L
Springfield,#2Consumer Comment
Fri, February 06, 2004
It is very unfortunate that this person is way over their heads with their student loans. Unfortunately, it happens to many students. While in school, the student has a responsibility to understand how much they are borrowing and how much their payments should be when they graduate. One cannot assume they will land in a fantastic, high paying job when they graduate. It is stated clearly in your entrance and exit interviews, and your promissory note that you are the one responsible for your repayment of your loan. No one forced you to take out the loans. American Student Assistance is well in their right to demand this money from you. It is a federal loan and the regulations are clear. American Student Assistance is doing nothing illegal. They are not obligated to "lighten up" on your debt. Any other group loaning out federal dollars would do the same thing. Credit card companies do the same thing. In fact, this person is lucky that his/her tax refunds and wages haven't been garnished. My suggestion? Get a better job with your two Masters Degrees.