Student Loan Forgiveness

by - April 03, 2012

There's nothing like student loan debt to make you rethink your decision to attend college.

Luckily, my student loan debt is the only major debt I have, but when I say major I'm not exaggerating.

I went to an out-of-state school. That means everything I paid for was almost double the cost of an in-state student. I had a scholarship to cover my tuition for two years, but that did nothing for the student activity fee, student housing fee, student meal plan, registration fee, lab fees (even for classes that weren't in labs) or books. So I took out loans.

In the beginning I was optimistic that I would be able to take what was left over from those loans, put it in the bank and let it draw interest. Then when it came time to repay my loans, I could put that large chunk of change towards my debt. It didn't work out that way.

So now I actually owe more than I did when I first started paying on my loans. I've had to have my payments lowered three times because I don't make enough to cover a standard payment. I've even had to forbear the payments for an entire year because of a huge mistake on my lender's end that had me making monthly payments that were more than what I make in a month.

My lender offers several ways of communicating with them - email, live online chat or telephone. It doesn't matter which method I choose, every time I try to get something accomplished with them I end up fantasizing about what life would be like if I had never made the decision to do something with my life. It almost makes me wish I had decided to make McDonald's a career.

And sadly I know I'm not the only person currently in this situation, nor will I be the last person to find myself here. Colleges all across the country are raising tuition rates at an unbelievable rate. It used to be that going to school was a way to better yourself and get more out of life, but when no one can afford to go to school it kind of defeats the purpose.

That's why I've signed a petition in support of the Student Loan Forgiveness Act. If you've ever taken out a student loan, or know someone who has, please take three minutes to sign this petition. Student loan debt is serious and it's threatening the livelihood of thousands of Americans whose only goal when taking out those loans was to get something more out of their life.

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  1. I am in the student loan boat. It is a leaky little boat that I somehow manage to keep afloat. I understand the overwhelming feeling of trying to repay a loan of good faith while never seeing the balance come down.

    My lender has changed several times over the past years and not due to untimely payments or lateness but rather the selling and buying practiced by big loan companies.

    When I took my first loan I was assured by my lender that they never sold. Well the good old economy took care of that. I have since learned and experienced that when new lenders take over they change everthing right down to the amount of money you pay every month and the interest rate seems to increase. Communication is difficult to say the least and you never seem to talk to the same person. The new lender socks you with late fees because you don't "pay them" on time since you only have the mailing/billing address to the old lender.

    While I feel I should pay my loans back I could do with a little loan forgiveness myself. I think students are unfairly taken advantage of and do not understand the fine print or what the botton line is going to be. I for one did not know all the in's and out's.

    If this was a new car or some other type of laon it would have been paid off by now. I do not regret borrowing the money for my education because if I had not borrowed I would not be where I am today. I just wish it was as easy to pay off as my car or other loans over the years.

    Maybe I will live to see mine paid off! ;/

  2. Signing it!! I want some student loan forgiveness too!!

    ♥ Shia