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The Latest Student Debt Story

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“In the event of your passing, your loan balance would be discharged. No one else would be responsible for your debt.”
The above was in response to my question to my new loan servicer Navient as to why I was still paying on a school loan from 1987. I am almost 63 years old, have worked in the Public Service sector since 2001, and have never defaulted on school loans. I have paid back more than double the original loan amount. In fact, I have been paying on this loan for so long Sallie Mae/Navient has been unable to locate the first 19 years of records for my loan payments.
Sallie Mae did send records that showed that I have paid $46,440.44 since 2006. I have worked in the Public Service sector since 2001, as a teacher in a state Correctional Facility for Serious Juvenile Offenders and the last three years for the Division of Vocational Rehabilitation. I will not be able to retire since I just received a letter that I have 166 more payments of $327.96 on my school loan balance.
I am despondent and depressed. I completely understand the hopelessness felt by those who have committed suicide due to an eternal debt foisted on me by the greed of others. The fact that I repaid my debt many times over, never defaulted, and am still required to send monthly payments stuns me. The fact that there is no accountability required for loan servicers to verify and document nineteen years of payments is shameful. The fact that loan servicers are able to package up people’s debt and resell it at 15 cents on the dollar is criminal. I am not the only elderly person in this situation. There are many others who will have their paltry social security checks garnished. Our only comfort is that when we die, our children will not inherit this travesty.

Geralyn McGee, November 23, 2014, Wisconsin

“In the event of your passing, your loan balance would be discharged. No one else would be responsible for your debt.”
The above was in response to my question to my new loan servicer Navient as to why I was still paying on a school loan from 1987. I am almost 63 years old, have worked in the Public Service sector since 2001, and have never defaulted...

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Geralyn McGee, November 23, 2014, Wisconsin
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