Wednesday, February 5, 2014

Borrower Pays $1,000 a Month To HESAA

Below are comments from a borrower who found me on Change.org, I removed all the location details.

Please visit: 
https://www.change.org/petitions/state-senator-steve-sweeney-investigate-hesaa#share 

Sign the petition!  Let's get the ball rolling.
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I currently owe HESAA over $134,000, over the course of 30 years, at an interest rate of 8.3%. I'm currently paying $1,012.22 a month, and this is after consolidating my loans (through HESAA unfortunately).

I'd love to get my loans consolidated through another lender who might offer better interest rates, but just about all of them don't offer consolidation for loans over $125,000.

I also have somewhere around $30,000 in federal loans, but I was able to get that deferred for now.

I attended ---- University, and greatly enjoyed my time there. I landed a job at a marketing firm in ----- , where I'm making $30,000 a year, but with taxes I'm paying more than half of my earnings to HESAA!. I don't understand why they can't offer IBR to students. I thought their purpose was to help us; not take advantage of college students who don't know what they're getting themselves into.

"How Is This Constitutional?"

I had the opportunity to converse with this HESAA borrower not too long ago. This story shows clearly that the loan sharks behind HESAA really don't care about your life, just enslaving you to debt for as long as they can make a profit. Someday this is going to change when you and I and the rest of us are ready to do something about it.

Is it Constitutional? That's a broad question but in the main I don't think the people who wrote the Constitution or Declaration of Independence had this in mind when they wrote those documents. How do student loans fit into "life, liberty and the pursuit of happiness?" I suppose for the "bondholders" who fund HESAA they are happy as they lunch on caviar and champagne while we toil for pennies on the dollar. But enough from me, here's the email I received.
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Thank you for your hard work helping students. It has seemed lately that those who were heading the fight against this injustice have gone quiet. I've begun to lose hope. 

 
We all have our student loan stories. Mine was that during college, a couple doctors prescribed antidepressants to me for about 4 years. Little did I know, two of the side effects were erratic behavior and memory loss. After finally getting off of the medication, I found that I had taken out $100,000 in private student loans and $30,000 in federal student loans to attend a state school. My degree? Sociology. I have no recollection of applying for or taking out the majority of these. 


I recall taking out the first $10,000 in private loans and I remember taking some kind of online class in order to be eligible for federal loans, but I do not remember taking out any more than this. Imagine how I felt when I found that I was $130,000.00 in undischargable-in-bankruptcy debt when I woke up from my medicine "coma" one day. Frankly, if I did take these loans, I do not believe I was of sound mind to do so. I think there is some kind of error though because I have nothing to show for any of this money besides my degree which did not cost $130,000 because I was an in-state student at a public university. Apparently I have no recourse for any of this. My life has never been the same. I'm almost 31 and I have no idea when or if I will ever be able to have children.

I really hope that we can expect some kind of restructuring or justice here. It is devastating that a teenager can make decisions in good faith that can destroy their future for the rest of their lives. How is this constitutional?

HESAA: Inflicting Pain On Us One at a Time...

This came in from a HESAA borrower who was tired of being bullied by this agency who supposedly works on behalf of us. We don't have to let them get away with this. Time to organize the fight back.

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I am a fellow Hesaa Hell inductee. Upon graduation i was unable to find a job that was able to pay the $900 a month that hesaa wanted (mind you this is on top of my 300 dollar sallie mae loan payment). After 6 months of payments below their requirement my loan was put in default. My loan was sent to a lawyer. I continued to make payments but as of this past week i was told my payments would no longer be accepted and that the full amount of $67,000.00 was due.

When i said i didnt have that kind of money I was told that I should have thought about that before going to school and that I should consider asking my father to levy the house deed to pay for the loan since he is a cosigner. I told them that wasnt an option and then was told to ask a rich relative or someone with better credit to pay it for me and then i could pay them back.


Since when did getting an education become something that enslaves you in life crippling debt forever? And how are we suppose to help build our economy as recent graduates if student loans make it impossible for us to live on our own or live at all for that matter? The education system in this country is fucked, because once again big business and greed has rearrd its ugly head and our government is doing nothing to help its people.