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rant alert: student loans

+5 votes

Why do reps for the company make you feel like the lowest scum of the earth? They want a certain payment every month, that is far beyond my budget, so I try and compromise and say ill give them $250 a month, that is the best I can do, they tell me that is not enough.

Every 3 months or so they want me to complete a profile so we update it every 3 months, and in it, details your monthly input and out put.  When I tell them how much I spend on groceries and gas, ($250 and $40 a month) respectively, they tell me that I can use my grocery money to put towards my payment, I then say you would rather I not eat and pay you?  They laugh at me.  $250 is not much at all for food if you break it down monthly.

They then ask if I have any credit cards to help with the payments, I told them I only pay with credit what I have the cash to pay, they didn't like that either.

They then ask if I have any family or friends that can help with the payments

I think 250 a month for a payment is more than enough until I can progress in my field.

I went to school to better my life and my future, I did not go to school just to get a job to pay my student loans

Time is simply how we live our lives-Craig Sager

asked Dec 21, 2016 in Finances by curiousguy (394,920 points)

2 Answers

0 votes

I am not sure what the dollar figure is but, the student loan debt in this country is over one trillion dollars I believe. maybe 1.2 trillion. 

I never have had one so I don't know how it all works, but with any other loan, you sign a loan agreement to pay a certain amount, than you pay it or you are subject to your credit being affected and of course those phone calls we al hear about....

...and ultimately a collection agency.

It is their job to apply pressure, because if they didn't everybody would ignore them. Unfortunately, they dont have any idea who is telling them the truth or who they can work with because many students have defaulted on their loans.

I am with you. You are making a good faith effort, and at least they should have a record of what you do pay that is consistent, so I would think they would want to work with you a bit.

"Tired of *people* and their bull sh*t, yours, theirs, and mostly mine' ~Me~

answered Dec 21, 2016 by BUFFER (1,384,750 points)
you also bring up another point.  I signed an agreement when I took them out that the interest would be 4% throughout the duration of the loan.  When I graduated, that went to 13%.
0 votes
Is it in your contract that you must complete the profile and disclose how much you spend per month for food and such?   I have never heard of that.    Then again, I am old and things have drastically changed since then.   My husband's student loan cost us $70.00 a month, and he didn't pay it off until about 2 years into our marriage, 1988. haha

Dictators ride to & fro on tigers they dare not dismount. And the tigers are getting hungry.

answered Dec 21, 2016 by lavender (1,123,760 points)
it does state that they can reevaluate your account yearly at their discretion, but that it doesn't affect interest or payments, but it does.  They do it to see how much you make so they can make you pay a higher amount.  That's another reason I get agitated.
So they require you to fill out that profile in order to re-evaluate your account?   Are they asking for your pay stubs and receipts as proof?  Sorry for the questions, but I have never heard of such a thing.  I would be agitated as well.  I also would not supply them with that information.   They really need to revamp the student loan thing.  What a scam.
no, they do not
they want as much money from you as possible
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