After all the money I pay Sallie Mae each month

[ceile]

only $67 is going toward my principle balance. It's just mind boggling. I've already paid them $1350 this year and I'm behind $1190 because of fees and interest. Now, I don't want to get into the whole "you shouldn't have taken out loans" craptacular. But really, can't anything be done? Has anyone really tried to get interest rates down? Has anyone tried to confront the big student lenders? So depressing...

[fascisthunter]

1. I feel your Pain... been there

I am no longer paying the bank back the debt... I now pay a relative interest free. I was lucky, but was paying my loans for years before I got this break, so I know how it feels to find out how much you are actually paying off. It's indentured servitude. You are not free until your debts are payed. Good luck and remember you'll get through this.

[ceile]

2. And SM is not the only loan I pay...

I pay a full quarter of my monthly income just to student loans and I never get ahead....ugh!

[fascisthunter]

3. I couldn't afford rent at one point

I would have defaulted if I hadn't moved into a relatives house. Since I was given that opportunity, I've been helping this person for years.. it worked out. If you have a relative or a friend that can help, don't hold back out of pride... it isn't worth it I learned. I wish the best for ya!

[ceile]

4. Thank you!

And thanks for the advice.

[fascisthunter]

5. you are welcome

kick

[teenagebambam]

6. Google "Department of Education loan repayment"

The DoE will buy your loans and you can go on an income-based repayment plan. I went from paying $450 a month to $300. And if you work full time in education or a not-for-profit, you can apply for a program tha discharges the balance after ten years of steady payments.

[ceile]

7. I keep meaning to look into that.

I've been working for non profits since 2001. But it's the 10 years of payments that I don't have yet since I was able to defer for a year here and a year there.

[NNN0LHI]

8. Used to be normal to be hired out of high school and then the employer would pay for the college

When people finished their college rather than having a bunch of school debt many people had some money saved up in the bank and a few years of seniority.

That was back when we had strong unions. Before Reagan.

Don