Tuesday, December 30, 2014
Student Loan Debt Scam
I am a victim of the student loan debt scam. I went to college and earned a Bachelors Degree in Legal Studies and went to graduate school to earn a Masters in Social Work. I have worked as a Mental Health Clinician in Rikers Island since graduation in 2007. My student loans keep collecting interest because I can’t afford to pay and therefore I have them constantly in Forbearance. Last year my student loan debt was 80,000 dollars. This year my Federal Student Loan debt rose to 212,000 dollars at 5% interest. I have never seen 5% interest equal to more than double. Ever!!! There is clearly a scam to burden college graduates with so much student loan debt that it becomes impossible to recover. I have my loans consolidated with the Federal Student Loan Services. Even if I were to not pay any taxes on my income and give every cent I earn to this student loan it would take several years to pay off. My student loan debt without interest is high enough. When I graduated college I was supposed to make payments of 400 dollars a month for 20 years. This is outrages! Now I am expected to make $695 monthly payments for 20 years! I am constantly overdrawn in my bank account because I have to support my family. It is hard for me to understand the logic behind this student loan scam. The only logic I can fathom is to deter people from getting a college education. I have paid back every penny given to me for this education as I am a tax payer and a worker in this economy. I spend every last cent I make in this economy thereby giving every penny I make to the Federal, State and Local governments. However, this is still not sufficient as I am required to live a life of perpetual indentured servitude as a result of my student loan debt. I brought myself off the streets through education. I went to college from homeless shelters and park benches while surviving on food stamps, soup kitchens and welfare. Should I have remained homeless on welfare since obviously there is no way that I could afford education? Would this have been the responsible thing to have done? Would I have better served my country by being destitute and ignorant since being so would have saved the government money sending me to school? Is this the logic we are supposed to live by in America? I ask that my student loan debt be expunged. Every college graduate pays their student loan debt through employment wages. My social security number is 54########. You can see what I earned before I went to college and what I have earned after I went to college. I have more than paid for my education. To have us who went to college unable to earn a living due to student loan debt is un-American. A degree in legal studies and a Masters in Social Work should not cost $212,000. PLEASE EXPUNGE MY STUDENT LOAN DEBT! PLEASE EXPUNGE ALL STUDENT LOAN DEBT!