This morning I got an email asking me to sign a petition to Mr. Paulson, the Treasury Secretary saying that student loan companies should not be bailed out as planned. The email alienated me somewhat though because they said:
"Most students and families do not use private student loans to pay for college, nor should they. Private loans are risky and expensive, and they lack the important consumer protections and repayment options that come with federal student loans. Providers of private student loans already receive special treatment in bankruptcy at borrowers’ expense. Taxpayer dollars should not go towards helping lenders make these high-risk loans."
I responded with:
"I was fooled into getting private student loans as a first generation college student. They're ruining my financial situation. What happens to me in all this? My interest rates keep going up and I don't know what to do. Just because I'm not in the majority of people who paid for their college with federal loans (I used as much as I could) doesn't mean I should be left out in the cold."
Shortly after I recieve this email:
Thank you for responding. I couldn’t agree more that borrowers like you who have already taken out private loans need better options for repayment. This issue is addressed briefly in our letter to Paulson, where we say that existing private loan borrowers should be able to renegotiate the terms of their loans. We have also been fighting for over a year to allow private loans to be discharged in bankruptcy like other consumer debt. We know that folks like you face major issues with the repayment of private loans, and we will continue to do what we can to expand your options while minimizing the risks and burdens of private loans for future students.
The Institute for College Access & Success
Now that is the sort of response that I am looking for! No more blank stares or silence. I want to live my life the way a college graduate should, not the way someone working minimum wage does.
Now I await the call back from this gentleman at Graduate Leverage...I am VERY interested in how this will go and what it will be about.