How Benevolent of You Sallie Mae

In this episode of why I went to law school we will discuss Sallie Mae’s new option. Congratulations you qualify for EXCESSIVE DEBT FORBEARANCE. There are several things wrong with this statement: 1) why does Sallie Mae make it sound like I will benefit for having excessive debt? 2) why is Sallie Mae trying to make a forbearance a good thing 3) when did this option become available, is it like a certain amount of interest accrues and I get “reward points” in the form of different ways to keep the borrower further in debt? 4) or is this one of those smoke and mirror programs that the federal government claims will benefit everyone like those home mortgage modifications which put many people in a worse financial position had they left their mortgage in its current form or just allowed the home to foreclose.

Sallie Mae isn’t doing anyone a favor, and let’s be honest it doesn’t intend to. Sallie Mae is probably a worse rip off than Fannie Mae, at least with the latter you have something tangible to show what you bought–the collateral. With student loans you just have broken promises, lost dreams, living paycheck to paycheck, a headache, anxiety attacks and probably at some point a nervous breakdown.

Congratulations: We at Sallie Mae will continue to capitalize more interest on your already unbearable student loan accounts with the further obligation that if someday you get that platinum level government job you may be able to pay us off before you die. In the meantime we’ll make it sound as if we’re doing you a favor, in the meantime the capitalized interest will go to further finance our student loan schemes for the fresh prey ready to be devoured by our all too willing loan officers.

So, since Sallie Mae acknowledges that I paid too much for a mediocre education as it deemed my student loans excessive debt, instead of forgiving a portion of the debt, they show their benevolence by compiling more interest to increase your overall debt amount  in this known collapsing economy.

Next level: ethereal, because you will die before you can get the Sallie Mae monkey off your back and before the federal government does anything to help you.

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3 Comments »

  1. Tim Said:

    1-877-770-4157

    Direct non Indian line to the fuckers at sallie mae. Call and harass, call and bitch, call every 5 minutes if you can and waste their time which means waste their money.

    Don’t give out your soc # or name, as they will ask. Just call and calm as possible, let them know what fuckers they are or work for. When they hang up, call again and do the same thing. It won’t knock out you debt, but it feels fucking good

  2. rejectedtoo Said:

    Agree 100% with the OP……oh, and by the way, “that platinum level government job you may be able to pay us off before you die” was, for me, risking life and limb to join the Army for three years and getting them to pay off $65K of my $85K law loans. (Don’t try this at home, kids). That’s the only gov’t job we will get, at least initially. The funny thing is that now that I am a veteran, federal jobs are now open to me so having served in the Army for 3 years was actually more beneficial than sitting in a law school for 3 years! You really can’t make this sh*t up…..

  3. Nando Said:

    College students take out so many loans because they do not work and save thousands of dollars to pay for their education. They simply sign a few forms, casually read/peruse/skim a few disclosures, and then they are able to receive a “world class education.” (At least, according to the admissions desk/snake oil salespeople.)

    It is only when they graduate that they realize the enormity of their decision. If people insist on going to college, I would recommend they attend a local community college for 2 years (or a technical with a solid reputation that actually results in graduates finding decent-paying work.)

    A college degree is the equivalent of a HS diploma of 30 years ago. There is NO REASON to go $50K-$100K in the hole for that “credential.” Sadly, we have been raised with the idea that blue-collar work is for bums and losers. Well, tell that to the plumber who charges you $500 for an hour’s work; he also doesn’t have $100K in student loans looming over his head. But those armed with a college education are so much better than these people, right? It’s disgusting and embarrassing.

    Americans need to realize that it is okay to make $40K a year at a blue-collar job. It is fine to have a reasonable-sized home. You do not need a degree from Harvard to be somebody special. In the end, we all end up in the ground anyway.


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