I am 27 years old, living in California, where I obtained my Bachelors Degree. I graduated with a great degree, top of my class, in 2017. In order to go to college, I had to take out many loans per semester from the private loan company, Sallie Mae.
Because I graduated 2 years ago now, my “grace period” of not having to make monthly payments back to them has been up. The amount I have been paying every month is astronomical. It is more than my rent for my cheap apartment. It is killing me financially, and I don’t know how they think people, especially young people, can afford 2 rents and still have money for food, gas, and bills.
I do not come from a family with money, and no one I know is able to help me. I currently have my loans on a short forbearance, meaning I am not required to pay them anything for the next couple months, but interest is accruing every second and I will then owe even more. I currently owe them over $80,000 as you can see in the image.
I have told them there is no way I will ever be able to pay that, and their response has been things like “too bad.” If I cannot pay them, they will ruin my credit, send me to collection agencies, take my vehicle so that I cannot go to work, and more. I don’t regret going to college, but Sallie Mae is now ruining my life because of it. I had no idea when I started college as a freshman that this is what I was getting myself into. I was young, with no financial help from my family, and unfortunately Sallie Mae loans were the only option for me to attend.
If there is anything you, or anyone you know, can do to help, it would mean the world to me.
Thank you for reading.