Anybody take out student loans that will likely never be paid in full? I did
The very first day of grad school, our entire cohort was in a classroom and one of the profs literally told us
not to work while in school, that student loans were a better option that could be paid back with the wonderful careers we would get after graduating. Big mistake. I think only one or two out of the whole group worked at least part time jobs. The rest of us fell for the lie.
I think my total after a little bit in undergrad and for a two year grad program was around $80K. I've always been on a payment program based on earnings, which means a sizable chunk each month but with enough left over for rent and food. After nearly 10 years of making the minimum payments, my balance has increased by over $10K due to interest accrued.
What bothers me is, if people like Alex Jones can file bankruptcy to avoid paying their defamation lawsuits, why can't we claim bankruptcy to relieve ourselves of this predatory crippling lifetime of debt? Believe me, if I could sue the professor or my university for selling us into taking out loans, I would. But I don't think that is even an option and if there was, surely there is a statute of limitations that has expired. Hell, I was full blown mentally ill and on Disability payments while in grad school, so I could even claim my believing I could get a high paying career was a delusion of grandeur. I just don't know what to do other than hope for some kind of reprieve from my rich Uncle Sam.
LESSON: If any of you find yourselves in a similar situation, please treat it like gambling. Either don't do it at all or only take out what you can easily pay back and supplement the rest with grants, scholarships, or by working. I would honestly advise not doing it at all. I've seen articles of people who only took out $20K, paid like $10K in monthly payments, and with interest accrued still end up owing quadruple the original amount.
I get annual (used to be quite a vicious actual threat too).. ahem, reminders to prove around summer ish I am not earning over x amount.
I never will since Lyme scrapped employableness after degree anyway.
But, they were so threatening, demanding, confrontational accusatory virtually like, guilty until otherwise.
I do not bow to this tyranny. I cannot. So I did not.
in truth I rejected me having to work my arse into proving truth the Student Loans Company can surely confirm their lazy selves.
Personally I think it is a sly bully tactic, because they re-write you 3 or 4 times increasingly threateningly about imminent court action.
Well just they f try lol. I was often so engaged too in vital daily health battles, and I did not wish to comply (what was it... You have15 seconds to comply!)
Because it was an act for start. But they never went away, no reality to the threats either.
Last summer I refused. F them. Ignored all threat letters.
Finally a non threatening letter letting me know it's okay they don't need my cooperation here now they are obtaining from HMRC (HerMajestysRoyalCrop right?)
My OG point. I'm sure they always know but can mimic inquiry to instill fear.
No likelihood of me paying back a penny, they surely know too and hate it.
Interest amounts. I bet it's nearly 20,000 GBP owed now.
Was 1999-2003 though so I did also get a free £1000 grant, and all grants available due to low means.
I forget if was per term or annuum.
Final year applied for hardship loan and emergency grant together. 500 & 1000 respectively.
Was in building 5 minutes, easy 1500 given to me no q's past an overdrawn bank statement.
I had thousands in grants never owed back at least.
I went to a brilliant seaside university and really let hair down grew had a mystical time.
However I am baffled on one thing.
I have to consider it may be this infamous "Mandela Effect" or something.
1999 summer I was readying 1st term in September to leave home.
I had the official Student Loans paperwork, contract, fineprint etc.
My mum and I read it properly ofc.
We shared the reality from start entirely, it stated so clearly (I was 19, well, v capable academically and generally never prone to imagination or mis-record)
That repayments would automatically commence without my part direct from employer as soon as earning £15,000 annually.
Now we are damn sure I prepared for and entered University knowing that to be a written recorded fact in my possession.
Longer story shorter some time on, yr at least, I couldn't find that piece of paperwork again, after I discovered they were reclaiming at £10,000 not 15.
I spoke on phone to them. A woman. I was like nah, man I HAD that contract in 1999, I SAW it, my MUM did. You're lying, bs. It said like daytime 15,000.
She rejected this insisting it had always and only ever been 10,000 GBP.
I could find no record of the 15,000 anywhere online.
As if a part of reality was changed basically, the only single actual firm shared consistent experience I've ever had of that nature.
I can't explain it ever because it's non sensical. CERN maybe? lol
Because 10,000 is way too meagre to be paying loan interest on rest life.
And 15 ain't lots either. Practically bread-line.
But ED-209 gives no shit about that.
Because that's a successfully careered self financed student to found your business model on catching as many as you can..
I never think about my accruing student depts will look at the bridge if come to it, require miracle so if so I might be Superman lol.
ED's another system brute I am glad, I'll owe and have pillaged from into my next incarnation (I feel it's gonna be a big one too)