I was under the impression while in Graduate School that my loans were associated with Chemical Bank. I signed all of the documents, and when I graduated, the loan amounts greatly exceeded the amounts I agreed to and I never saw these amounts added after my signature. When I graduated, I was told I owed $50,000 with a twelve (12) month grace period. I also checked the box on the promissary note to repay under the terms "Income Sensitive Repayment."
After I graduated, I used my savings account to assist a dear relative who is now deceased. Therefore, I had no money, and was unable to begin repaying the loan. However, I sent whatever I could afford when I could afford it. I was also told that (4 days before graduation!) that I needed a Ph. D. To even afford the kind of salary I was looking for. I could not return and request more financial aid, so for years I have been working in lower than average salaried jobs.
My health is deteriorating rapidly, and I use the leftover money from each paycheck to pay for medication. I am unable to pay the rent and Sallie Mae in the same month. The rent takes up 80% of the paycheck.
I recently discovered that Sallie Mae has been adding whatever I sent to the principal instead of subtracting from the principal. They have never attributed any payments to my account. They take the money I send, add it to the principal, and now my loan has increased to $153,000. I will never be able to pay this. I will be dead and buried and still in this outrageous debt.
I have exhausted all of my forebearance opportunities. They send me long-winded documents for an income sensitive option, but they want four years of income return tax statements, and it takes up an entire workday just to get the Social Security office to answer the phone. What behooves me is why they just won't accept the $500.00 I am offering to pay them once per month. If I am not attending school, why are they continuing to add intensive interest at a phenemonal rate?
When they cannot reach me via phone (because they call when I am at work instead of when I am at home), they call and harrass my relatives. My father fell down the stairs and was unconscious because they called him 85 times in one day. Recently, I was bedridden due to hypertension and heart disease and they called my apartment 72 times. On the 72nd time, I got up, rushed to the phone, turned on the lamp, and the bulb nearly sliced off my finger. If a person is suffering financially, how do they think they can squeeze blood out of a turnip?
I wish I was as tech savy back then as I am now. I had no idea Sallie Mae was cohorting with all of these other corporations and tacking on added financial burdens. My agreement was for $50,000 from the years 1994-1997. I even depleted my 401K to send them the entire amount, and now I suffer penalties, and I have to pay back the 401K and they are deducting that from my paycheck! I only have $271.00 one month to purchase groceries off and the next month, only thirty-eight cents to live on.
If anyone knows whether or not it is legal to add money a debtor owes to the principal instead of detracting from the principal, I would greatly appreciate it.
0 comments