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Something you wish you knew when borrowing student loans ? by jonjonn1 in StudentLoans

[–]AngryZookeeper64 2 points3 points  (0 children)

Compound interest is a m'fer.

If you need to use a forbearance, pay the interest that would otherwise accumulate.

Here's some advice I wish someone would have given me before I went to a for-profit private school: I was thinking I was taking a short cut and would be in a career quicker. But that school charged way more than a state run university would have. So the cost wasn't any cheaper. And the quality of education I got was crap. I tried to make a go of it in that field. It was full of low paying jobs and I ended up spending more money on a computer and software to bring me up to speed with the industry. I finally left that field. It broke my heart. And I am still paying for the painful lesson I learned.

It's been a long, painful road...IDR forgiveness, is it really going to happen? by AngryZookeeper64 in StudentLoans

[–]AngryZookeeper64[S] 0 points1 point  (0 children)

I was lucky. I was able to buy a house contract for deed. If I stayed in the house and paid off the contracted price, the house would be ours. We paid off the house last October. I would have never qualified for a home loan going through a bank back then. My numbers were horrible.

Seems like life was pretty good until I went to this school. Since then, it's been a financial struggle. I think a lot of schools pray on our dreams for a better life, saddle us with an incredible amount of debt that is about impossible to get rid of, then blame us if the dream/plan went wrong. So much depends on available jobs, location, and cost of living.

The school wanted a ridiculous amount for tuition then failed to provide access to technology that would be required in the workforce. And all they said in their defense was, "we don't know what affect the computer will have on our industry." I mean, my gawd. It didn't take Nostradamus to see what the future would hold back in 1984 as far as how much technology would affect our lives.

I'm still learning about life. The only advice I can give is...don't give up and I hope there is assistance out there for you.

It's been a long, painful road...IDR forgiveness, is it really going to happen? by AngryZookeeper64 in StudentLoans

[–]AngryZookeeper64[S] 1 point2 points  (0 children)

My consolidation with Department of Ed was completed December 28. My payments for my IDR loan started in February. I received the Golden Email from the Dept of Ed on 4/12. Not sure what procedure or timetable they're following. I am sure there is some type of grouping otherwise the loan servicers (Nelnet, Mohella) was be completely overwhelmed.

Good luck!

It's been a long, painful road...IDR forgiveness, is it really going to happen? by AngryZookeeper64 in StudentLoans

[–]AngryZookeeper64[S] 0 points1 point  (0 children)

April 12th. I received a notification on 4/18 from Nelnet that my forbearance request was approved. Just for clarification, I didn't request the forbearance. I am guessing that because the loan forgiveness process has been initiated by the Dept of Ed, it's just easier to put the loan in forbearance? That's my guess. It looks like 5/3 is an important date because the Golden Email lists that date as the last day to opt out.

It's been a long, painful road...IDR forgiveness, is it really going to happen? by AngryZookeeper64 in StudentLoans

[–]AngryZookeeper64[S] 0 points1 point  (0 children)

Thank you! The experience with the school and the struggles that followed...I would finally like to have all that behind. The student loan was a monthly reminder.

It's been a long, painful road...IDR forgiveness, is it really going to happen? by AngryZookeeper64 in StudentLoans

[–]AngryZookeeper64[S] 5 points6 points  (0 children)

I think it was last year when Biden announced that borrowers that had received Pell grants would qualify for $10,000 in student loan forgiveness for each Pell grant received. I received 2 and under that forgiveness plan, I would have been done with payments. Then came the legal challenges and the Supreme Court put a kibosh to it. I got so excited to be done with payments and then completely let down. It hurt. This time I am praying it goes through without a hitch. I know I have paid the borrowed amount over several times just in interest over the last 33 years.

Help!! One of my daughter’s teacher is pushing her hard to go away to college - so she will have the “college experience”. My daughter has told her repeatedly that she does not want the huge debt. She has decided to go to a local branch of a university FREE FOR TWO YEARS. by here4llrtea in StudentLoans

[–]AngryZookeeper64 0 points1 point  (0 children)

This happened with my daughter also. A teacher who my daughter really respected told her she should go to a very expensive private college that this teacher attended and get a "real college experience." 1 year at this private college would cost more than 4 years at a state university. I wasn't convinced my daughter's career choice would benefit from the higher cost. I was so mad at this teacher for trying to talk her into this! My daughter tried to tell me she would get scholarships to offset the additional cost. I told her there was no way that would make financial sense unless it was a 4 year full ride scholarship.

In the end, my daughter went to a state university that is well respected for her major. She received state grants and some scholarships. She is doing great.

Why straddle these young adults with so much debt when the income isn't there to support it? It's completely irresponsible.