Ever since you were a child, you were told that a college education was your ticket to a better future. Everyone told you that college wasn’t a luxury – it was a required in order to get ahead.
You took on some student loans, but you figured it would be alright in the long run. You’d get a good job, pay off the loans, and enjoy the peace of mind that comes with financial stability.
Nobody told you how much you were borrowing, or how student loan repayment works. Just sign these papers and everything will be great, they kept saying. You went to class, enjoyed yourself, confident that the school and the loan officers were telling you the truth.
Things started going bad when the first student loan bill showed up in your mailbox.
If you’re like most people, you called the student loan servicer and let them know you couldn’t make payments. They gave you a forbearance, and then another one. Every few months you got another letter, but the numbers seemed to be growing every time.
Eventually, the servicer said you’d run out of forbearance options and needed to start making payments. By that time, your balance had grown so much that you couldn’t afford to make the monthly payments and keep a roof over your head.
You had heard about some options, but the terms were vague.
You got phone calls and letters from fast-talking “student loan counselors” who made promises without providing details.
You kept hearing about the laws being changed.
You got tired of the scams and didn’t want to be a victim.
So you threw up your hands and resigned yourself to a lifetime of debt slavery.