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.

(4/27/10) I thought "Whoop" I finally finished college with a Masters of Music in Music Technology. I later was accepted into the Media, Arts and Science PhD program at Arizona State but turned down the scholarship and acceptance because I was getting everything I would of received except for the initials behind my name where I was working at the time.
I have been published in academic journals, worked on some pretty cool projects, presented my work at international conferences... and even though it makes me cringe I can't find a job that will pay me enough to pay back the debt... I am happy I accomplished my goal... especially when most people told me that "college isn't for everyone" when I was unsuccessful in college for many years during my Eating Disorder and Depression.
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.


  1. There are many who think that student loans will be the next big bubble to burst. Millions are in your situation, fresh out of college and in huge debt with no extra income to pay for it.

    We are now a minimum wage economy--and that can't go on for long.

  2. It is still the land of the free. You had the choice to attend community college and a local state college where residents can go relative cheaply. You could have studied accounting and I assure you there are plenty of jobs available, but you chose what was interesting to you - not necessarily a path to economic sustainability. I would have loved "a college campus experience" but opted for public, city/state schools to avoid the debt crunch. The bottom line is that eventually you have to pay the piper for your choices. I've spent as much time as you "on the couch" dealing with my life and choices - but I did find a path that allowed me to be self sustaining pay all my bills with relative ease. I may not be responsible for the developmental and childhood traumas that have caused me immeasurable pain - but I am responsible for my education and career choices and I know who to blame if they didn't lead to nirvana.

    1. It's never been free if you have to die for freedom or pay to survive. I have never chosen an easy, the way society does it kind of life and I have no regrets with my choices. I'm living the life I've dreamt about. Just telling my story so people will see there are many views to everything. Look up student loans and you will see what I'm talking about. Many people out there in the same boat as me... I'm just telling my story so people don't feel alone.

  3. There is comfort in one knowing that you are not alone. Your life path is interesting to follow. But unless you have served in the military (I have) the price for your freedom was paid by others. I eschew the victim mentality, have learned to take responsibility for my choices (especially the decision to get help when needed) and I just want to convey that, with the right attitude, life offers much. The best things in life re not things.

  4. My dad was a lifer in the military; my son served in Iraq & Afghanistan...and I know comes with great education benefits.
    Student loans often are government $$, handled by private companies that charge outrageous fees and are hardly regulated.
    It's a disgrace, and any ethical person should demand change. Who could defend that?