Getting Out of Student Loan Debt

Reader Comments
Back to blog

My daughter asked me to fill out a form so she could get more money back from the government. She said she knew I would be denied because I was not working. Well that was not true. Not only did they approve me but the check was sent to the school and before I knew it, I was getting a bill saying I owe $7,000 dollars. When the asking price was $4,000. Are you kidding me $3000 more than what my daughter asked for. I was told that they give what the school ask for. What? So if the school asked for a million, I'm expected to pay that back? I also asked how was I approved when I clearly stated that I was not working. Why would they give anyone a loan who did not have a job, I'm not the one in school. How did they expect me to pay them back. Get this, I was told that they based it on my credit score. I knew my score was very low, because I wasn't working. So, I suggested to them to have my credit score pay them back.
I believe, since no one can fill bankruptcy on student loans anymore. They give loans whether you are working or not. Because the interest just keeeeep going and that's more money for them. Getting a student loan is a financial hole that you can not get out of, it benefits no one but the lender.
I am still angry that they approved me for this loan without a job. I haven't worked for 10 years and with the job situation being the way it is....you would think they would have some compassion, at least reduce the total amout or something. Government loans are just like: Predatory Lending - Unscrupulous actions carried out by a lender to entice, induce and/or assist a borrower in taking a loan that carries high fees, a high interest rate, places the borrower in a higher loan to the benefit of the lender.

Lorraine of TX 11:29AM June 16, 2011

i hate stuent loans they will not wrk with u i told them there was 6 ppl in my house and my husband is the only one wrking they still wanted us to pay 600.00 a month who can afford that for 20 years

terri of AL 1:43AM June 14, 2011

I borrowed about $23,000 total. Have a four year degree in Agriculture. Now, I owe $49,599. They have the principal balance as 39,969 when I consolidated. I am on the income-contingent plan. Interest just keeps adding up. I am so depressed over it. Getting an education has gotten me nowhere. I feel much like Taylor of FL, you said it.

L.A. of TN 7:10PM January 31, 2011

Such a Nice Post.If any of Student looking for Loan for their studies then he/she can
easily get from http://www.studentloansdebtconsolidation.net/

sajila wakas of HI 11:43AM January 19, 2011

Such a Nice Post.If any of Student looking for Loan for their studies then he/she can
easily get from http://www.studentloansdebtconsolidation.net/

sajila wakas of ID 11:40AM January 19, 2011

I borrowed 57,000 for my education Master Degree in 2000. Currently, they have sold my loans and added a total cost of 190,000 with interests and late fees. My profession a family therapist at 40,000 yearly depending on contracts. No, I can't pay this all back with the interest and late fees. My university SIUC promised a high paying career around 60,000 with this master degree didn't happen. I even participated in career counseling before borrowing all this money to better myself. My solution hired an attorney last week costing me 2,000 to help with a solution of some sort? Yes, I will have to bankrupt some other bills, but can't with student loan. I would like to pay back the money owed, but only what I really borrowed not 190,000. I am willing to donate some time working on projects that would benefit other countries to eliminate some debt. Honestly, I am trying to be fair and make a living. I will tell you guys one thing for a fact. My life is not that important if I am forced to live without some rewards for my efforts. I will take my own life before I live in poverty from having an education. No, I will not give the government money I did not borrow for them to party on. Hopefully, this attorney will help work something out if not I'm going to a better place without student loan debt. Please don't send me a religious statement about some unrealistic shit! The fact this is not living worrying about debt every single day of the week!

Taylor of FL 7:33PM January 01, 2011

Sallie Mae exploits student loans! The interest rate accrued on their loans makes it impossible to lower the loan amount when just monthly payments. The loan amount increases as they apply their daily interest rate to the loan. They are predatory lenders who right out get away with ripping off students and other borrowers.
Sallie Mae should go before congress to explain their practices then their CEOs should go to jail. They are criminals!
The language in their loans and website is misleading and confusing: Pre Paying Principal and Paying in Advance, is all bull shit! The loan amount increases just the same.

Al Indebt of CA 11:54AM October 27, 2010

owe over 200 thousand dollars in loans make 800.00 a month, did not use all money for loans, my ex-husband borrowed money in my mothers name as co-signer i need to clear her name I dont want to go to jail or send him I dont know where to go or where to ask for help, someone out there please give me advice...

linda diaz of TX 11:09PM July 21, 2010

Trying to get out of your student loans?
Many of us who "planned" to pay back our student loans did so before the current economic hardship hit the country-- or the world, as it may be. I have over $100K in student loans with ZERO ability to pay them back. My plans were ruined by the economy. I AM NOW AN EDUCATED SLAVE LIKE THE REST OF YOU.
So here's the solution... or MY solution anyway. LEAVE. That's right, just LEAVE. With your higher education, most of you should easily be able to migrate to nearly ANY country of your choosing. Your student loans won't follow. Most countries don't use America's Slavery Check System [aka, Credit System].
SO JUST LEAVE.
With the country going to heck in a handbasket like it is, you won't be missing much.
Dr. B

ByteRider of AZ 3:45PM June 28, 2010

To whom it may cocern,
I have a huge problem with my student loan that I get through Salli Mae. I had to start paying it back 6 months after I graduated in dec.2009, but i don't even have a certified degree to get an appropriate job to pay back this enormous debt. It is nearly 61,000 just in private loans and 40-30,000 in federal. I feel like I have no other choice but bankcrupcy...Can I receive any help in dealing with this at the solumn age of 23. I have been out of a minimun wage job for 3 months because we recently found out my husband of less than a year had gotten leukemia. His loans are delinquant also...we are in need of a big revelation but we don't know who to turn too. Do you have any answer's for us. Can a student loan department even ask someone with Social Security Income to pay them 61,000 in full by July 1st 2010 for I be turned in to credit beurals....

Allie of OH 5:37PM June 23, 2010