Comment on CFPB-2013-0003-0001

Document ID: CFPB-2013-0003-0014
Document Type: Public Submission
Agency: Consumer Financial Protection Bureau
Received Date: February 28 2013, at 12:00 AM Eastern Standard Time
Date Posted: March 4 2013, at 12:00 AM Eastern Standard Time
Comment Start Date: February 5 2013, at 12:00 AM Eastern Standard Time
Comment Due Date: March 18 2013, at 11:59 PM Eastern Standard Time
Tracking Number: 1jx-83xz-rv76
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This is comment on Notice

Financial Products Marketed to Students Enrolled in Institutions of Higher Education

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Goodbye American Dream, Hello Indentured Servitude. I was disabled shortly after earning my JD. I incurred about $180,000 in public debt and about $60,000 in private loans. I had been making payments until I was totally incapacitated for over a year and saw my principal amount trend downwards. Once I was physically capable of resuming work, I learned that Sallie Mae had capitalized the unpaid interest into the principal amount of my loan so that I owed more after I regained my health than I did the day after law school. I presently owe $74,000 to Sallie Mae and another $294,000 to the Education Department. I do not expect to ever see the end of my student loan debt. About one-third of my income goes to service my student loan debt. According to the terms of my loan, I will have to repay this until I retire in 20 years.