Holy Crap: Colleges Are Now Suing For Your Student Loan
Ahhh, student loans. Or as I like to think of them, that giant hole where I pour hundreds and hundreds of dollars every month. I hope you can buy some fancy couches for the student center, NYU! Imported South African sea salt for the cafeteria? Gold-plated BIC pens for every librarian in the library? Whatever you do with
my your money, I’m sure it’s money well spent. And yes, it will keep coming, probably until I die. The sad truth is that I speak on the phone with the loan servicing lady more than some of my relatives.
Three colleges are not content to just have their loan serving office keep broke grads on speed dial — now, they’re lawyering up.
Raw Story reports that Yale University, University of Pennsylvania and George Washington University are all suing — yes, suing — students who have defaulted on their student loans. For those of you who are lucky enough to not have to deal with this shit, “defaulting” on a student loan basically means they say they don’t expect you to pay it on your own in the timely agreement, they report you to credit agencies and fuck up your credit score, and they threaten to take your paychecks in order to pay it off.
All the lawsuits are seeking to recoup money from Perkins loans, which are government-subsidized loans. The amounts vary from ex-student to ex-student — one owes $7,000 in loans, another owes $5,000 in loans, and another owes around $8,000. You can read reporter Kay Steiger’s piece at Raw Story for the specifics of these scary stories.
As someone who still owes a good-size chunk of money to pay off her student loans and has always lived paycheck to paycheck in order to pay as many bills as I can, this terrifies me. I understand it’s money that I borrowed that I need to pay back. I fully intend to pay it all back, with interest, eventually. It is just going to take a while … a long while … because I’m not rich and I’m not financially supported by my parents in any way. That’s neither easy nor fun, but it’s what we sign up for in adulthood — at 17 or 18, when we know jack shit about anything! — when we take out these loans. Most everyone I know is doing the best they can to pay off their loans responsibly. Opening the mailbox to find a letter from NYU that I am being sued would make me shit my pants. It’s stressful enough as it is.
I sincerely feel bad for these kids who are getting sued. That sucks balls. [Raw Story]