Fashion Gone Bad for Private Student Loan Borrower (Depressed Debtor)

As many high school students start looking for higher education options as graduation approaches, I had no idea what I was looking for. My parents worked in the food/service industry my whole life and no one in my family attended college. I knew I wanted something more. I came across International Academy Of design & Technology (IADT) at a college fair held at my high school. Which was a low income public high school.

 
IADT marketed themselves in a different way than any other university. They prided them self on that we can get hands on experience, work right in the industry, travel around for classes, classes were morning or night and that I can be done with a bachelors degree within 3 years. All while working right in the industry with mentors that the school will help set us up with. This all was perfect, as I had to still work to make money to live. I was so excited that I could do all this hands-on work and get a degree too. I knew that a 4-year university would never work for me.

I started at the Las Vegas campus. Within a few months I noticed that it was nothing that they promised me. I would ask the teachers and they said it was because the campus was NEW. I decided to switch and go to the Chicago, IL campus. When I did transfer, the school did tell me I had to take out private loans because my federal loans were all maxed out. So I did, not knowing this was a scam. 

As the Chicago campus was more “established” all the lies started to come out and seeing the other students and talking to them. Seeing that this school knew who to target and what kind of places to recruit low-income students. Lie to us, tell us we’ll get great jobs, etc. it was all lies. I never had a fashion “mentor” I never worked with major brands, fashion shows. Gosh, I barely learned programs on computers that were to be taught. I knew if I dropped out my parents (not too smart to begin with) would never understand. I stayed and just hoped for the best, working hard and trying to find connections myself. It was hard, I was 19 trying to find my way in life with no guidance. I had a mental breakdown. It caused me many relationships, money struggles, my faith and low confidence that got me into a social life mess.

The past 15 years of having a useless degree and 100k in private student debt. The only job I could ever get was a retail manger making $40,000 a year. I had many interviews with top brands like Nordstrom, Zappos, Macys, ETC, they all pretty much laughed in my face saying I had no degree just debt. I was never qualified for a buyer job, or a marketing manager at the brand. I went to school and all that debt for what? To make $40,000 a year. Being forced to pay $500+ in private student loans a month , that’s all I got. If I miss one payment I start to get threatening calls saying I need to pay or I’ll be sent to a collections agency, and they will start to take my wages. The lender (MOHELA) says they will work with me but they never do. Interest rates on the loans are 5% or higher. 

I cannot save, I have no retirement, I don’t own a house, car, no credit cards.my credit score has never been above 500. 

No American dream for me and my family. 

After paying my loans I barely could survive. I would love to file for bankruptcy, but I can’t, because the “Private loans” are not able to come off. But, When I do ask the lender (MOHELA) they tell me private loans are like a credit card, so why can’t I file for bankruptcy? Doing research on all the private loans, reading other stories of people in the same mess and all saying that we were victims of fraud. it’s a scheme of the poor stays poor and the rich, stays rich.

This loan has caused nothing but mental breakdowns and depression. I have to choose to dress my kids and put food on the table or pay this useless loan. It was all lies. I’m beyond terrify that a marshall will pound my door down when I’m late on payments. Once COVID hit I lost my job in retail and could never get back in at a manager level. Only way was working hours that I could never raise my family. I now clean houses to be able to have a family life. I have thought about going back to school and get more loans but nothing at this point can get me out of the mess I’m in.

I fell for a scam and for that I hate myself for doing it. I lost my faith and life to this loan. It controls me. I am not making anywhere near the money I was promised by IADT.

After doing countless attempts of the Misconduct application and being denied every time. I have read that MOHELA has discharged student loans that were 7+ months or more in default. But nothing for the ones that have been struggling to pay? I am trying to do what’s right. Yet again I was screwed. MOHELA has not worked with me they have just caused me to be terrified of life and a prisoner of this loan while I live paycheck to paycheck with a useless bachelor's degree.