“I have extensive student loan debt. Even with graduated payments and income based repayments, I have over $500 in month in loans. They significantly drag down my economic outlook. I have not bought a house yet. I have not bought a car yet. I have not started a family yet. All due to loans. A single late payment, of even a day, triggered a late fee which, even when paid, is applied to every payment thereafter. The private loan repayment terms are extremely restrictive. After a certain amount of time, the payments double, even if my income has not increased. In fact, that is happening to me this month. I cannot pay them. I will use forbearance to put them off for the next several months, but when my forbearance period runs out, I will simply not have the money. This, no doubt, will lead to harassment from creditors and further credit ruin, and will also prompt harassment of my parents, who were my co-signers. I live with a roommate in a small apartment. I do not drink or go out often. I do not buy myself new things. I struggle to keep up with maintenance on my old car, which I need to keep my job. I work overtime constantly to give myself extra cash. I have realized now that these loans will never be paid off. I will never make enough money to do it. Any time I make any more money than I do now, the loans will simply take it away from me by upping their payments. So what use is it? I will have to work until I die or they will simply be sucked out of my Social Security. They have erased the economic prosperity they were supposed to provide.” – Laura
Sound familiar? Pledge to be a student debt voter November 8th.