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Image source: Pixabay.com
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Student debt is a growing trend in the country, where there are at least 1.1 million who are saddled with student loans that have topped six figures. Here are some horror stories of student loans.
An anonymous forum poster with a student loan at Tulane University recalled that she consolidated her loans in 1995 when the interest rate was 8 percent. She said the office led her to believe that she had to consolidate and Sallie Mae was the only option provided to her. For over 14 years, she had repaid them more than $61,000, and when she thought she should already be done she was told that she still owed $25,000. When she talked to a Sallie Mae employee and said she was confused about why most of her payments on most months went to interest than principal, she was told: “We certainly don’t go out of our way to put that in big bright red letters across the front page.”
Similarly, the $85,000 private student loans that a certain Hilary took out had ballooned to $350,000 because of an 8 percent variable interest rate. She was denied the license to practice in her profession due to those loans, and instead she was making $8.50 an hour as an ACE Hardware cashier and receiving food stamps.
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Image source: Pixabay.com
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In 2011, Steve Macintyre was $100,000 in debt and out of a job. He used to work in the entertainment industry but became unemployed for a few years. He needed to desperately update his skillset if he was hoping to find a job in the intensely competitive field of games and animation. He was told he needed to take a graphic design course; he hesitantly agreed and was eventually dismayed at the quality of the classes. He then became stuck with more than $100,000 in debt while receiving “nothing substantive in return.”
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