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Savvy Savvy is offline
 
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student loans
Old 07-18-2019, 06:36 PM
 
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Does anyone else feel like they will never pay off their student loans? I just want to scream!!!


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Old 07-18-2019, 06:37 PM
 
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I was talking to my financial person about it today, but I知 on the Public Service Program so in 120 payments it値l (fingers crossed) be forgiven. I feel like they値l find a loophole.
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Old 07-18-2019, 07:17 PM
 
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Loopho!e. There's a suit about them continually constantly finding loopholes.

https://www.politico.com/story/2019/...-devos-1583187
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Old 07-18-2019, 08:12 PM
 
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I hear so many younger teachers talk about their loans. I壇 panic.

Fortunately I had a scholarship for tuition for undergraduate, and I just paid my graduate classes myself. They were $325 each. Being old has perks, I guess.
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I値l be dead before the loan is paid off!
Old 07-18-2019, 09:24 PM
 
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I got into teaching later in life. I was a single mom who left an abusive husband. Working minimum wage jobs wasn’t what I pictured for myself with my son. I went back to college, but had to take out loans to do so. I already had over two years of college credits to my name so I didn’t think it would be a huge expense for two more years of college. I thought the interest was like they are with credit cards, but I found out the hard way that it doesn’t work this way.

Fast forward 15 years and I owe almost 3 times what I took out originally in loans! I pay every month and the balance seems to go up rather than down. It’s like I’m running in quick sand! I know many teachers who have been teaching for 20+ years don’t really understand what a burden student loans have become due to the ever increasing cost of tuition.

Student loans are not only a crisis, it’s a racket! The schools keep raising tuition more than the rate of wages can keep up so people take out more loans. I swear you’d get better rates from a loan shark!

As much as I love my job, I wish I would have understood how the interest rate was calculated and perhaps stayed on the path I was on. I’d still be poor, but I wouldn’t have smothering debt either.



Last edited by azteach88; 07-18-2019 at 09:26 PM.. Reason: Typos
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Old 07-18-2019, 09:49 PM
 
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Greyhound Girl: With 120 payments to go, you can start to see the finish line. I hope no loopholes are found.

Marguerite2: thanks for the link. I wanted to read more about that lawsuit.

Imateacher: I'd love to be in your shoes! It must feel great to have those debts out of your life.

Azteach88: I didnt really understand interest either. Actually I just didnt give any thought to it. I wish I would've. Ugh.
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Old 07-19-2019, 02:13 AM
 
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I’ve been paying on mine going on 19 years. I would pay them off the year I retire. (4 years). But, I just sent in paperwork for loan forgiveness. I will know in 60 days if they are forgiven or not. Fingers crossed.
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Old 07-19-2019, 05:54 AM
 
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Savvy-If you池e a public school teacher you can totally look into the public service loan forgiveness program too.
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Public service forgiveness
Old 07-19-2019, 06:02 AM
 
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I'm pretty sure I checked earlier on in my career, but I will look into it again. I think I defaulted or was late on some payments in my earlier days and that is what kept me from qualifying.
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Old 07-19-2019, 06:02 AM
 
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I hope you receive some good news!


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Old 07-19-2019, 07:28 AM
 
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Yes, I have grad school loans and want the gone. The AFT has filed a lawsuit because a very small percentage (I saw 1% in the newspaper) of teacher shave been granted PSLF. I've known several teachers denied loan forgiveness because of random reasons like "not all of your payments were the right type" and are looking at another 3-5 years of repayment before they meet eligibility requirements. The eligibility requirements changes, were not explicitly stated, and loans have been mishandled.
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Loan loophole
Old 07-19-2019, 07:48 AM
 
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I paid, and paid and paid! I was near the end and had worked my time at Title 1 schools and applied for loan forgiveness. Thats when they told me that the loans had to originate after Oct 98. My first disbursement was Sept 98 when the semester started. All of the other loans were 99 or later. Ugh! But I did eventually pay it all off. I did not go to a very expensive school.
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I really feel for you!
Old 07-19-2019, 12:47 PM
 
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Most of my undergraduate was on scholarship, but I paid through the nose yrs later to get my MA. My bad, I was not thinking about $$$ at the time. I went to a pretty expensive U too.
I made the mistake of getting behind at 1st. Then they sell your loan to people who are like loan sharks. I paid on that loan for so many yrs ( maybe 15 yrs) and never seemed to make a dent in it.
I figured I'd die owing $ on it even though it was the only debt I had. My house, credit cards, rig, and everything got paid off over the yrs doing the Dave Ramsey program. ( Not exactly like he says, but using that snowball method and a few other techniques.)
I never spoke on it because it was embarrassing because I was around people/ family who had long since pd off their loans or had been able to get through school without loans.
This sounds unreal, but on my last birthday, a very close family member who has done well in life, told me that he was paying off my last debt for my bday present. I was so shocked because although every1 knew how I had gotten out of major debt, I did not even know he knew about the student loan.
It was a huge amount of money, but he paid it off within the week. I had to call them which slowed things down a bit because they do not want you to pay it off and try to make it harder than it needs to be.
I finally told them if it wasn't taken care of in 7 days, I was filing a complaint about them to the BBB and more. They transferred me to someone higher up who was able to "getter done"! I have really learned a lot about money and debt the last 10 yrs.
I wish I'd have learned it younger, but I didn't. My only lesson in finances was a song they used to sing when I was a kid at a club called, Do not forget, stay out of debt. I didn't even know what debt meant then.
Now some of the best advice I can give anyone is to save up and pay cash. The only thing I think you should probably go in debt for ( if you are young without a lot of $) is a modest home if you have a secure job in that area.
I am really sorry that you are going through the same SL debt. I do know how it feels.
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Old 07-20-2019, 06:28 AM
 
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Your story is inspiring. You worked hard to get rid of the debt! Also, we never know when a blessing is coming our way. Glad to hear that things turned out well.
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Old 07-20-2019, 08:10 AM
 
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I think I知 going to run into a loophole like that when it comes time for my forgiveness.
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