GC Services is a private company. They were the collection "Vendor" that New York State Higher Education Services used when I defaulted on my Federally backed Student Loan debt in 2009.
The default added fifty thousand dollars onto my loan balance, and I believe that GC Services (A Private Company) was or were hot for the deal, because they collected instant taxpayer dollars on my default.
And no, there are no naked pictures. I just wrote that to get the damn people that only view my blog if I have a sensational headline or a despairing or a depressed post......to view this post.
But Please, Please, Please take the time to listen to all 3 conversations from the Fall of 2009. If you can wade through a long legal case that you will never read ever again, then listening to these 3 phone calls will be a snap.
Charlotte explains the terms of my new arrangement under the William D Ford Program (Fed Gov't)
And Latoya explains much more, and I tried to ask the right questions. I really did.
Yes, almost fifty years when all will be said and done.
As everyone knows, my debt has gone from 79K to 304K today.
The debt will continue to grow at a fixed, 8.25% interest rate until I am 65 or 70 years old.
By then the debt will be close to a million dollars, for it continues to grow at a faster and faster rate.
Right now it grows by about 20K a year in interest.
After another 19 or so years, perhaps 24 years, the debt will be discharged or abated, and I will get an IRS tax bill on the discharged amount. A tax bill on a million bucks or so, and that terrifies me.
This week, I will add more of the details of all this to this Post.
But that is the basics of where it all stands now for me.
And if I sound nutty at times, can you blame me?
On a positive note, I am on ICR or Income Contingent payments.
Default on my student loan was how I qualified for and got on ICR with the US Department of Ed, or Federal Government, that bought my loan from Al Lord of Sallie Mae (A Private Company)
Still though, I have ruined credit from the debt, so no stable job, credit card, or auto loan, or mortgage for me. Ever.
Forgive my redundancy on this blog, but:
Going to a lower tier Law Shool was a wrong turn, and a life destroying one for me, and the way the bankruptcy laws are written right now, the only way out is a horrible disability,
or Death.
The media does not care beause I strongly suspect that the Financial Industry has a strong lobby that lobbies the Media constantly, and, as I say, controls American Mainstream media.
So my story, and all of the Student Loan Horror stories similar to mine, will never be covered by major media.
Anyway, you can find the Horror Stories published by Alan Collinge at:
http://studentloanjustice.org/victims.htm
And published by Cryn Johannsen at:
http://www.alleducationmatters.blogspot.com/
And also by Robert Applebaum (I'll have to find his link)
And my blog is really just another one of those Student Loan Horror Stories, and not very unique, except for the fact that Law Students take on larger debt, and are in deep financial trouble if they cannot service that debt.
For the coming years bring with them (you guessed it)
Bigger Debt
