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Post by unlawflcombatnt on Jun 9, 2011 22:59:54 GMT -6
I've already paid out over $143K in student loan payments, and I still owe $256K.
Worse still, the original amount I borrowed was ~$100K.
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Post by whoswho on Jun 10, 2011 9:20:58 GMT -6
Wow! you'd have to make some pretty righteous money to offset all that.
For my 1973-1975 vocational school education, I paid exactlly $4 a month. So since I graduated ahead of schedule, I therefore paid less than 96 dollars for my entire education. Also, I worked as a co-op student, so I actually made that back, plus some.
Then .... my employer paid for my two year degree, every dime of it, except I did have to buy the books, so that wasn't too bad either.
I've never made a lot of money, but I didn't pay a lot either! ;D
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Post by unlawflcombatnt on Jun 11, 2011 16:48:47 GMT -6
After further review, I discovered that I understated how much I'd paid back already.
I've paid $177K back, and I still owe $256K.
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Post by whoswho on Jun 14, 2011 6:19:13 GMT -6
Ye gods!.... how did $100k get to be $433k? Is this a loan of long standing? Did you put it on your credit card or something? You need to get this squared away SOON.
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Post by whoswho on Jun 14, 2011 9:15:57 GMT -6
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Post by unlawflcombatnt on Jun 15, 2011 23:07:06 GMT -6
"Across America today, "guidance counselors" are pushing millions of high school students to go to the very best colleges that they can get into, but they rarely warn them about how much it is going to cost or about the sad reality that they could end up being burdened by massive debt loads for decades to come."
This part of the article is particularly disgusting. Whether their advise is just ignorant or deliberate, they're pushing high school students into becoming debt-slaves to the banks.
In my case it was only from medical school. In the process of reviewing how they got this amount, Sallie Mae has been unable to produce documents that explain how the amount got this high. There is a 6-month period where an original loan amount that had already increased from $39K to $66K (from capitalization of interest), suddenly increased to $115K. In the 600 pages+ of loan documentation they've sent me, there is absolutely no explanation of how $66K went to $115K in 6 months.
It also appears like they capitalized interest on loans when I had already paid the interest on the loans.
This sounds an awful lot like the mortgage debacle, where the lenders have been unable to provide a legal paper trail on home mortgages. In my case, they can't even explain how the amounts rose to the level they rose to.
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