Back in 2000 when I was in college I couldnt get financial aid they said my single mom made too much. I cried they said don't worry take out a student loan. Back then there were no laws regulating the lenders like there are now. First year in community college Sallie Mae lent me $35,000 for a year that cost $3000. I was a dumb kid. Fast forward two years later I had a useless associates degree and $200,000 in student loans! One part irresponsible borrowing by a child (I don't think I was mature enough to be called an adult) and one main part PREDATORY LENDING! They got away with it and I can't even file bankruptcy. I haven't had credit since I was 19 years old. Can't get a car or a house in my name. Student loans ruined my life and it will never go away
I'll be 40 this year. It's been 22 years since I had credit. No credit cards on my report but a poor score because post graduation from my associates degree I couldn't pay the $1500 a month in loans so I deferred until I couldn't then defaulted on everything. 22 years they've never dropped from my credit report. Went back to school at 28 for nursing took my years because I had to pay cash. Graduated and have been a nurse for 11 years. Not eligible for forgiveness because I never made a payment can't consolidate because of my credit score every loan wants payment in full. No one cares. No one in the government wants to change the laws because they get paid by the big student loan companies. I used to cry myself to sleep. I get phone calls constantly 22 years later, always have, telling me they will arrest me, come to my job, take anything I have. So I own nothing. Never have. Never will.