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Private Student Loan Horror Story
When the Consumer Financial Protection Bureau asked current and former college students to write in about their experiences with student loans, they were inundated with heartfelt letters from people all around the nation. It quickly became very clear that there were untold numbers of individuals who were suffering through horror story scenarios at the hands of private education lenders, including Sallie Mae, Citibank and Chase, just to name a few.
There were plenty of accounts of people who signed up for private loans when they were very young, only to realize what they had gotten themselves into once it was too late. There were also a number of stories from those who claimed that they had been deceived by their school’s financial aid office or the banks themselves into taking on irresponsible levels of debt at exorbitant rates of interest. In virtually every case, people described their shock and dismay when they saw their final balance and fully understood the gravity of their situation. Many expressed doubt that they would live to see their student loan debt paid off in full.
Unfortunately for scores of people, that moment was only the beginning of their private student loan nightmare. As soon as they left school, no matter what the reason or their employment status, their loan payments became due. For some, their loans went into default before they even understood that they were supposed to be making payments. Others watched helplessly from the sidelines, knowing full well that they needed to be making payments, but unable to find a job or make ends meet on what they were able to earn.
Either way, they endured endless phone calls from lending firm representatives who wanted to know where their payments were. It didn’t seem to matter to these people that their customers weren’t able to pay their rent or utilities or that they were unable to buy groceries. Their only concern was that the student loan payment was made and anything beyond that was simply not their problem.
As our country has begun its climb out of the long economic nightmare that we all suffered through over the last few years, there is one group who has been left wondering how they will ever dig their way out of the hole that they are in. Too many of our nation’s college graduates are looking at a future that includes debt collectors and sleepless nights.