[Editor's note: This is the third story in our series on the social and philosophical dimensions of Borrower Defense to Repayment. We hope that by sharing these stories, more people will understand why Borrower Defense is morally essential.]
The school made a lot of promises, but they misrepresented information and, in some cases, completely lied about our profession and our income ability. My profession at the time was averaging 25k-35k/yr in income. They told us it was 100k-125k in order to justify taking out 100k to pay for the education.
I lived simply and thought that as long as I made 100k I could easily pay my loans back within two years. No student loan should take more than 3 years to pay back, and I had a plan to do it in two.
I graduated in the height of the second financial crash of my lifetime - 2007/2008. Turns out there were no jobs available prior to this crash and certainly wasn't during the crash. Opening a practice was impossible and due to illness of both myself and my partner at the time, we were in deep poverty with only a roof over our head due to family. I was able to secure a part-time job at a grocery store. During this time, I also found out that my 4 year medical degree meant nothing outside of the field I was in - also another lie from the school. I couldn't transition to any other medical profession without starting over.
I made 12- 20k a year for several years in unrelated fields, meanwhile catastrophic interest was building. Congress had also passed a law to block bankruptcy and to add capitalized interest to student loans in 2005 - which is considered predatory lending in almost all types of lending, especially for large loans. My interest rate was averaging 8%. As a former business analyst, I knew this was going to have catastrophic impacts.
Since that time, I have tried to pass a student loan bill for the last 17 years that would solve this for 95% of borrowers from the past, current and future.
I borrowed 108k, paid 85k and I owe close to 260k for this specific degree. I have tried leaving the profession for the last 15 years but have been stuck because of the loans and no one wanting to hire me outside of my profession. I've had a few part-time jobs, but those have also dried up.
I filed for Borrowers Defense, but don't have high hopes that this will be approved under this administration, despite my school being closed down. My education has been a lifetime sentence of indentured servitude. I've been in crisis since I graduated and have never known a moment of peace. I had started to feel some hope in 2019, but lost everything and more in the pandemic and have now declared bankruptcy and will attempt an "adversarial proceeding" to get relief from my student loans as well. It will cost between 6-12k to file for adversarial proceedings with no guarantee I'll win.
I also recently found out that my IBR should have been approved in Jan 2025 for full cancellation, but instead the administration INCREASED the number of years of repayment another 12 years.
If it weren't for my son, I would have fled this country 18 years ago and started over. As it is, I'm preparing to leave because of the fear of debtors' prisons for people like me. I absolutely can not afford any additional payment to my student loans. Despite hard work to change careers and well over 3k applications in the last 4 years, not including prior to that, I keep being told my education and credentials are not enough, even in the field I'm in.
This insanity is easy to fix. Yet, neither Democrats nor Republicans have been willing to pass basic laws to restore (yes restore) sanity to education and student loans.
I graduated in the height of the second financial crash of my lifetime - 2007/2008. Turns out there were no jobs available prior to this crash and certainly wasn't during the crash. Opening a practice was impossible and due to illness of both myself and my partner at the time, we were in deep poverty with only a roof over our head due to family. I was able to secure a part-time job at a grocery store. During this time, I also found out that my 4 year medical degree meant nothing outside of the field I was in - also another lie from the school. I couldn't transition to any other medical profession without starting over.
I made 12- 20k a year for several years in unrelated fields, meanwhile catastrophic interest was building. Congress had also passed a law to block bankruptcy and to add capitalized interest to student loans in 2005 - which is considered predatory lending in almost all types of lending, especially for large loans. My interest rate was averaging 8%. As a former business analyst, I knew this was going to have catastrophic impacts.
Since that time, I have tried to pass a student loan bill for the last 17 years that would solve this for 95% of borrowers from the past, current and future.
I borrowed 108k, paid 85k and I owe close to 260k for this specific degree. I have tried leaving the profession for the last 15 years but have been stuck because of the loans and no one wanting to hire me outside of my profession. I've had a few part-time jobs, but those have also dried up.
I filed for Borrowers Defense, but don't have high hopes that this will be approved under this administration, despite my school being closed down. My education has been a lifetime sentence of indentured servitude. I've been in crisis since I graduated and have never known a moment of peace. I had started to feel some hope in 2019, but lost everything and more in the pandemic and have now declared bankruptcy and will attempt an "adversarial proceeding" to get relief from my student loans as well. It will cost between 6-12k to file for adversarial proceedings with no guarantee I'll win.
I also recently found out that my IBR should have been approved in Jan 2025 for full cancellation, but instead the administration INCREASED the number of years of repayment another 12 years.
If it weren't for my son, I would have fled this country 18 years ago and started over. As it is, I'm preparing to leave because of the fear of debtors' prisons for people like me. I absolutely can not afford any additional payment to my student loans. Despite hard work to change careers and well over 3k applications in the last 4 years, not including prior to that, I keep being told my education and credentials are not enough, even in the field I'm in.
This insanity is easy to fix. Yet, neither Democrats nor Republicans have been willing to pass basic laws to restore (yes restore) sanity to education and student loans.
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