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What’s your Student Debt Story?
Student Debt Story:
Hey, My name is Nick and I currently live in Atlanta, GA. I have $124,226.15 in student loan debt. $97k of this "debt" is for my private student loans and 26k is for federal stafford loans. I believe the original loan amount was around 85-90k when I graduated.
I attended Indiana University from 2003-2008 and earned a Bachelor of Science degree in public affairs. Upon graduation I was faced with a very slim job market to say the least and was working two jobs at one point to stay afloat. I had the loans in deferment and then in forbearance to help me until I could afford the loans. The job I have now, I really enjoy and am paid a fair wage. For the past 4 years I have been on a graduated repayment plan and had been paying $540/month which only covers the interest. This past month my bill went up to $1089/month. When I called Sallie Mae to see about lowering the payment, I was told that I had exhausted all of my options for both Federal and Private loans and that my only option would be to pay the bill. My take home pay is around $2000/month. How am I supposed to save for retirement, a house, a family, anything on $911/month? Paying this bill would put me below the poverty line.
Now what?!? I have never missed a payment on my student loans or really any loan that I have ever taken out. I have a 770 credit score. I don't really have any options at this point beyond default. Sallie Mae won't work with me and I have worked for the past 6 years to keep this loan current. At this point, I would save money if I were to not pay them and just let allow them garnish my wages. At least then they can only take 15% of my disposable income.
This is where I am at now. I'm not sure where to proceed from here. I hope this bubble pops soon and this country is forced to come face to face with this issue.