The story in brief:
I got sucked into a private school (National University) which gave me a pretty good education for my BS and MA in psychology. I just kept happily signing loan papers because psychologists were making $150,000 a year at the time and I didn't see a problem paying back $40,000.
Then I heard about a 'new concept', a university without walls, The Union Institute. They gave me a great sales job and the next thing I knew I was a doctoral student, signing up for $12,000 in tuition a year. It turns out it took five years to graduate with a degree in Clinical Psychology. I got the extra red stamp on my transcripts "Professional Program in Psychology".
Since it is The Union's policy that they do nothing and the student does everything, I had no teacher for statistics and psychological testing. I flunked the exam out of ignorance twice and that is the limit of failure allowed nationally; two tries, no more.
Needless to say, I could not become a psychologist without a license. The depression that overtook me during this time was devastating. I didn't want to get out of bed, I saw no point in living, I felt incredibly stupid and ripped off. Just as well I suppose because during my doctoral program, HMO's emerged and took over reducing payment from $150 hour to $25 which was not enough to pay rent on the clinic during my residency, much less lights and phone.
I started looking for a teaching job. One year I sent out over 600 resumes, even to God forsaken places in the frozen North. About 3% of those sent a rejection letter, the rest didn't even bother to reply. I think not many wanted a man my age, but it is illegal to for them to say that. Undaunted, I rose to the task and sent about 400 the next year with the same results. That pretty well broke my spirit for several years and I moped around while my wife supported me.
About 4 1/2 years after graduation, I'm in default and my loan amount has more than doubled. During this time and now, my meager income tax refunds were withheld, but I received no accounting as to where they were applied. Ten years later, I have a part time job which is garnished, not enough to live on and I am a long way away from the saying I heard all my life "Get an education, the more education you have, the more money you will make."
I'm 62, it is time to retire and if I do, I'll starve and live on the street. Social Security is based on the last 12 months of work and my last 12 months are pretty sickly looking. Since they now garnish SS, I won't even get that in whole. I heard Bush Jr. Is trying to up the second garnishment from 10% to 15%, so I'll lose 30% of my income before I pay 25% in taxes on any earnings. That is a 55% loss to an old man with no assets.
I don't own a home or even a car, yet I have a Ph. D. From a disreputable university and a total student loan bill that has ballooned from $104,000 with the promise of a license to over $600,000 with the promise that I will never get a license. On my current income, if I gave them everything I make before taxes, I couldn't pay half of the monthly interest.
I have tried all manner of contacting these people. Writing invariably results in a computer generated response that adds nothing to resolution and telephoning (they have caller ID) results in daily phone calls with abusive language and threats.
I am chronically depressed and have suicidal thoughts as it is without this kind of abusive pressure. I am currently among the ranks of elderly suicidal patients and take antidepressant twice daily. These problems are exacerbated by uninterrupted harassment from collectors, the thought of living the balance of my life under this cloud and having dragged my poor wife into the fray.
I should add that, as of right now, I have no way to find out how much I owe or to whom. My loans are bought and sold like stocks, bundled in groups with others and traded. I have absolutely no relationship with the original lender.
I spent the last year in a foreign country and enjoyed it. It is a nice feeling to answer the phone and find a friend on the other end instead of a vulgar collector. I've been offered a job here that pays a living wage, freedom from collectors and many other benefits.
I will miss my family, but I am bone weary of subjecting my wife and myself to this impossible debt for the rest of my life and the fear of picking up the phone. I have met other Americans that are here for the same reason.in fact, every American I have met over here said they are not going back to the US.
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