What's wrong with this picture?
Here's a big shocker: Student loans drive Sallie Mae business higher. "Sallie Mae, which in December severed its last ties as a government-sponsored enterprise, says student loan originations rose 18 percent last year. Fourth-quarter profits more than doubled."
And another big shocker: Increasing college costs leave many with legacy of loans. "[One college grad] sometimes has trouble sleeping and often worries about how she will pay back her student loans."
While your elected officials are celebrating in D.C. today, write them letters and plan to call their offices to ask why it's OK for a college grad to struggle for years to payoff student loans while lenders rake in the cash from your interest payments. Then point them toward H.R. 2711.
Comments
Sad but trueÖ. borrowed in 1989 $7,500 as a Vietnam vet, who served her country. I now own on that same loan $35,000 and growing, even as we speak they have attached my pay at $400 a month for the last 2-3 years...nothing comes off the loan (collection fees). They said I defaulted, gave proof I did not And the proof was from their records. My bad attorney said file chapter 13 in 1997, well he was wrong and for 2 years I did not hear from student loan collection agent, ECMC. Then when I paid the chapter 13 off. Bam, they attached my wages. And here I sit at 56 never able to pay this off. In 1989 I had lost several family members. They did not have death ins and my sister and I had to make do with funeral cost etc. Hence I went into default. However, I did a rehab and made payment as agreed. They said I did not and back I went into default. I had all the proof that I did not default. In 1993 a congressman in CT helped, well tried to help, but failed. Again, Congressman Simmons just tried this year and they told his office I owe and that is it. Who is the Evil Empire, student loan collection agencies. You know the NON-PROFIT ones. What a joke....Veronica
Posted by: Veronica Martish | February 8, 2005 03:23 AM