My original loan balance for my Bachelors of Science program in Computer Information Systems was approximately $42,000.00.
As a result of outsourcing I was laid off as a Software Development Project Manager making a six-figure income. I spent the next three years or so seeking employment in the field I passionately pursued to no avail. Ironically the CEO of the corporation I worked for received a nice 7 digit bonus while Americans were displaced from the work force.
As I fell further and further behind in repayment of the student loans to Sallie Mae, Sallie Mae called incessantly in the morning, afternoon, and evening and then proceeded to call my references to further embarrass me. They then offered forbearance after forbearance after forbearance. Never explaining that interest would continue to accrue on the account.
For some reason I am not eligible to take advantage of current extremely low Federal interest rates of approximately 4.0% but I am forced to adhere to 8.0% rate.
As I stated earlier, the original loan in it’s entirety was approximately $42,000.00. The capitalized interest amount is approximately $78,000.00 for a totally repayment of approximately $120,000.00. By the time the loan is totally paid off I will have paid in excess of $250,000.00 to borrow $42,000.00.
I would also like to address the fact that while Sallie Mae Corporation continues to pillage the American people with their deceptive practices, each and every time I call Customer Service for the organization I am forced to deal with a representative from the “Asian Pacific” who will never clearly identify where they are in the world nor can they be understood. Seems like and interesting formula to me. Fix the interest rate of the Student Loans to a hard 8% and outsource the Customer Service department to a place in the world that is not identified, therefore taking jobs away from Americans and increasing the bottom line for CEO’s to enjoy seven digit income and bonus packages.
I am fearful that this debt will go into default.