m sucking it up (supporting a family of 5 by myself), but paying it back, just the same. ***For all of those who say they can’t pay it back and are able to work…NO EXCUSES. WORK FOR THE GOVERMENT, NON-PROFIT AGENCY for 10 YEARS…SUCK IT UP!

October 28, 2012 at 9:29 pm
(102) Therese says:

This site was… how do you say it? Relevant!! Finally I’ve found something which helped me. Cheers!

December 12, 2012 at 1:14 pm
(103) Kristian Arffmann says:

I am wondering if my student loan could be forgiven for graduate school.
I paid my college loans and my graduate degree from Columbia Teacher’s College. For medical reasons I left the teaching profession and received a degree in library science from Simmons in Massachusetts in 1998 I now live in Queens,New York and as a librarian paying this loan back is nearly impossible and will take my whole lifetime career to pay it back. Is there any consideration being made for this kind of situation?.

December 19, 2012 at 11:27 am
(104) sadness says:

I owe over 6,000…with interest is over 500 …the balance comes to close to 7,000….I made arrangements with the creditor (loan officer) to pay back 5.00 a month for 10 months….I really dont know if department of education will still take my tax refund….I hope not …but I can’t do anything if they do….but I have been making my payments…that is all I can afford right now to pay because I am out of work….but i do get a tax refund for working 6 months …..I am little scared because times has been hard for me and my daughter and my income tax refund would help out alot.

December 21, 2012 at 12:07 pm
(105) Greg says:

I graduated in 1997 from graduate school with a Masters in Social Work. At the time, my debt was approximately 40k, as of this date it is approximately 110K and climbing at the rate of $700 per month interest accrual. It is something that I think about every single day. A career in a helping profession was a royal mistake, the years I served as an intern and working in non-profit settings were some of the lowest earning years in my work life, however, my loan is earning a hefty 7.5% interest rate. I pursued every program available for public service, mental health professionals etc.. and the criteria are so stringent and limited that I never qualified or the competition for limited grants was too fierce. So, after 16 years of repayment programs that only sink you further into debt (because interest ALWAYS continues to accrue) there is no relief in sight. As I approach retirement I wonder how on earth will this end? It is unsettling to know there are so many other Americans in the same plight.

January 2, 2013 at 4:45 pm
(106) OneSmartCookie says:

@Accountable. Please Marry me!!!

That is all.

January 3, 2013 at 12:04 pm
(107) Accountability for Accountable says:

Although I do agree with some of what Accountable has to say (people should be responsible enough to take care of their own responsibilities), there are times when people fall on hard times and run into situations that are beyond their control when they genuinely do need and appreciate the help of another to get back on their feet. One thing that did stick out and amuse me was this quote from Accountable: “Remember, the to 2% of income earners are paying 90% of that bill – and no, I’m not in that top 2%”. Am I correct in what I hear, that you are benefitting from services that are being provided mostly from the pockets of some other 2%?

February 22, 2013 at 11:55 am
(108) mike says:

The great American dream, Education is suppose to be the inverstment in the country. What a joke, all it does for the average American is to put you in debt for life to the government. Ever wonder why the Gov allows large corporations to file bankrupcy and eliminate their debt, yet they pass laws that the average joe who has student loans can’t do the same. You ever ask why? The tax the rick campaign by the President in reality became tax the average middle class citizen. If you are middle class, you are screwed. Money is power and Democrates have more money then God and as long as they own the middle class the middle class will continue to be screwed.

March 14, 2013 at 7:16 am
(109) Bonnie says:

I am 62 yrs old. getting SSI. My check is $555.00. This past month I noticed TCS had taken 15% or $83.25 . I went to a business school which went out of business after I quit..in 1987. I worked some and paid on it some. and now I can’t find a job. and have to depend on my kids to put a roof over my heard because i don’t have enough money to pay the bills..What can i do…they just take it and I didn’t even get a letter.,I thought Mr Obama was going to dismiss the older loans…or was that another promise that won’t be fulfilled…

Thank you for you time
Sincerely,
Bonnie Beck

April 17, 2013 at 2:16 pm
(110) Donna Mcginn says:

I have student loans from 1992. I borrowed 3200.00 back then. I pay and pay and pay and the balance never goes down. Now they tell me I will not get social security and they are taking every federal refund I am entitled to. They say they are sorry that they have no records of all the payments that I have made. This has been on my credit report since 1994 when I paid Norwest bank over $1000.00. How do I get this taken care of without it coming after me in the grave? As I said, originally the loans were roughly 3300.00 total and I have given them over $4000-$5000.00. The prinicipal never goes away! HELP!

May 2, 2013 at 6:51 pm
(111) Glenn says:

Isn’t it amazing Canada kids go to college for only $10,000 year and our kids it cost $40,000 it is sort like prescription drugs cost you can go to Mexico and get the drugs 90% less than in the USA….what is wrong with this country. Our kids can’t compete with the other countries I wonder why??????

May 2, 2013 at 10:00 pm
(112) Dee says:

I was fed a line of BS all through school. Oh student loans can help you, oh you NEED a college degree. Oh the interest is so little, oh you can pay as little as $50 a month when paying back.

Boys and girls its a scam and I believe it has succeeded in doing what it was supposed to, bend the backs of Americans.

I took out loans and saw what they were saying, but it wasn’t like my car loan. They didn’t sit with me and say look each semester is going to be a different loan and you have got to pay $50 or $200 on EACH LOAN every month. I found out that little gem when I went in to repayment. So to help I just consolidated. Well I lose my low interest when I consolidate so yesterday I found out that my little piece of paper will cost me 200k, more than double what I borrowed, and that’s at $600 a month. There is no clarity in this system. There is no moment of realization for quite a few until that 200k bill comes. If I HAD known I can promise you I never would have done it, ever. I had fits signing a 10k used car loan.

What gets to me so badly are the ‘poor’/unemployed who were given grants for school and this new dream act, all free school to people who aren’t hard working Americans, nooo we have to pay cause we can, and we have to pay inflated tuition to cover those others, along with taxes.

Now I have 120 payments of $600 mo. to look forward to (thank God I’m already a Public Servant) and I want to go to tell all the young kids NEVER take out a student loan. If you can’t afford to go to school without one then just go work at some menial job. Don’t buy into the govt BS about needing a degree. I am still at the job I had before I got my degree and I can’t go get a job in which I can use my degree because I would make less than I do now, and I’m already struggling.

May 2, 2013 at 10:00 pm
(113) Dee says:

For nay sayers
Don’t tell me about you being a freaking tax payer ok I have paid taxes since I started working at fourteen. I have never not had a job. I worked while I was going to school but I’m single and I have to pay for everything by myself car, home, utilities, insurance, healthcare, gas taxes etc. I don’t have a lot of spare change laying around, hence the student loans. Not the cure all they tout them to be!

I’m not saying I didn’t make decisions or mistakes. I’m saying I DID make mistakes. Let me ask you though when was the last time your mistake took away your freedom for the rest of your life, maybe if you are a felon? So now we can compare college grads to felons.

You realize the people on here are the ones who CARE. There are people out there who don’t give a crap and go and life off the grid.

Finally you notice all the ‘help’ is aimed at kids who haven’t taken out loans yet. Its them saying ‘here fishy fishy’ trying to make the loans seem not as bad as all these people have found out they are.

Don’t do it kids.

In the words of the immortal Admiral Akbar “It’s a trap.”

May 28, 2013 at 10:33 pm
(114) suzie says:

Hey Accountable .” PIPE THE F*** Down”,,, do something more useful with your time,, or maybe you have nothing useful to do,,,

June 4, 2013 at 12:00 am
(115) rocky says:

well its the goverment again, i see everyone is in the same boat. like me! borrowed 1200.00 in 1991 to get a higher education, and things happened where i couldnt pay it back and it jump even high so i couldnt pay it back. its the american way, its the goverment trying to keep the poor down and take their little pocket money forever. since the rich dont have to pay taxes or i should say the top 10%, they have to get it some where! so they go after the working poor. look at child support they get you there too, you pay and you pay! until you are dead, thats what your goverment whats from you! i feel sorry for those who come after me cause its just going to get harder, and the goverment will find another way to take there money! so they will stay where they are working and poor. oh on that child support thing, they do take money from that too. my ex wife hasnt received all her checks that was taken from me and they dont care to explain where those check went. they told her she is lucky to receive the checks she does get. they will charge me again for the money they stole from me and compound more interest.

June 21, 2013 at 8:39 am
(116) cherie dee says:

everywhere we see the dishonesty that is bringing down our country -
greed and slithery behavior for ME,ME, ME. Wounded veterans
will go without care while IRS agents get seventy million dollars in
bonuses.

banks pay out one half of OINE percent [.5%] in interest while collecting five percent 5%

the simple answers is LOW student loan interest rates. I have no
argument that i must pay off my college loans, but should i have to pay
OVER five percent interest. I don’t think that is fair when this economy
is so bad i cannot even get a job with my classy education !

July 20, 2013 at 10:42 pm
(117) joann says:

I have an mba I am 49 Hispanic agree with everyone why the heck did I go to school bust my butt getting A’s B’s love school, just to get in debt 60k and cant afford the payments. I cant even get a job using my mba. I am an insurance agent working on a low salary 30k and commissions are awful. I can not support my family nor get the loan paid off. I was told the only way it would get wiped off is if I teach x number of yrs (making less money) in underprivileged school. well that cant happen I cant live now with making what I owe, to top it off I would have to re educate in that field which means more debt and that’s not what I want to do. Not that teaching is a bad thing I love school I just don’t see how college has improved my life and I will be 50 next yr. this totally sucks. to boot I thought the school had accreditation and when I came down to graduation I find it was not accredited so im totally screwed 60k. I did not sign up for his humiliation! I pray that something happens for all of us with school debt! prayers to all!

August 7, 2013 at 11:04 am
(118) Evelyn says:

I graduated on the year 2000, still paying my student loan and owed a bit more then 9,000. It seem it doesn’t lower down, I am not working of the career because there are no job, so I ended up working at school as a teacher’s aide, actually working for peanuts. I stay broke paying this loan, I would like to know, do I qualify to have a student loan forgiveness? Would like to hear from anyone.
Thank you,

August 31, 2013 at 9:47 pm
(119) Susan says:

Everyone!

Listen up. If your over 40 and searching for a job to pay your student debt, take a look at the population statistics for 2015 – the government already knows this. Hence, most of us, baby boomers, will be running the corporate America; hence there will not be enough adolescents to fill major positions. Having children has declined not increased, and with the new health care system we can all expect to live until 85. So, do not despair, our time is coming.

October 22, 2013 at 8:09 am
(120) Former Student Loan Collections Manager says:

My question is how many people are so paralyzed by fear of garnishment (taking as much as every penny over minimum wage) that they never find a job. If you have childcare expenses and you are only bringing in minimum wage, what is the point? We also need money for rent or mortgages, food, gas, electricity, water, and anything else government sees fit to overtax or for which to overcharge.

Additionally, this mentality of “just get a second, third, fourth job” is insane. Sure… More time at work and even less time at home with children is PRECISELY what this country needs. More children at home alone would do nothing but continue to produce more school shootings, more suicides, more depression, more addiction, etc. We are leaving our children behind with this type of thinking. The Student Loans will wait – My children will grow up healthy, happy, and loved. You can look at me any way you choose – My life will go on despite your opinion of my mindset.

November 7, 2013 at 11:57 pm
(121) astounded says:

I spent the last hour reading through all of these comments because a friend of mine is looking for ways to avoid paying her 58,000 student loan. I love her dearly but she needs a good kick in the ass, and so do 90% of all you other people on here. Accountable I am actually applauding you right now because for me you are spot on. When you took that pen and signed up to those loans you committed to pay them back. Its unfortunate that your decision or choice of career hasn’t taken you to the heights you imagined but that’s what life is about, making choices and living by them. I remember having $4 in my bank account, no job and 45k in student loans. In 3 years I tripled my earnings doing something different than my college choice and I paid back every cent of my student loan back. I grew up in a trailer with 3 siblings and just 1 parent who taught me to work hard, try not to take and ask for hand outs and if what you do don’t pay the bills – then find the drive and ambition to do something that does….

February 24, 2014 at 7:12 pm
(122) KENNETH SMITH says:

i have a 25 yr old student loan that i am currently being garnished for the interest has tripled on that is bankrupting me i understand that its my fault for not paying it back i was living from paycheck to paycheck before my 18yr old daughter lives with me and i am trying my best to put her thru school it is almost impossible now.with child support on top of that ive tryed to talk to the loan people but they dont seem to care.My daughter wants to go to college when she gradautes next yr icant see how its going to be possible even the student loans doesent cover everything it doesent seem fare im 49yrs old all im paying on is the intrest ive never asked th goverment for anything other than that one time and dont think i knew i was then i dont know if the forgiveness program applies to me but i wish it would.

March 24, 2014 at 2:20 am
(123) Ann says:

How can it be that I owe for a Student loan that was discharged in a bankruptcy in 2005 before the law changed. I have not been in school since 1989. Was paying $50 month payments, had it discharged due to the fact the school closed up and also I was experiencing a hardship. The problem is my loan keeps being sold. I was released from this debt and now the moment I get disability they want to garnish my check up to 15% for a loan that was discharged. Excuse me but that has to pay my rent. What do they want me to do be on the street. I am totally disabled.

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