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Thread: Student loan mayhem!

  1. #81
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    What a beautiful photo, congratulations!

  2. #82
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by Teacher Terry View Post
    There is a thread on Mr MM about the forgiveness program. It says the important thing is to send in yearly a certificate from your employer verifying your employment. The success rate of people qualifying is abysmal.
    I am well-aware the success rate is in the toilet.

    I do send in my paperwork yearly. The thing is, I'd probably be working a job like this anyway. Remember, I am not especially skilled and there are not many jobs out there for a guy like me with my "disruptive" energy.

    So here I am, workin' for the gubmint.
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  3. #83
    Senior Member Ultralight's Avatar
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    I also think that over the next year or so we'll be able to see if the success rate of approval increases.

    You'd be amazed at how little people engage with their loans and their loan servicer. Some people do not even know if their loans are government or corporate, as only government loans can be in the PSLF program.

    One of my coworkers said: "I can't get into the PSLF program. They said I make too much."

    Meanwhile I am thinking: "I make more than you. So did a few people who reported actually qualifying in 2017."

    She then went on to tell me some of her loans were corporate.

    I also know a few people who went into default for not paying their government loans. They were literally like: "It is too complicated. I just can't deal with it."

    I thought: "You have a college degree. You are smart enough to at least make a good faith effort."
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  4. #84
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    In many cases the servicer was at fault. Tons of examples like charging the person 2cents too little per month and then claiming the person did not make the full payment. I agree that people are often too lazy to figure out what they need to do.

  5. #85
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    Quote Originally Posted by Ultralight View Post
    I also think that over the next year or so we'll be able to see if the success rate of approval increases.

    You'd be amazed at how little people engage with their loans and their loan servicer. Some people do not even know if their loans are government or corporate, as only government loans can be in the PSLF program.

    One of my coworkers said: "I can't get into the PSLF program. They said I make too much."

    Meanwhile I am thinking: "I make more than you. So did a few people who reported actually qualifying in 2017."

    She then went on to tell me some of her loans were corporate.

    I also know a few people who went into default for not paying their government loans. They were literally like: "It is too complicated. I just can't deal with it."

    I thought: "You have a college degree. You are smart enough to at least make a good faith effort."
    So as blind/ignorant to the costs going in as coming out. I am hoping these weren't the company accountants.

  6. #86
    Senior Member jp1's Avatar
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    Apparently now that there are people whove been in the loan forgiveness program that should be done it turns out that 99% of them have failed...

    https://www.npr.org/2018/10/17/65385...-whistleblower

  7. #87
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by jp1 View Post
    Apparently now that there are people who’ve been in the loan forgiveness program that should be done it turns out that 99% of them have failed...

    https://www.npr.org/2018/10/17/65385...-whistleblower
    I read that article today too. Shocked, I tell ya!
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  8. #88
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    Maybe the whistleblower article will help! I bet things will move in a better direction for the loan program, now that this is starting to be exposed.

  9. #89
    Senior Member catherine's Avatar
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    I am disgusted with student loan programs. Yes, I fell into their clutches too ignorantly and passively. I needed a loan to get DD through 2 more years of school, and during a lunch hour at work Wells Fargo was more than happy to comply with my request.

    Stupid me.. I never really examined the terms. The original loan was $15,800. I paid interest-only for years after DD graduated. DD graduated in 2007. I STILL OWE $6,707!!! This is ridiculous, and I only have myself to blame.

    For the fun of it I clicked on "loan forgiveness" and the first thing it said was "If you are deceased you may be entitled to loan forgiveness."
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  10. #90
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    Catherine, I'd be so tempted to just write a check for that, even if it meant diminishing my savings. The ongoing hassle, and the feeling that you have something to blame yourself for--it would be so great to have that gone from your life.

    That is what we did for a 401k loan my husband took out, and stupidly spent on thing he had not planned to spend it on--a big mistake. We just ended up paying it off out of savings to get it gone. It was bugging me that he had done it, and keeping us stuck in an unpleasant place.

    Even if it did not make "financial sense" it made emotional sense and helped us move on from the initial bad decision and beating up on ourselves.

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