General Discussion
In reply to the discussion: Forgiving Student Loans..... [View all]neeksgeek
(1,214 posts)I too borrowed about that amount to get a masters. Started grad school in 2007. Had the stupidity of graduating in 2009, on the heels of the great recession.
News flash: nobody goes to college planning to go bankrupt. (Never mind asking for bankruptcy protection, that basically doesnt apply to student loans.) Im using the word bankruptcy here in the original meaning of unable to pay the bill.
For three years I scrambled for literally any work, used up all my deferments and forbearances... I have done retail, food service, costumed characters... anything. Eventually got a gig as an adjunct instructor and as things stabilized and I picked up more classes I finally started making payments a couple years ago. But my annual income is about $25,000. So with interest piling up the whole time my balance is enormous, and even though Im paying, since my payment plan is income sensitive the net payments barely touch the principle.
I am now liable for a loan amount that is more than double what I borrowed.
Editing weeks later, I know; sorry to post to an old thread. But, just came in to add, today I made another payment and decided to take a peak at my payment history. Turns out, my last six months' worth of payments, exactly $0.00 has gone towards principal.