student loan scandal
As American students now cumulatively owe about $1 trillion in student loan debt, Yahoo is publishing first-person accounts from those who find themselves still paying and people who have lessons to share. Here's one story.
FIRST PERSON My name is Timothy Daring. I am 26 and are now living in Shapleigh, Maine. I currently owe about $230,000 in student loans, with rates including 10 to 15 percent. I graduated from Daniel Webster College this year using a bachelor's degree in aviation flight operations. I currently work at a fractional aircraft ownership company in Portsmouth, N.H., as being a flight scheduler.
My entire salary goes to my student education loans payments. I reside in my grandmother's basement and should not afford far from my student loan payments. Going to college was the total worst decision I have ever stated in my life. I had no clue what I was getting into to and relied heavily on my schools school funding department, that has been a tremendous mistake. They recommended using Sallie Mae to invest in virtually all my schooling and solved the problem get approved.
I visited school for flying now I work a desk job because I don't have sufficient hours to locate a flying job, and I can not afford to create anymore hours because completely of my paycheck goes toward education loans.
I could not encourage one to obtain a single cent of non-public student loan funding. I borrowed $123,000 worth of private loans through Sallie Mae.
By some time I graduated in May 2011, my principle balance had accrued over $40,000 price of interest on account of elevated rates of interest. My monthly obligations began at $1,800 a month. I have spent the last year attempting to negotiate with Sallie Mae but with no success. I was forced to join their extended repayment plan, which lowers my monthly payment from $1,800 to $1,300 for the following a couple of years and then as much as $1,500 for the next 22 plus a half years. By some time I am done paying them off, Sallie Mae can make over $330,000 worth of interest for the total of $460,000.
Aside from Sallie Mae, I also have federal loans (along with a small Discover student loan) that total about $500 a month. Even with my part-time side jobs and my full-time job, I still don't make enough to pay my school loans, aside from housing, food, my car payment or gas. Yet if my interest levels were around 3-5 percent, my payments could be hundreds less monthly.
student loan scandal
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