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The Latest Student Debt Story

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I have been in default 14 years. Not because I did not want to pay my loans; I simply could not afford to. I borrowed a little over $49, 000 and have paid $52,635 in garnishment and tax offset. The servicer, USAFunds, Sallie Mae, and Pioneer Credit still hold that I owe $181,746. This means that none of the money that they have taken was ever applied to the principle which I thought was the law. Any garnishment is supposed to be used to elleviate the debt owed. What interest rate makes a $49,000 loan turn into $181,746 after with over $50,000 already received from the victim. I don't even own a house worth !81,000. I can not afford it. I own little or nothing and yet I owe all of this money. This is usury and I am wondering why this type of exhorbent interest is tolerated and upheld. It is not constitutional.

Marcia A Garrison, November 21, 2014, Springfield, Ohio

I have been in default 14 years. Not because I did not want to pay my loans; I simply could not afford to. I borrowed a little over $49, 000 and have paid $52,635 in garnishment and tax offset. The servicer, USAFunds, Sallie Mae, and Pioneer Credit still hold that I owe $181,746. This means that none of the money that they have taken was ever applied...

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Marcia A Garrison, November 21, 2014, Springfield, Ohio
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