college debt horror stories

College debt horror stories can make future students very cautious. They might be more likely to choose cheaper schools or majors that are known to lead to good jobs. For example, if they hear about someone who graduated with a large debt from a private art school and couldn't find a job, they may opt for a more affordable state school with a practical major.

Many students experience the horror of co - signing loans. A student's parents might co - sign a loan thinking it's the best way to help their child through college. But if the student fails to make payments, the co - signer is on the hook. There are cases where parents have had their retirement savings or homes at risk because of co - signed college loans that the student couldn't pay back.

One inspiring story is of a single mother who went back to college. She took out some loans but also worked extremely hard in her studies to get top grades, which made her eligible for a merit - based scholarship in her junior year. She also managed to find a work - study job on campus that helped her cover living expenses. By the time she graduated, she had managed to pay off a large portion of her debt and was in a much better financial position to support her family.

Some students achieved college debt success by working part - time throughout their college years. They were able to use the income to pay off tuition fees as they accrued, rather than taking on large amounts of debt. For example, my friend worked at a local coffee shop. He carefully budgeted his earnings, paying for textbooks and some of his tuition directly, which significantly reduced his overall debt.

Keep records of all communication with debt collectors. If they make threats or false claims, you have evidence. Also, communicate in writing when possible. This way, there is a clear record of what has been said. It's important to stay calm and not let them intimidate you.

One horror story is a student who graduated with a huge debt. The interest rates were so high that even with a decent job, they could barely make the minimum payments. Every month, they had to sacrifice basic necessities just to keep up with the debt.

One horror story is when debt collectors start calling at all hours of the night. They don't respect the debtor's privacy or sleeping hours. It can be extremely distressing for people who might already be under a lot of stress due to financial difficulties.

One horror story is when a friend took out multiple high - interest payday loans. He thought he could pay them off quickly but ended up in a cycle of borrowing more just to pay the fees. His debt grew exponentially and he received constant threatening calls from lenders.

One horror story could be a student who took out a large amount of loans to cover NYU's high tuition. After graduation, they couldn't find a well - paying job immediately. The debt payments were so high that they had to move back in with their parents and sacrifice basic luxuries like going out with friends or buying new clothes just to make the monthly payments.

One horror story is when a debt collector started calling a debtor's workplace repeatedly, almost getting the debtor fired. The collector didn't care about privacy or the debtor's situation.