My Mom emailed me a link the other day to check out about people contributing their stories to raise awareness for the unfair private student loan repayment options. They are asking for responses (online or by email) before April 8th, 2013. I sent my thoughts and situation to them via email (studentloanaffordability@cfpb.gov).
I am not sure how far this will get, but everything is worth a try now-a-days. We never know if this is the help we are looking for around the corner.
One of the most eye-opening lines to me:
"Student debt tops $1 trillion, and some policy makers are concerned
that it may affect the ability of young people to qualify for other
loans, like those for cars and for buying first homes.
While the bulk of student debt is made up of federal student loans, more than $8 billion in private loans are in default."
See the original article in The New York Times here.
Saturday, March 16, 2013
Friday, December 21, 2012
So much for optimism
My load consolidation attempt was once again rejected. I need to at least have an income higher than the 80K I have in debt before credit, etc. is even taken into account.
Such a nightmare.
Such a nightmare.
Thursday, October 11, 2012
I guess it has been a while...
Hi there! I realize it has been a little over a year since my last post and although my words are not on here in blog format, believe me, it is still on my mind daily! A girl named Stacy emailed me last week for an update and got me thinking about how I need to contribute more to this thing so here I go! I really have missed hearing from you guys.
So in this last past year (like a month after my last blog), I got a new job. I work from 8-5 at a big building in the heart of downtown for an inside sales company. I know what you're thinking, SALES?! BUT, really, it is not at all a bad job! I am rarely on the phones, I do not meet with any clients face to face, and I do not have to sell anything to anyone since I deal with already established customers; we just renew the maintenance on whatever product they have. For the most part, I love everyone I work with, and we have all grown to become good friends who actually hang out after 5pm. My salary isn't very impressive, but I have a matching 401k plan, discounted stock options, as well as great health insurance. Also, overtime is unrestricted and open whenever; since January I've made $1500 in overtime alone. Some of you will probably laugh at the unimpressive salary statement knowing it likely pales in comparison with the cost of my education. I will say though that I am blessed to have this job since it comes with a steady income which is something I didn't have for quite some time being a server. Speaking of serving, I still do that on the side maybe 1, 2 or 3 times a week.
All this to say, I am officially skipping out on the industry that I am in debt for, but I really do think that in the long run, this decision will pay off. The music industry was not giving me the paycheck I needed to support the debt I was in to be there. I will continue to be a server, and jump into the world of sales because simply put, I need to chase the dollars, and this is the direction they are running in right now.
As you can tell, I am by no means knocking down my student loans 1 paycheck at a time, BUT I think this is a step in the right direction in order to get my income up and my little debt down so that when I re-apply for consolidation, I have a better chance of having an acceptable debt to income ratio. So far with this job, I have been able to pay off my car and credit cards as well as put about $4K in savings. I also am up to about $1200 in my E*Trade account.
I feel like I somewhat have my ducks in a straighter row, but I am still oh so fearful of their decision after having waited a year and done my best to get things in order. No matter how good things seem to me now, it will take a 5 minute phone call to prove me wrong. Knowing that last statement, I chose to make my financial planning my #1 priority, but to also remember that it is okay to spend a little of my hard earned money and go out and on trips with my friends every once in a while (I mean, I am 25). Because, believe me, at the end of the phone call, having $500 more in your savings account will not sway their decision to accept or reject you.
Anyway, as of now, I am planning to make the consolidation phone call (likely to Wells Fargo) in approximately a month. Wish me luck! I want nothing more than to come back on here, tell you a success story and then tell you exactly how I did it so that you all could follow suit :)
So in this last past year (like a month after my last blog), I got a new job. I work from 8-5 at a big building in the heart of downtown for an inside sales company. I know what you're thinking, SALES?! BUT, really, it is not at all a bad job! I am rarely on the phones, I do not meet with any clients face to face, and I do not have to sell anything to anyone since I deal with already established customers; we just renew the maintenance on whatever product they have. For the most part, I love everyone I work with, and we have all grown to become good friends who actually hang out after 5pm. My salary isn't very impressive, but I have a matching 401k plan, discounted stock options, as well as great health insurance. Also, overtime is unrestricted and open whenever; since January I've made $1500 in overtime alone. Some of you will probably laugh at the unimpressive salary statement knowing it likely pales in comparison with the cost of my education. I will say though that I am blessed to have this job since it comes with a steady income which is something I didn't have for quite some time being a server. Speaking of serving, I still do that on the side maybe 1, 2 or 3 times a week.
All this to say, I am officially skipping out on the industry that I am in debt for, but I really do think that in the long run, this decision will pay off. The music industry was not giving me the paycheck I needed to support the debt I was in to be there. I will continue to be a server, and jump into the world of sales because simply put, I need to chase the dollars, and this is the direction they are running in right now.
As you can tell, I am by no means knocking down my student loans 1 paycheck at a time, BUT I think this is a step in the right direction in order to get my income up and my little debt down so that when I re-apply for consolidation, I have a better chance of having an acceptable debt to income ratio. So far with this job, I have been able to pay off my car and credit cards as well as put about $4K in savings. I also am up to about $1200 in my E*Trade account.
I feel like I somewhat have my ducks in a straighter row, but I am still oh so fearful of their decision after having waited a year and done my best to get things in order. No matter how good things seem to me now, it will take a 5 minute phone call to prove me wrong. Knowing that last statement, I chose to make my financial planning my #1 priority, but to also remember that it is okay to spend a little of my hard earned money and go out and on trips with my friends every once in a while (I mean, I am 25). Because, believe me, at the end of the phone call, having $500 more in your savings account will not sway their decision to accept or reject you.
Anyway, as of now, I am planning to make the consolidation phone call (likely to Wells Fargo) in approximately a month. Wish me luck! I want nothing more than to come back on here, tell you a success story and then tell you exactly how I did it so that you all could follow suit :)
Saturday, September 17, 2011
Going Viral!
Thanks to Robert Applebaum, founder of a grassroots student loan movement website, we have a petition that is going viral. I think that anyone who stumbles upon this blog should sign it :) Sign and find out more information on the entire movement:
Click here to sign the petition!
Click here to find out more about forgivestudentloandebt.com
Click here to sign the petition!
Click here to find out more about forgivestudentloandebt.com
Tuesday, August 23, 2011
Just as I Suspected
I went to Belmont today; there was NOTHING they could do for me. I spoke with a financial adviser who later on in our meeting (after many "I've already tried thats") asked his supervisor if he knew of anything in case there was something he was possibly overlooking (which I appreciated as he was nice about the situation.) Their final suggestion? Try consolidating again, here is a list of places who offer it. My reaction? Here is my pile of rejection letters from every lender on your list. So disheartening. So over it.
Monday, August 22, 2011
From Here to Anywhere...
Belmont's motto is just that, "From Here to Anywhere."
So here I am, 2 years after graduating with 'anywhere' looking more like 'nowhere.' As I have mentioned before, I am heading towards a spiraling pit of debt with every closing minute. My mother has asked me once or twice to call Belmont to see if they have any suggestions on what I should do. And, unfortunately, I tell her that I have and not only can they do nothing for me, I end up educating them on something they did not know about the refinancing process. However, it has been a little over a year since I have spoken with someone in financial aid, so I am thinking of giving it one more shot before I give up.
After talking with my roommate tonight, who is also a Belmont alum, I have decided to go there in person instead of speaking to someone over the phone. If they tell me a bunch of "We can't help yous" then maybe it will be harder for them to do in person. My roommate made a few good points tonight about alumni funds and how there could potentially be one out there to help certain 'qualified' people in this sort of situation. And, if there are no alumni funds that I qualify for, maybe Belmont could try to make a few phone calls to Sallie Mae or Wells Fargo. Even just typing it out right now seems like a long shot, but what do I have to lose?! Maybe some pride and dignity, but let's face it, they don't know who I am other than just a female graduate of the 2009 class who is still in debt like the majority of others.
So, I am not sure what day of the week I will go; maybe tomorrow, maybe later this week or next, but I will keep you posted as to what type of direction they give me. Here's to hoping they can get me anywhere but here...
So here I am, 2 years after graduating with 'anywhere' looking more like 'nowhere.' As I have mentioned before, I am heading towards a spiraling pit of debt with every closing minute. My mother has asked me once or twice to call Belmont to see if they have any suggestions on what I should do. And, unfortunately, I tell her that I have and not only can they do nothing for me, I end up educating them on something they did not know about the refinancing process. However, it has been a little over a year since I have spoken with someone in financial aid, so I am thinking of giving it one more shot before I give up.
After talking with my roommate tonight, who is also a Belmont alum, I have decided to go there in person instead of speaking to someone over the phone. If they tell me a bunch of "We can't help yous" then maybe it will be harder for them to do in person. My roommate made a few good points tonight about alumni funds and how there could potentially be one out there to help certain 'qualified' people in this sort of situation. And, if there are no alumni funds that I qualify for, maybe Belmont could try to make a few phone calls to Sallie Mae or Wells Fargo. Even just typing it out right now seems like a long shot, but what do I have to lose?! Maybe some pride and dignity, but let's face it, they don't know who I am other than just a female graduate of the 2009 class who is still in debt like the majority of others.
So, I am not sure what day of the week I will go; maybe tomorrow, maybe later this week or next, but I will keep you posted as to what type of direction they give me. Here's to hoping they can get me anywhere but here...
Thursday, August 11, 2011
D-E-F-A-U-L-T
Smart thing to do? Too many consequences? Giving in? Totally ruining my credit? The only way?
All of these questions and many more float around in my head when thinking about the word default. So many say it is the only way to let the lenders really know you can't pay them. Others say it is merely giving in and ultimately hurting yourself. Which is it? I DO NOT know.
Thinking about it from a rational standpoint, surely defaulting on my loans will ruin my credit and plunge me into a 'financially unstable' branded person to all that inquire. However, thinking about it from a desperate standpoint, what if defaulting just means I lose 100+ points on my credit score and possibly have a wage that gets garnished? If Sallie Mae started to garnish my wages, surely they will not be able to get $600 a month in garnishments like they are getting from my on-time payments now. Will my absence of payment get it through their heads that I cannot pay them this amount any longer? Will I eventually have to go to court over this? Will the judge order that I continue my $600 per month interest only payments or else? I feel as if I am well educated about what is going on with my loans, but I am SO uneducated about the repercussions of what happens if I don't continue my current payments. Who in the world would have thought that it would come to this just a mere 2 years after graduating college? I can only imagine what I will be going through in 2 more years after my interest only pay option is up.
All of these default thoughts are deriving from the fact that I was denied, yet again, for consolidation last week. Wells Fargo denied me for the 3rd time. I added a co-signer and even that did not work. After that, I called local Nashville debt counselors to try and get any kind of advice I could and nothing came out of that. No one could help or even talk about debt relief when it came to private student loans. As soon as you say the words, "private student loans" to them they act as if you have just royally offended them. They start talking fast and basically hang up on you. One place actually did hang up on me, but whatever.
Anyway, on a somewhat lighter note, I watch out for student loan twitter accounts, web sites and videos like it is my second job. Here are a couple that are pretty informative and cool to see:
Oh yeah, on a positive note, I signed up for my 401k this week. Yay!
And, my iTunes shuffle just started playing, "We Don't Need No Education" by Pink Floyd. Just thought you should find some ironic humor in that as well ;)
*As always, opinions are always appreciated! Comment on this post and let me know your thoughts :)*
All of these questions and many more float around in my head when thinking about the word default. So many say it is the only way to let the lenders really know you can't pay them. Others say it is merely giving in and ultimately hurting yourself. Which is it? I DO NOT know.
Thinking about it from a rational standpoint, surely defaulting on my loans will ruin my credit and plunge me into a 'financially unstable' branded person to all that inquire. However, thinking about it from a desperate standpoint, what if defaulting just means I lose 100+ points on my credit score and possibly have a wage that gets garnished? If Sallie Mae started to garnish my wages, surely they will not be able to get $600 a month in garnishments like they are getting from my on-time payments now. Will my absence of payment get it through their heads that I cannot pay them this amount any longer? Will I eventually have to go to court over this? Will the judge order that I continue my $600 per month interest only payments or else? I feel as if I am well educated about what is going on with my loans, but I am SO uneducated about the repercussions of what happens if I don't continue my current payments. Who in the world would have thought that it would come to this just a mere 2 years after graduating college? I can only imagine what I will be going through in 2 more years after my interest only pay option is up.
All of these default thoughts are deriving from the fact that I was denied, yet again, for consolidation last week. Wells Fargo denied me for the 3rd time. I added a co-signer and even that did not work. After that, I called local Nashville debt counselors to try and get any kind of advice I could and nothing came out of that. No one could help or even talk about debt relief when it came to private student loans. As soon as you say the words, "private student loans" to them they act as if you have just royally offended them. They start talking fast and basically hang up on you. One place actually did hang up on me, but whatever.
Anyway, on a somewhat lighter note, I watch out for student loan twitter accounts, web sites and videos like it is my second job. Here are a couple that are pretty informative and cool to see:
Oh yeah, on a positive note, I signed up for my 401k this week. Yay!
And, my iTunes shuffle just started playing, "We Don't Need No Education" by Pink Floyd. Just thought you should find some ironic humor in that as well ;)
*As always, opinions are always appreciated! Comment on this post and let me know your thoughts :)*
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