I owe roughly 40k, I've never paid a dime. I have PEAKS, Navient, and Great Lakes. I'm not even sure which of these are federal and which are private. Can only plead ignorance to the system. My credit is terrible now, what should former students like me do? I would have no problem paying off something that actually has legitimacy, but this...I cant get myself to ever pay anything towards it. What are my options? Should I wait until this thing crashes? Would that even affect me? Thanks.
21 replies (most recent on top)
@ 917 You Ma'am are full of it. CK has provided fact based info and you offer troll drivel. Hush and crawl back into whatever hole you emerged from.
Holy shit have they been nuking my phone the last few days, they're desperate as hell.
CK Navient is "bundling" the loans? Do you mean combining Fed and Private loans together?
@CK Sallie Mae changed its name to Navient this year but the same workers correct?
OP
I think they did both federal and private through Sallie Mae, hard to say when they drag you out of class to sign 3 or 4 at a time for years. This whole mess is like something the KGB would have been involved with 20 years ago - no jobs without a degree, sign your life away to legal loan sharks just for a chance and still most have found nothing really out there. The biggest reason ITT is going to follow Corinthian down the toilet is simple math. Sky high loans to people in areas with no jobs and a terrible reputation meaning if 10 people interview for a job the one who went to ITT Tech is going to get passed on.
To those with Navient Loans. Navient is bundling these toxic student loans and selling them as securities (Student Loan Asset-Backed Securities). Then they get Moody's to grade them as Aaa or AAA......................https://www.hvst.com/posts/35491-a-look-into-the-most-toxic-student-loan-asset-backed-security-slabs-in-the-market
You're not alone buddy. The school that I went to is no different than yours. With all the bs going on, I wouldn't mind flipping burgers at a restaurant and starts over again ONLY if my student loan is dismissed and restore my previous excellent credit score.
OP
7207 Navient (former Sallie Mae) is your Federal Loan.
OP here. I'm not CK actually, I'm just someone who feels like I shouldn't pay something that is detrimental to my resume. That's the reputation they've built. If you research online, almost every single opinion of this school is negative. I'm not the type of person that is looking for a handout or an occupy Wall Street affiliate. I don't agree with CK in that regard, but you can't deny the things he has pointed out regarding ITT. They haven't held up their end of the deal, which is to have a reputation that employers trust. That fact, coupled with the fact that they appear to be in financial and legal trouble, who would want to pay towards something like that? Also, I don't recall going through any formal process on the department of education website. It was a very rushed process, and I was young and naive. I know I'm not the only one. I believe it's a genuine injustice.
Hmmm, OP, let's think this through. You owe the taxpayers $40,000.00 that you knowingly took out after signing many disclosures, and even completing a 45-minute entrance counseling session on the Department of Ed's website. Unless you're a seriously long-term career student, that money wasn't all to cover tuition and books. You chose to take out loan money to live off of, despite the fact that many of your fellow classmates worked full-time, had kids, and still managed to complete their programs. If you were honest, you'd admit that you can't bring yourself to make payments on something that nobody cab take away from you. If it was a car payment or a house payment you'd make it, even if you weren't 100% satisfied with the purchase. What do you think is going to "crash"? Your life, perhaps? Your credit already sucks, meaning you will always have to pay more for less for an apartment, car, etc and will be very limited in the jobs you can get. Trust me, the federal student loan system won't be collapsing. In fact, the student loan "scandal" is yesterday's news until the presidential cycle comes up next year, and then it will only get brief lip service as part of a list of liberal grievances (and if Hilary's the candidate as expected, forget it - she's not into income redistribution). So maybe you should consider paying your debts, unless you're a masochist who's hobby is seeing how low his life can sink. Oh, wait, that is your hobby (we know you're the OP, CK). Hee hee.
Hee, hee, hee...this is SO good! The OP and ALL of the comments are from Camden Kid (Dahn Shaunis). He comes on here and posts back and forth agreeing with himself all day long! He's never worked for ITT (or ANY career college) and has no knowledge of your operations. He tries to do the same thing on the CCI board, but we knock him in his place! Coming on here, and posting twitter messages to nobody ( https://twitter.com/usinjustice ) are his full-time jobs since he lost his last P-T adjunct gig. Christ, this guy is a loser! BTW, if you haven't figured out by the tone of his posts, he's not only a radical socialist...he's actually (and proudly) a communist. His history is being a career student for 10+ years (see why he's now so into getting student loans forgiven?) to having a few P-T adjunct jobs to being totally unemployed. He posts that he truly believes that there should be one working person for everyone who "chooses" not to work and we should split our paychecks with them. He is a world class nutter.
Here's ITT Tech's (premature) death notification.................................... https://en.wikipedia.org/wiki/ITT_Tech
The Bottom Line is: ITT screwed over its students and unfortunately for those of you who are still employed by this crap-ass organization,you will find yourselves on the unemployment line when individuals decide to go somewhere else for their educational needs.
@Anonymous87398, the PEAKS program was a fraud against ITT Tech students and the parent company (ESI) is in federal court against the CFPB.................... http://www.consumerfinance.gov/newsroom/cfpb-sues-for-profit-college-chain-itt-for-predatory-lending/...............................Navient also acts like a criminal enterprise, bundling up toxic loans into SLABS (student loan asset-backed securities).................... https://www.hvst.com/posts/35491-a-look-into-the-most-toxic-student-loan-asset-backed-security-slabs-in-the-market
@Anonymous87398, the PEAKS program was a fraud against ITT Tech students and the parent company (ESI) is in federal court against the CFPB.................... http://www.consumerfinance.gov/newsroom/cfpb-sues-for-profit-college-chain-itt-for-predatory-lending/...............................Navient also acts like a criminal enterprise, bundling up toxic loans into SLABS (student loan asset-backed securities).................... https://www.hvst.com/posts/35491-a-look-into-the-most-toxic-student-loan-asset-backed-security-slabs-in-the-market
OP I am not an attorney but if I was to give you my opinion I would say screw them. I would also ask you to voice your protest to your BBB, state AG , and any other government and state officials you can get in touch with. As someone else suggested, you can also join the other students who are in the same situation you are in. Whatever you do DO NOT PAY. As the number of people who don't pay this fraud gets higher the more pressure the government will have to close this mess. You should also demand that the executives of this crap go to prison for putting you and thousands of others in debt for ever.
I wish the debt collective was adding ITT now to further momentum. There has to be many tens of thousands of former students with nothing to lose who would join them.
Take a look at the first graph in this article. It isn't sustainable and the government has to know it. If people had the money these wouldn't be loans, and since guys like Mitt Romney offshored all the jobs that paid enough to live even if and when students find a job they will be lucky to afford a place to live, much less a second mortgage for their entire working career for a piece of paper. There is no other direction for this mess to go but down. http://www.huffingtonpost.com/rj-eskow/what-everyone-should-know_b_6993242.html
@Anonymous87319, also follow the news of the Corinthian15 (aka Everest Avengers).
First, share your story on myITTexperience. Then consider networking with the tens of thousands of people who are in the same boat--in whatever ways you can. The "Debt Collective" is working with Corinthian Colleges right now, but they may get to ITT Tech students at some point.
I'd wait, the government is after for-profits and something will come up. If your credit is a mess already, just sit and wait. My gut feeling, do not have anything to back this up. There is a lot of momentum here and it will be a major theme in 2016 elections. You have Sen. Elizabeth Warren harping on this daily. Hillary is on this too. Obama keeps talking about it, something will have to happen as the burden of the loans is messing up the macro-economic picture as well as it's crippling a large portion of the overall population from having economically meaningful lives. I went to a state school in early 2000s so I was lucky to only have a few grands of loans - it's almost paid off (I worked full time while in school). My wife took a different route. She went to American InterContinetal University (yeah, I know, WTF), got her BS and MBA in 5 years and still owes over 100K. She landed a decent job straight out of school, but it was not enough for her to make a dent in her overall debt (was making around 42K, with promos and pay raises she's making around 60K now but we live in California and that borderline poverty line as we can afford only a crappy rental apartment in a crappy area (I make around 60K a year - 2 kids). So, going back to what I said, I think something positive has to happen otherwise hundreds of thousands of lives will be ruined.