Generation Debt

excellent! I hate getting that junk in the mail, particularly from FinancialAid.com. They try to come off like they're doing you a huge favor.

I've got to write the editor thanking them for the column, but who really pulls the strings on this atrocious consolidation policy. It's nice to know that none of us are alone on this--

I'm starting to think Sallie Mae were saints, compared to FSA

Thanks for this story. I have sent them my story. You can read it in the forum in case my letter is not printed : ) Lets hope that Newsweek can make the changes that our congress people have been reluctant to pursue.

Another Tactic to deal with pesky solicitation letters (of a slightly different type).

Make your Alma-Mater sit up and take notice of our plight. Donít give them a(nother) Dime, and tell them in no uncertain terms why.

Forward this to everyone you know from your graduating class. Copy, Paste, Edit, Print an MAIL it your School. Put a copy in EVERY business-reply envelope sent by your school. They will get the picture eventually.

We shall overcome.

~~~~~

Dear X University Alumni Association,

I am sorry to tell you the University will not be receiving any financial assistance or other gifts from me until my student loans are paid off. Though I graduated before 2001, that pay-off will not occur for approximately 30 more years ñ at which point I will be nearing Retirement without the benefit of Social Security and will still likely not be in a position to assist funding the school as my portfolio will be sorely diminished by excess payments to Sallie Mae Corp.

I honestly wanted to pay off my loans sooner, but I am forced to pay approximately twice the prevailing interest rate on my loans than are more recent graduates, with whom I must compete for work. This extra, unnecessary but mandatory expense puts me at a grave disadvantage during salary negotiations, thus making my University Education LESS valuable than it would otherwise be by making me LESS marketable than a similarly educated person with an arbitrarily dictated lower debt payment.

No other financial instrument but a consolidated student loan is non-renegotiable and non-relievable for ANY financial circumstance (except death.) There is no reason for these traits except to legislatively maximize profits for the finance companies involved. I paid to go to school, not to line the pockets of a multi-billion dollar corporation.

It is a travesty that universities actively participate in a program that can only be considered an egregious and unethical act of age discrimination and profiteering by the Sallie Mae Corporation.

By NOT supporting debt-consolidation interest relief legislation (allowing student loan debts to be refinanced like home loans,) Universities stand only to lose Alumni Dollars.

I therefore urge you, in the strongest possible terms, to evaluate and vocally support legislation that allows STUDENTS and GRADUATES to negotiate for the best possible rates on their student loans ñ and takes the power of indentured servitude away from the loan-sharks.

Please take me off your Alumni/Fundraiser Solicitation List immediately. I may contact you after I am able to pay off my student loan debt, but not before.

Sincerely,