What Sallie Mae does not want you to know

2008-08-17T18:08:00.000-07:00

Sallie Mae's False Promises

2008-08-17T16:58:00.000-07:00

The road with Sallie Mae has been a long and rocky road. It all began when I was 19 years old. I had just graduated High School and wanted something better for myself. At the time I believed that I had to do anything to get out of the shit town I was living in. I lived in a town on the outskirts of Bakersfield otherwise known as Lamont. It is here in this small town where only farmers lived that I suffered from many years of poverty. My family was so poor that we often had to give our last top ramen to my little sister. For a few months we lived without light, a telephone, and gas. My destiny was to work the farm land (picking onions) for 6.5o an hour. I refused to do this as I knew that there was something else out there for me. That is when Sallie Mae was introduced to me.

Sallie Mae was going to solve my problems. I had to borrow 12k to finish my degree as a Graphic Designer at Brooks College. According to the financial counselor I would only have to pay Sallie Mae 100 dollars a month to earn 32k a year. My mother and I though that I had nothing to loose since the payment was smaller than my earning potential. In addition, Brooks College promised that I would get a job with their job placement
program. It was a done deal and I sign my contract with this devious corporation in the year 2000.

Two years later, Brooks College did not find a job for me and I called Sallie Mae to defer my loan. They told me that I had to pay the loan even if I was suffering financial problems. They would not cooperate with me and 6 months later after I was deliquent they finally agreed that I should enter deferment status. By the time I entered repayment status I was earning $7.5o and hour and could not pay the minimum payment of $338.oo.

Long story short, my 12k loan has now turned into a 70k loan with a minimum payment of $807 . By the year 2016 i am going to finish off paying Sallie Mae and their profit will be roughly 120k on a 17k loan. My credit is ruined. I cannot qualify to rent an apartment. I am a 27 year old Graphic Designer, earn $2096 after taxes, and have $47 dollars left in my bank after I pay for my car, rent, and bills. I cannot even afford to drive to work for two weeks and let alone afford food. I am still dirt poor and feel stuck in a rut. Sallie Mae wants it’s minimum payment and is happy to defer as long as they keep on capitalizing interest on my loan. So this is my so called life and I want to figure out how to get out of this rut in half the time. I will blog here about my struggles and my relationship with Sallie Mae. I pray that I can get rid of this monster and make others aware of
how this company can make you poorer than you started.

Sallie Mae: My life in ruins

What Sallie Mae does not want you to know

Sallie Mae's False Promises