So much yes to this article. It is such a broken system.
I’ve been in a panic these last few months. Making minimum payments on my student loans serviced by Sallie Mae Inc. was no longer merely a challenge – it was getting impossible. After making some awful sacrifices to refrain from defaulting (see more on that below), I’m in a corner.
I am aware of the total lack of consumer protection associated with student debt. I knew that if I was unable to make my minimum payments, they would hit me with late fees, penalties, etc. They would harass me. In ruining my credit history, they would make it impossible for me to get access to basic services. Forget about taking out another loan – I’m talking about not being able to rent an apartment. And defaulting would not only mean a ruined credit history, it would mean that my debt would double, triple, quadruple, etc…I would be a slave (
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