Saturday, April 25, 2015
Student Loans: The Biggest Scam in U.S. History
A few months back Sallie Mae moved my student loans to Navient (both dealing with private student loans). I'm not completely sure what changed... It should be the same customer service and payment. When they changed over I called and asked if my payment would be the same. The Navient representative said yes. After 1 payment the next month my payment went from $168 per month to over $400 a month. No notification.
So, again I called and asked why the payment changed... the Navient representative said I wasn't enrolled in an interest only payment plan. I was somehow taken out of the payment plan without notification. The Navient representative supposedly put me back on the payment plan.
Then somehow I had a month with nothing due and the following month the payment shot back up to over $400. Again, without notification.
I call again...the Navient representative said I was not enrolled in the interest only payment plan. Somehow, again, I was taken out of the payment plan I had been on without notification. This time, however, they couldn't put me back on that payment plan. So, the representative said she would write in the notes (which people can't seem to write or read) that I will be making a $50 a month payment for the next 3 months for the loans to go into deferment for 3 months to hopefully have a lower payment plan come into place.
Throughout all of this they call my dad 6-7 times a day... Even on the days I have just called and worked out a plan... and told him I had not contacted them. Please explain to me why they think calling someone over and over again the same day would get them a payment? A payment that was changed without any prior notification.
This is ridiculous! Who can go from $168 payment to over $400 without prior notification??? Maybe I should look more closely when I poop... Maybe money does come out of my ass. Hahaha
In all seriousness, this is why people of my generation... The start of everyone needs a college education and a college education being unaffordable to middle and low income families without student loans... Will never get ahead. Student loans can not go away from bankruptcy, they have some of the highest interest rates and government and colleges are making a killing telling people they need to be educated to get ahead in life... For a good job... To support your family. When in all reality, companies want to hire the ones without the education because they are cheaper... Or even better an intern to do the work for free... Telling them the experience will be great for their resume. Those of us, especially with advance degrees, end up having to settle for less money in a job we would be considered experts in... Or in a job that has nothing to do with our education.
I was accepted and I turned down a scholarship for a PhD program. It would of been another 5-7 years of work for a college's objectives and spending little time on my own work to then be paid no where the worth of my education and knowledge once graduated. Also, even on scholarship there are fees to be paid which can be a few thousand dollars a semester plus room and board.
To give you an idea of the rising cost of college... In 1996 I went to a Private University. In 2006 I went to a Public University and was spending the same amount of money as the Private University in 1996. The cost of the Private University included room and board. The cost of the Public University included parking.
My question is... When will this madness stop? When will student loans become not needed? Why are we creating a society that is in debt to be educated and, for that matter, in debt to stay healthy. Two very important things to have a good life and in the U.S. you have to pay... A lot... For years... For what should be the basics of life... Education and Health.
This is one of the many reasons I chuckle when I see "Land of the Free". I agree we have many things going for us that other countries do not but none of it is free. There are countries where healthcare is free... College education is free... that is where part of the tax money goes. In the U.S.... Education, healthcare, care for the less fortunate, war, equality... All of that costs something and costs more to those with less and on top of that we pay taxes that go where exactly?? I think it is time we start working on a true "Land of the Free" for future generations... Or this country... Or I should say the people of his country... will be in some deep shit... Looking for money... Literally.