The Depth of the Student Loan Debt

Just_G · 05-13-2012, 08:04 PM

I just graduated in March with my associates in drafting and design at ITT Tech. I owe about $35,000. I applied for every scholarship and/or grant that I qualified for and wrote, god only knows, how many essays about why I deserved to win that scholarship/grant. Doing that is a crock of shit...I didn't get one. Not one. I applied for at least 150 over the last two years.

I did get a pell grant the first year, but it didn't really put a dent in what I owe, but I am thankful at least that much was paid for....for free.

I got offered a job in my field the week before I graduated. I am now working for one of the biggest architectural/engineering firms in the country. I love what I do, but until I get promoted and start making above the minimum of what they pay engineering techs, it will not be easy to pay the loans back. Luckily, my mom is paying the first year of my loans back until I can get my feet set doing what I do.

I think it is really bad that they let a lot of people that don't have anything sign up for such a large future debt, knowing damn well that there aren't jobs in the field they are learning or that are so saturated with applicants, that it is impossible to make enough money to pay back your loans. They really sweeten up the whole "get your education so you can make more money" thing.

Right now, with this new job, I am working 10 more hours a week, and only make $49 more a week than I did before I got this degree. I accrued the $35,000 debt, basically to earn $49 more a week.

Granted, I have a really bright future and all, once I get some experience....but it is going to be a couple of years before I get any type of raise that will allow me to afford not only my school loans, but also a car payment and my mortgage. It's going to be a struggle for a while longer, but I think in the long run it might be worth it.

PaPa · 05-13-2012, 08:18 PM

Great topic! This is an issue which has caused me to think a lot. I am in the last year of my Master's degree in Vocational Rehabilitation Counseling. If I play my cards correctly next Spring, then I will move from an internship right into a position with our state VR office. Once in they have a loan forgiveness program which will forgive my debt. I am very grateful that I have that opportunity because quite frankly I do want to go on for my doctorate. The loan forgiveness will be a great asset because I can then move into the doctoral with a clear slate and a state job to boot.

Secondly, I wanted to add one more thing to this conversation. Within the last year or two the government has taken over these loans. My thoughts about this move was this: First of all, the government really should not be managing student debts. Secondly, as such I can foresee in the future the government being able to step in and say, "since you defaulted and cannot afford to repay your debt, then I am sorry you will not be able to receive governmental subsidies such as public assistance or disability benefits." That worries me because quite honestly that could affect a large number of people. Right now the rules and regulations regarding default for those on disability is that the cash benefits received cannot be touched. However, we all know how the government keeps taking more and more from the people. Do these issues concern anyone else??

aishah · 05-13-2012, 08:26 PM

Quote:

Originally Posted by PaPa

Secondly, I wanted to add one more thing to this conversation. Within the last year or two the government has taken over these loans. My thoughts about this move was this: First of all, the government really should not be managing student debts. Secondly, as such I can foresee in the future the government being able to step in and say, "since you defaulted and cannot afford to repay your debt, then I am sorry you will not be able to receive governmental subsidies such as public assistance or disability benefits." That worries me because quite honestly that could affect a large number of people. Right now the rules and regulations regarding default for those on disability is that the cash benefits received cannot be touched. However, we all know how the government keeps taking more and more from the people. Do these issues concern anyone else??

this worries me a lot. already, if you default on your loans, the government can garnish your wages no matter how far below the poverty line you are and you can never get your loans out of default or defer them, even if you are eligible. my sister's life has been pretty much ruined over this - she was eligible for deferment because she's on food stamps but didn't know how to file the paperwork, and now they're garnishing her $1200/month wages - meanwhile she has two kids, is disabled, etc. my partner very nearly went into default as well, but after watching my sister go through this i've kicked his ass and made him do the paperwork.

i know SO many people who don't understand how to do the deferment or ibr paperwork and thus end up in an even bigger mess because they're being charged for payments they can't afford and shouldn't have to make. and once you're in default you can NEVER get back into deferment. the process to appeal having your wages garnished and your tax check taken is long and arduous (took about 2-3 months and my sister had to produce 45 pages worth of paperwork showing how poor she is - and they STILL garnish her wages and take her tax check, they just take slightly less money out of her paychecks now- $100 instead of $300 or so).

i do know some folks who've gotten loans totally discharged due to disability, but you have to prove you can never work again and you essentially have to be in complete abject poverty on ssi/ssdi.

the one positive aspect of the gov't taking over more loans is it streamlines the process (this helped a lot as i have loans with three different lenders - which i had no choice in) and the government tends to be less shady than the lending companies. but i do worry about repercussions in the future, especially as someone who's been on food stamps and may have to go on disability eventually.

honestly i'm just praying really hard that the government sees what a horrible problem this is and at least forgives the interest, if nothing else. i mean, it's going to completely cripple the economy otherwise. i'm not getting my hopes up too high, though.

05-13-2012, 08:04 PM	#1
Just_G Senior Member How Do You Identify?: Butch, Switch, Comedian...G...whichever. Preferred Pronoun?: He....with an e! Relationship Status: I'll take kinky & twisted for $200, Alex!! Tournaments Won: 1 Join Date: Nov 2009 Location: in the middle Posts: 2,281 My Photo Gallery Thanks: 874 Thanked 6,165 Times in 1,450 Posts Rep Power: 21474854	I just graduated in March with my associates in drafting and design at ITT Tech. I owe about $35,000. I applied for every scholarship and/or grant that I qualified for and wrote, god only knows, how many essays about why I deserved to win that scholarship/grant. Doing that is a crock of shit...I didn't get one. Not one. I applied for at least 150 over the last two years. I did get a pell grant the first year, but it didn't really put a dent in what I owe, but I am thankful at least that much was paid for....for free. I got offered a job in my field the week before I graduated. I am now working for one of the biggest architectural/engineering firms in the country. I love what I do, but until I get promoted and start making above the minimum of what they pay engineering techs, it will not be easy to pay the loans back. Luckily, my mom is paying the first year of my loans back until I can get my feet set doing what I do. I think it is really bad that they let a lot of people that don't have anything sign up for such a large future debt, knowing damn well that there aren't jobs in the field they are learning or that are so saturated with applicants, that it is impossible to make enough money to pay back your loans. They really sweeten up the whole "get your education so you can make more money" thing. Right now, with this new job, I am working 10 more hours a week, and only make $49 more a week than I did before I got this degree. I accrued the $35,000 debt, basically to earn $49 more a week. Granted, I have a really bright future and all, once I get some experience....but it is going to be a couple of years before I get any type of raise that will allow me to afford not only my school loans, but also a car payment and my mortgage. It's going to be a struggle for a while longer, but I think in the long run it might be worth it. __________________ Happy are those who dream and are ready to pay the price to make them come true!

05-13-2012, 08:18 PM	#2
PaPa Senior Member How Do You Identify?: GQ Butch Daddy Relationship Status: A Very Protective BIG Daddy... Join Date: Mar 2010 Location: Pennsylvania Posts: 2,657 My Photo Gallery Thanks: 7,597 Thanked 5,871 Times in 1,530 Posts Rep Power: 21474854	Great topic! This is an issue which has caused me to think a lot. I am in the last year of my Master's degree in Vocational Rehabilitation Counseling. If I play my cards correctly next Spring, then I will move from an internship right into a position with our state VR office. Once in they have a loan forgiveness program which will forgive my debt. I am very grateful that I have that opportunity because quite frankly I do want to go on for my doctorate. The loan forgiveness will be a great asset because I can then move into the doctoral with a clear slate and a state job to boot. Secondly, I wanted to add one more thing to this conversation. Within the last year or two the government has taken over these loans. My thoughts about this move was this: First of all, the government really should not be managing student debts. Secondly, as such I can foresee in the future the government being able to step in and say, "since you defaulted and cannot afford to repay your debt, then I am sorry you will not be able to receive governmental subsidies such as public assistance or disability benefits." That worries me because quite honestly that could affect a large number of people. Right now the rules and regulations regarding default for those on disability is that the cash benefits received cannot be touched. However, we all know how the government keeps taking more and more from the people. Do these issues concern anyone else??