In case there are any new readers out there, and because prior Blog Posts tend to get buried and forgotten, and also in light of today's Wall Street Journal Article, I figured I would repost this, with a few edits, and without the previous comments. Don't worry, this post has none of my usual flights of often irrational fancy and melodramatics. And I have been dry for one week now (although it was nice to be able to have a few beers and disappear into a fog once in a while in order to temporarily forget) and feel much better.
Anyway, this is my debt, and history of the progress of that debt.
In my mind it is not Student Loan debt any more, and I don't know if it is "Good Debt" or "Bad Debt". By now it is, simply, Debt.
It has a fixed 8.250% interest rate. This is a portion from another sheet (about a year older than the one above) that shows the interest rate.
I am 46 years old, and I will have this loan (debt) for the next 20 years or maybe 25 less one year, so 24 years. (It's all so confusing) There is a good chance the balance will grow to 500K by that time, and that the taxpayer will have no choice but to pay for that extra 200K of growth, just as the taxpayer has covered the difference between 300K less the 79K of my original loan. That's the "system."
If I had not divorced, my ex-wife would have been on the hook for this loan as well. It caused terrible stress and strife during our marriage.
Divorcing was kind of like me cutting the rope, lest I drag her down the side of the cliff along with me. At least she is free now. I am so sorry I could not take care of her as I promised in my marriage vow. For those that are unaware and are either married and/or contemplating Marriage, this paper will show how a spouse becomes involved:
My ex-wife was terrified of my ever increasing Loan. Afraid for her old age and of debt in old age, afraid of her Social Security being garnished, along with mine, and of her Home being seized by the US Government, and that she would be thrown out of her Home and end up homeless.
After a while, she could not be convinced or reasoned with over this matter. It was simply her gut feeling of fear that the collectors, with the full consent of Congress, would break down all legal barriers in order to collect. It became a matter of her lack of Faith in the US, in so many words, because, after all, she would assert in so many words: "Look at how the US Government has already and illegally taken away all consumer rights and bankruptcy protections for student loans." (And I have to admit that there is truth to that sentiment) To state it even more bluntly, it is a US citizen's fear of the US Government, and of being unjustly punished by the US Government. (Deriving from broken Faith as I say)
__________________
But to return, here was what my loan looked like in 2007:
And in 2002:
2009 was the year of its biggest growth, jumping from 210K to 260K. 40K of that was in "Collection Costs." See Here:
Here is an audio copy of one of my conversations with this Private Co. debt collector (above) called GC Services, from 2009, that is really interesting I think. It was done with the consent of GC Services as you will hear. Please make a cup of coffee or tea, and do listen. It is very interesting, I think.
My sense, in that conversation was that the collection agency, GC Services, was "Hot for the Deal, " because I was 40K in easy taxpayer dollars walking through the door.
Such is the nature of student loans and default. There is no bankruptcy option either, even though I am hopelessly bankrupt, and with destroyed credit showing this loan balance, and which now prevents me from finding any kind of employment that requires a credit check. It also prevents me from getting a credit card, buying a home, and getting a car loan.
And I'll leave it up to you to decide if you would want to shoulder this type of burden as well, by marrying someone with Student Loan debt like mine.
Barring a lottery win, when I am age 70, and this loan is finally "Abated" I will have spent most of my adult life in debt, from the age of 26 when I took out my first law school loans until the age of 70. A total of 44 years. Closer to 50 years if you count my college loans.
Some of these papers are so old, the staples holding them together are rusty.
Still want to go to Law School kids?
And one last thing I'd like to mention: Some well-meaning people have advised me that my best option is to simply leave the US, and start life over.
That is one option I will agree, but is that the option Congress would recommend? Is that the option all 9 current US Supreme Court Justices would recommend?
And if any US Supreme Court Justice happens to read this post, (which they should) you know that spiral staircase leading to your chambers? Well my Grandfather put that up, and even had a few suggestions for its design (Just a little family lore).
And Happy St. Paddy's Day!
Here is a copy of my most recent Student Loan Statement as of the end of 2010.
It has a fixed 8.250% interest rate. This is a portion from another sheet (about a year older than the one above) that shows the interest rate.
I am 46 years old, and I will have this loan (debt) for the next 20 years or maybe 25 less one year, so 24 years. (It's all so confusing) There is a good chance the balance will grow to 500K by that time, and that the taxpayer will have no choice but to pay for that extra 200K of growth, just as the taxpayer has covered the difference between 300K less the 79K of my original loan. That's the "system."
If I had not divorced, my ex-wife would have been on the hook for this loan as well. It caused terrible stress and strife during our marriage.
Divorcing was kind of like me cutting the rope, lest I drag her down the side of the cliff along with me. At least she is free now. I am so sorry I could not take care of her as I promised in my marriage vow. For those that are unaware and are either married and/or contemplating Marriage, this paper will show how a spouse becomes involved:
My ex-wife was terrified of my ever increasing Loan. Afraid for her old age and of debt in old age, afraid of her Social Security being garnished, along with mine, and of her Home being seized by the US Government, and that she would be thrown out of her Home and end up homeless.
After a while, she could not be convinced or reasoned with over this matter. It was simply her gut feeling of fear that the collectors, with the full consent of Congress, would break down all legal barriers in order to collect. It became a matter of her lack of Faith in the US, in so many words, because, after all, she would assert in so many words: "Look at how the US Government has already and illegally taken away all consumer rights and bankruptcy protections for student loans." (And I have to admit that there is truth to that sentiment) To state it even more bluntly, it is a US citizen's fear of the US Government, and of being unjustly punished by the US Government. (Deriving from broken Faith as I say)
__________________
But to return, here was what my loan looked like in 2007:
And in 2002:
2009 was the year of its biggest growth, jumping from 210K to 260K. 40K of that was in "Collection Costs." See Here:
Here is an audio copy of one of my conversations with this Private Co. debt collector (above) called GC Services, from 2009, that is really interesting I think. It was done with the consent of GC Services as you will hear. Please make a cup of coffee or tea, and do listen. It is very interesting, I think.
My sense, in that conversation was that the collection agency, GC Services, was "Hot for the Deal, " because I was 40K in easy taxpayer dollars walking through the door.
Such is the nature of student loans and default. There is no bankruptcy option either, even though I am hopelessly bankrupt, and with destroyed credit showing this loan balance, and which now prevents me from finding any kind of employment that requires a credit check. It also prevents me from getting a credit card, buying a home, and getting a car loan.
And I'll leave it up to you to decide if you would want to shoulder this type of burden as well, by marrying someone with Student Loan debt like mine.
Barring a lottery win, when I am age 70, and this loan is finally "Abated" I will have spent most of my adult life in debt, from the age of 26 when I took out my first law school loans until the age of 70. A total of 44 years. Closer to 50 years if you count my college loans.
Some of these papers are so old, the staples holding them together are rusty.
Still want to go to Law School kids?
And one last thing I'd like to mention: Some well-meaning people have advised me that my best option is to simply leave the US, and start life over.
That is one option I will agree, but is that the option Congress would recommend? Is that the option all 9 current US Supreme Court Justices would recommend?
And if any US Supreme Court Justice happens to read this post, (which they should) you know that spiral staircase leading to your chambers? Well my Grandfather put that up, and even had a few suggestions for its design (Just a little family lore).
And Happy St. Paddy's Day!
