My Debt HiSTORY
My name is Tabia Beckett and I am a Student Lost In Debt. This is my story...
I graduated from St. John's University with a B.A. in Psychology in May of 2008. While in school I was forced to take out loans through various student loan companies, if I wished to pursue an education. I was offered thousands to cover my tuition expenses in addition to "extra" for "books, travel expenses etc" all so I would be "stress-free" and taken care of whilst in school. What isn't made relevant, when electronically signing these loan contracts without the proper education on the loan process being a naive 18 year old, is the mental stress I would have to endure, along with the harassing phone calls and threats I would receive later on, if I was ever unable to pay them (one of many loan companies) monthly, the equivalent of a NYC studio apartment on a sub-standard income, but of course one goes to school and obtains the necessary degrees so that they can find a job in this world and have no difficulty paying off their debts, right?
No. Not right. What happened was a shift in the economy/ a recession that I would have to face upon graduation. Not to mention a heaping amount of student loan debt totaling 70,000 and steadily rising that I would be given a 6-month hassle free period to search for a job to begin making payments to. Unfortunately my institution also sold me a dream, leading me to believe that my Bachelor of Arts in Psychology could and would land me a dream job, in my field. But hey, how were they supposed to know that the "shift in the economy" would thus result in the Bachelors degree being seen as the new Associates degree meaning? In other words, in order to work in my field I would need to obtain additional pricey credentials/certifications to even think of getting a job.
I was left to perish in a dead-end job providing me with enough to nourish myself and help out in my own impoverished middle-class household*, leaving little to nothing left for the gangsters posing as representatives at these loan companies. As a matter of fact, I was sent into default by Sallie Mae this past January further jeopardizing my future and making it that much harder for me to navigate this world. I make payments to this company when I can, (my most recent payment in December of 2010) but to no avail, and I was sent into default anyway.
These companies continue to prey on young students like myself, not equipped with the knowledge of the loan process. Posing as a way for those in desperate need of a will. Shelling out thousands to students who aren't financially responsible. These students sign contracts not understanding contractual lingo and don't realize the severity of what they are getting themselves into. Not grasping that along with the principle amount being loaned out, interest would be tacked on thus extending the repayment period by years in addition to skyrocketing the original balance by thousands!
I know in this economy, I am not the only one suffering the burden of financial woes. However upon entering into institutions of higher learning, students blindly and willingly also enters into contracts with predatory lenders under the premise that they will find a job and be in the position to re-pay their education debt. Not to mention the economical shift resulting in the devaluation of the once acclaimed Bachelors degree leaving many with the inability to find a good job to make payments towards their debts or even continue schooling.
(*Middle-Class Household: I come from a middle-class single parent household. In this day and age, if one wishes to receive higher education you have to fit into extreme criteria coming from an extremely impoverished household where you can attend an Institution of Higher Learning for free, or coming from a wealthy family that can afford to send their child to school. There isn't much assistance for those, like myself in the poverty stricken middle class) I graduated from St. John's University with a B.A. in Psychology in May of 2008. While in school I was forced to take out loans through various student loan companies, if I wished to pursue an education. I was offered thousands to cover my tuition expenses in addition to "extra" for "books, travel expenses etc" all so I would be "stress-free" and taken care of whilst in school. What isn't made relevant, when electronically signing these loan contracts without the proper education on the loan process being a naive 18 year old, is the mental stress I would have to endure, along with the harassing phone calls and threats I would receive later on, if I was ever unable to pay them (one of many loan companies) monthly, the equivalent of a NYC studio apartment on a sub-standard income, but of course one goes to school and obtains the necessary degrees so that they can find a job in this world and have no difficulty paying off their debts, right?
No. Not right. What happened was a shift in the economy/ a recession that I would have to face upon graduation. Not to mention a heaping amount of student loan debt totaling 70,000 and steadily rising that I would be given a 6-month hassle free period to search for a job to begin making payments to. Unfortunately my institution also sold me a dream, leading me to believe that my Bachelor of Arts in Psychology could and would land me a dream job, in my field. But hey, how were they supposed to know that the "shift in the economy" would thus result in the Bachelors degree being seen as the new Associates degree meaning? In other words, in order to work in my field I would need to obtain additional pricey credentials/certifications to even think of getting a job.
I was left to perish in a dead-end job providing me with enough to nourish myself and help out in my own impoverished middle-class household*, leaving little to nothing left for the gangsters posing as representatives at these loan companies. As a matter of fact, I was sent into default by Sallie Mae this past January further jeopardizing my future and making it that much harder for me to navigate this world. I make payments to this company when I can, (my most recent payment in December of 2010) but to no avail, and I was sent into default anyway.
These companies continue to prey on young students like myself, not equipped with the knowledge of the loan process. Posing as a way for those in desperate need of a will. Shelling out thousands to students who aren't financially responsible. These students sign contracts not understanding contractual lingo and don't realize the severity of what they are getting themselves into. Not grasping that along with the principle amount being loaned out, interest would be tacked on thus extending the repayment period by years in addition to skyrocketing the original balance by thousands!
I know in this economy, I am not the only one suffering the burden of financial woes. However upon entering into institutions of higher learning, students blindly and willingly also enters into contracts with predatory lenders under the premise that they will find a job and be in the position to re-pay their education debt. Not to mention the economical shift resulting in the devaluation of the once acclaimed Bachelors degree leaving many with the inability to find a good job to make payments towards their debts or even continue schooling.
My goal is to get out of debt first and then start two organizations, the first entitled The Faces of Debt, a community based organization that can locally target the kids in high school on the path to college and educate them on their options, the loan process so that they can make informed decision on their futures.
Second, I'd like to start an organization entitled Students Lost in Debt, for students like myself who are experiencing financial hardship and can't find their way in this world. For students that are lost in the black hole of debt and are vulnerable and at risk of having their futures jeopardized at the mercy of these unmerciful student loan companies. Please help my generation (and those behind us), the thinkers of tomorrow, get back on track and save the world.
Second, I'd like to start an organization entitled Students Lost in Debt, for students like myself who are experiencing financial hardship and can't find their way in this world. For students that are lost in the black hole of debt and are vulnerable and at risk of having their futures jeopardized at the mercy of these unmerciful student loan companies. Please help my generation (and those behind us), the thinkers of tomorrow, get back on track and save the world.
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