One of our Bad Stories

Happy Friday All-

I want to share one of our bad stories with you below.  It is really important that stories like these (and we have quite a few) get out to the public.  If you have a story like this, please send it to us.  We'll use it. Today's action (to that end): 

• Retweet this.
• Call both of your senators today. 

Please also donate something.  We still have $75 left to raise this week to meet our operating expenses. 

-Alan
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Name: V.
State: CA

I've done my part. I started out with $26,000 in Federal Student Loans. I've paid $93,000 interest, far exceeding my original principal. But I still owe $132,000.

I relied on the promise that going to college would better my life. "Use student loans" I was told...you'll get a good job & pay them off with your rewarded career. I relied on the promise that I could afford an education with the help of Federal Student Loans, not only for college but beyond... because I'd get such a well paying career.

I'm a lawyer. I should make bank, right? Well, I'm a public interest lawyer. For 27 years I have served indigent persons, families, children, by being appointed by the Courts to persons who have a constitutional guarantee of having an attorney. I represent abused and neglected children. I represent struggling parents to better their families. I have represented CPS briefly, I have been a Public Defender (pre-PSLF). But I do not benefit from PSLF because I am 1099, not W2. I do not meet the "qualifying employer" prong of PSLF.

My counterparts in the Public Defenders office do, in the County Counsel's office do, in the District Attorneys office do, in nonprofit mill-attorney offices do...but not me. Not any attorney in my position do (despite working sometimes 70 hour weeks with no benefits and no retirement). I serve the SAME population but am expressly excluded from PSLF forgiveness. I also am not eligible for IDR/IBR/ICR forgiveness, because when I reconsolidated my debt to get a "qualifying repayment plan" and a "qualifying debt" in 2009, my time-clock of 20-25 years to forgiveness, started over.

There are many in my shoes. Message received. Not deserving. Not qualified to have loans forgiven. Student Loans taken out, repayment, deferments, forbearances, interest, penalties, fees, default, doubling the balance owed as collection costs/fees/penalties, "loan rehab", negative amortization because "qualifying income-driven payment plan" payment didn't even cover interest! ...My Federal Student Loan, at 9% fixed, has become INTEREST-ONLY! If this was unconscionable in the sub-prime mortgage crisis, WHY is it acceptable to student loan debtors?

Negative amortization & Federal Student Loan promissory notes DISALLOW applying payments to principal, if you owe interest. ...So I used my savings to pay down interest hoping one day to touch principal. I'm 58 now, my hair is gray, I am grandmother age, I'm not as employable anymore when compared to youth, and I don't have retirement, or savings (anymore). I was told by collectors that my social security will be garnished if I retire and stop paying.

Social Security is all I have left for retirement. My only way out of debt right now...is death. Upon death, all is forgiven. Until death do we part, me & federal student loans. Until debt do we part--isn't that a better way to say this? Since 18yo, I relied on Federal Student Loans for an education and promises to help me achieve my dreams, and my family's dream. At 18 years old with my first-taken student loan...I've never lived an adult year without the weight of federal student debt.

I've done my part, Joe/POTUS. Haven't I paid my debt yet?