Forum Post: Private Student Loans Act
Posted 12 years ago on Oct. 30, 2011, 1:01 p.m. EST by Sashaj16
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Although many of Americans are aware of the financial sacrifices made to receive a better education, it is quite unfair most Americans suffer hardships hidden behind a drawn curtain created by large corporations and banks. There is minimum coverage in the media about how many students suffer from debt-enslavement through private loans. Along with the unfair interest rates and unforgivable set ups of failure to create a scheme of additional payments to avoid late fees. The on going harassment from these corporations (i.e. SALLIE MAE) which keeps most of "US" under tremendous stress, and contemplation on whether if advancing our education was the precise decision. Which leaves us in a reality limbo of needing HELP! There should be a fair act created for private loans to exonerate our worries
I agree. Private Student loans are commercial loans (many people are poorly informed). I looked at your petition, and I think that is even going to easy, but I will sign it.
Private student loans are a nightmare. Sallie Mae is a corporate giant, which spends millions every year to lobby our congress. That is how they became so corrupt and so powerful.
The CEO of Sallie Mae, Al Lord, even bought the largest collections company in the nation! Sallie Mae is corrupt.
I borrowed money from Sallie Mae. They were relentless when I couldn't pay. I ruined my credit, as well as my mothers. Now I have a job. Now I pay them back. I don't think anyone here is asking for amnesty from their inability to pay back their debts. If they are, shame on them. But I do feel like there should be a limit on interest rates on Private Student Loans. Fair is fair, no one should be asking for handouts, but to stay competitive in the world economy, people need to be educated. Banking institutions need to make financial products that will make them a profit, but that also keep the customer coming back. Exorbitant interest rates are counter-productive to that relationship.
Ok, here's a constructive post. Instead of looking at how to solve the debt issue, why not look at what's causing the issue in the first place?
If you go to college for a degree that doesn't apply to any real life working job, and you knowingly got yourself into tons of debt, as a "college learned" individual you should be able to figure out that the obligation lies with YOU. Maybe that's what your parents forgot to teach your generation. Owning up to your obligations. Everyone else is going to make things ok for you, no one else is more special than you, it's ok if you're mediocre because we've already made the ones that are better than you feel like shit. So don't worry. Mommy's gonna be here for you and take care of you until I die. And then? The govt will.
Now go play barbies with the gay 6 year old neighbor Timmy. And remember, just because you're a boy, and your natural instincts are to fight, and kill and hunt and break shit, just play barbies.
Jon- I am in my mid 30's. There simply are not enough jobs for everyone. And, Not everyone who borrows private student loans is that young. I did not have parents helping with my education. Private (commercial) student lenders are predatory. They charge huge fees on top of every loan, and they just add it to the top, along with 10% to 12% interest.
We are looking into how to solve the problem from the inside (the educational institutions). But, the people who borrowed these loans need help. And, there are many professors who are siding with us.
I wasn't implying that you were a child. I was using a fictional conversation to drive home a point. I'm 32, so I'm no child either. There are a lot of jobs out there that people just don't want. Either unemployment pays them too much so they'll sit on it until they can get another 100k a year job, or they're just too lazy. I've seen pan handlers (not the greasy perma-homeless kind of people either) within 2 blocks of "HELP WANTED" signs.
You can't honestly believe that 100% of the unemployed are actually out there pounding the pavement, going door to door to get applications, day in and day out. I was unemployed in May. I was with my job for 4 years, so I took 3 weeks off and just sat on my ass. I applied for unemployment but since it took 3 weeks to actually get on the list, by the 4th week when I actually looked and had a job by Friday, I didn't receive any money from it. But the difference is, I looked. I sent my resume to about 20 places. And Presto! Started the next Monday. It's all about how you assess your skills and your situation. I needed a job. Not only to pay the bills, but so I didn't feel like a loser. That's what I think everyone on the 99th week of unemployment is. If you can't get a job in 99 weeks, you should probably just start collecting SSI and live in a trailer in a retirement trailer park.
But, I'm callous I guess.
I understand your point. I have a job, but I know people that have to choose between paying a student loan and buying health insurance. I've been in that position myself. I know someone that committed suicide due to their student loans- he simply wasn't making enough money to pay them. I don't want to see that happen to anyone else.
He killed himself over student loans? Sounds like there were other underlying factors involved.
The student loan companies will work with you. I've had both of my loans deferred before. And they've lowered the payment for me, twice. Be an adult and answer the phone when they call and they're pretty willing to help.
Wow.
Again, I don't think anyone here is asking for amnesty from their loans. I think what people are looking for is a break from the noose we've tied around our necks.
I don't think that putting limits on interest rates on loans given to people with no jobs is fair. Im not suggesting no interest. Just a cap so that when people fall behind, it doesn't cripple them into poverty.
But that won't apply to you, and it won't effect you either. This is regulation, not taxation. It makes life easier...
And I question anyone who doesn't want things easier.
I agree with you, but there are a lot of people on this forum that are practically crying for erasing their debt. That's their fault. Not mine. I pay my student loans.
Maybe they should just put an interest holiday into effect. For the next 2 years, no one pays interest on their student loans. their payments are recalculated and they pay the lower rate for 2 years. That's fair.
Sure that would be awesome.
I agree with any idea we may come up with regarding a break in interest rates.
Lets get someone in office who will do that.
That should be the goal of this movement.
You went to college to better yourself, good for you, you got a loan that was equal to or better than your abillity to repay, and did you really come out with a dregree that would allow you to get a job and repay the institution and professors that you bought that edu. from? Or did you just expensive, higher, ideals that will not get you a job?