Latest posts by Sheryl S (see all)
- Navient Sued For Not Releasing Co-signers On Private Student Loans - January 24, 2017
- A Little Known Secret to Getting Private Student Loan Relief – FB - January 11, 2017
- School Scam Victims Can Now Challenge Private Student Loans - December 3, 2016
The reasons for going to college are different from one person to the next, but fundamentally, they almost always boil down to one thing: people just want a better future for themselves and their families. Whether that means that they are trying to ensure that they’re more financially secure or that they can go to work each day feeling good about how they are contributing to society, most college students are working towards a life in which they feel confident and happy.
Unfortunately, millions of people have fallen into the trap of private student loans, which can quickly alter the future that they see for themselves. Suddenly, instead of looking forward to a bright and prosperous life, they find that they’re facing decades of sky-high monthly student loan payments. Some even doubt whether or not they’ll ever be able to completely pay off their debts, due to usury interest rates and a principle balance that never seems to go down.
One student, for example, left law school with $25,000 in private student loans. After eight years of making payments, his bill stands at more than $30,000 due to fees and interest. When he signed on for these loans, he had no idea that they could be sold to another bank and that his interest rate could increase. He was young and unaware of how loans functioned and of how much he would be expected to pay immediately after his graduation. One might be tempted to ask what he was thinking of when he took on these private loans. The answer is that he was thinking of his future, of completing law school, and of working in a field which he loved. He was thinking of the better future that he was building.
Those who have found themselves in trouble with private student loans aren’t all unreliable or thoughtless. More often than not, they are smart, ambitious and dedicated young men and women who are simply trying to do the right thing. They are anxious to finish school and get on with their lives, which has ultimately served the private lending firms well. These banks are all too willing to take advantage of the fact that their clients are not usually financially savvy and of their eagerness to get their degree.
Our country has allowed this fleecing to go on for long enough. It’s time we tell the banks that these practices will no longer be tolerated and we tell our young people that they can now get back to planning for a better future.
If you feel you were defrauded by the school you attended or you are being treated poorly as a distressed borrower by your creditors, take the free challenge debt review to find out what options you have regarding your student loans.