$89,263.66.
That's how much it cost for me to achieve the "American dream."
You know that dream, right? The one that says "if you work hard, go to school, and get a degree, you'll find a good job that you can work for 30 years, retire and live comfortably with fond memories of your 'heyday,' telling exaggerated stories of your younger years to your grandchildren."
That dream.
I was one of the first people in my family to go to college. My parents wanted me to acquire more of that American dream than they could. My dad was a factory worker and my mom was a banker by trade but spent most of her career as a clerk at the U.S. Post Office. Going to college was the ideal step towards achieving more than they could.
My parents couldn't afford to send me to my dream school, Spelman College, so Sallie Mae sold me a dream that would make college affordable and provide the resources to cover the expenses that my mom couldn't cover. They sold me "the dream." They took this slang-talking, gum poppin', girl from Decatur and made entering into college easy.
Fast forward 11 years and $89,263.66: I am unemployed and scraping every month to provide Mustang Sallie her monthly feeding of greenbacks. Between the time I acquired my student loans and today (over the course of 9 years), I've been unemployed for nearly three of those years. During the times I worked, I made from about $24K-$42K a year as a rental car associate to a high school English teacher. I've cleaned out my 401K and my exhaustive search for employment has kept me and millions of others hungry for more than just a good meal.
Occupy Wall Street, which marked its one-month anniversary October 17, has spawned #OccupyAnyStreet movements all over the U.S. from Atlanta, to Boston, to D.C. People all over the U.S. have grown tired of the hypocrisy, the blatant disregard for American citizens, and the broken dreams, shattered hopes, and trampled promises for a better life.
Today, a Sallie Mae representative told me it would take the next 24 years to pay off my student loans. It will be the year 2035. I will be 53 years old. My daughter will be celebrating her 30th birthday.
Sallie Mae, who accrues interest daily on their loans, has absorbed $25,227.50 in interest from me. That number will increase tomorrow.
According to Sallie Mae, I'm supposed to make a monthly payment of $733.82. When I was working as an educator, and at the height of my earning potential, that was a fourth of my take-home monthly salary.
For the last 20 months or so, I've been making interest only payments of $243.58. It's all I could afford.
For Sallie Mae customers who have taken out private loans with them, they have NO repayment options for beyond the basic 48-month in-school deferment, (enough time to get your graduate degree, which I did) and they only offer a 24-month forbearance for unemployment, hardship, etc.
I've had my loans with them for 9 years. I will have them for another 24 years. I currently have them during one of the greatest economic crisis of my generation's lifetime and Sallie Mae has provided no options, no programs, no assistance for the thousands, maybe millions of customers who need help paying their student loans.
Who is here to help us? Who will aid the American people who chased the American Dream, went to college, started a business or pursued a passion only to get to the end of the road of "promise and prosperity" and have no job or capital to help fund their way from dream to reality? Occupy Any Street is exactly that. It is an occupation, a takeover for the American Dream. Reclaiming the promise made through the blood, sweat, and tears of the people before us. It is not subject to race, nationality, or religion. It is, in fact, a universal promise made to those who call themselves American citizens.
I posed this question to Sarah, my Sallie Mae representative today: "If one of your customers can't pay their student loan bills, what adverse affects does that have on me and on you?"
Sarah: "Well, if you don't pay, you go into default and your credit could be adversely affected. If we don't get payment then it's a bad debt and we have to figure out a way to collect it or write it off."
Me: "So, in a lot of ways, if one customer doesn't pay their loan, it can affect Sallie Mae's bottom line in regards to assets, liabilities, etc, much like banks who lent to home owners who skipped out or couldn't pay their mortgages, yes?"
Sarah: "Yes, that's right."
Me: "So what happens when 100 people can't pay? 1,000? 5,000? Nine percent of the U.S. population is unemployed. That number is higher in minority communities, the same communities that Sallie Mae "prowls" after in your marketing and lending tactics. (Don't believe me? Click here.)"
Sarah: "Ma'am, I just work here."
Me: "Good answer, Sarah! You're just a peon like me."
I don't know if I'll ever get free of these student loans. They hang over my head like a cloud of death. I pray to God every day for a supernatural miracle of some sort to free me, not from responsibility, but from the burden of pursuing the American Dream. When I'm working, the loans tie up all of my disposable income. They keep me from obtaining a loan for a home. They have bound me from my American right to "the dream." They, in turn, add to the economic crisis of people who don't have the extra money to spend to boost our economy.
In 1931, author and historian James Truslow Adams coined the term "American Dream" in his book Epic of America. His definition of the American Dream expresses some of the core values of what the Occupy Wall Street movement is all about:
But there has been also the American dream that dream of a land in which life should be better and richer and fuller for every man, with opportunity for each according to his ability or achievement... It is not a dream of motor cars and high wages merely, but a dream of social order in which each man and each woman shall be able to attain to the fullest stature of which they are innately capable, and be recognized by others for what they are, regardless of the fortuitous circumstances of birth or position.The American dream that has lured tens of millions of all nations to our shores in the past century has not been a dream of merely material plenty, though that has doubtlessly counted heavily. It has been much more than that. It has been a dream of being able to grow to fullest development as man and woman, unhampered by the barriers which had slowly been erected in the older civilizations, unrepressed by social orders which had developed for the benefit of classes rather than for the simple human being of any and every class.
32 years later, Dr. Martin Luther King, Jr. expressed his own desires for people to reach the figment of the American Dream from a Birmingham jail:
We will win our freedom because the sacred heritage of our nation and the eternal will of God are embodied in our echoing demands... When these disinherited children of God sat down at lunch counters they were in reality standing up for what is best in the American dream and for the most sacred values in our Judeo-Christian heritage, thereby bringing our nation back to those great wells of democracy which were dug deep by the founding fathers in their formulation of the Constitution and the Declaration of Independence.
"What happens to a dream deferred?"asked poet laureate Langston Hughes. He listed some strong images of rotting meat, festering sores, explosions. Every day people, like Dr. Nikea Hurt, who has a doctorate in educational leadership (and is a Sallie Mae customer) answered Hughes' question from her own experiences pursuing the American Dream: "What happens to a dream deferred? It gets pushed back along with those student loan payments once we realize the American dream is only for those who can afford to dream in the first place."
Follow Alisha L. Gordon, M.Ed. on Twitter: www.twitter.com/AlishaLGordon
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As a former teacher I have to say I find both distressing and near-implausible that someone with a Masters from Spelman is having difficulty finding work.
In case you don't know...if you teach in districts with a teacher shortage--Title I districts for example--you can have your student loans forgiven with about 5 years of service, The caveats are, of course, that you may have to move and then go work in a district where the conditions might not be so wonderful. But given your circumstance this seems a small sacrifice.
Someone gave you some very bad advice and that was to go for your Masters in Education without having a job. I don't know of a single teacher who earned a Masters immediately after completing their undergrad. They earn their Masters at night once they get a job. It's a double-win, the school district pays for the coursework and then gives the teacher a raise. Sure, it's exhausting to go to school while teaching, but it's how people avoid the predicament you are now in.
I agree with you completely about the deferment of the American Dream and the absurd and unfair student loan system in the country. While those appear to be factors in your situation, I think your bigger complaint is with the person(s) who told you it was a good idea to get a Master's in Education without having a job first. Hopefully, someone else can learn from your error.
As I've mentioned before, this story isn't exhaustive. There are pieces of the story that wasn't told, and, unfortunately, many are making sweeping generalizations without all of the facts.
I was LAID OFF from my teaching position and after interviewing in every county in Metro Atlanta wasn't able to secure another job. You're right. Sounds completely absurd, but true. Applied in Title-I districts. Rural districts. Inner city districts. I enjoyed teaching. Cried to no end when my position was cut. With a 96% pass rate on state mandated test, I should NOT have been cut...But this is the society we live in. Que sera sera.
First of all, she was trying to "achieve HER DREAM bu using (borrowing) OPM - Other People's Money (her loan).
Secondly, she BLATANTLY FAIED to achieve her dream . . . that is just a "normal risk in life".
Finally, she DEFAULTS on her contractuact commitment to repay the loan (there was NEVER ANY GUAANTEES attached to the loan (she could have failed out or dropped out of college too).
Her financial default contributes to the national economic problems THE SAME as those who defaulted on subprime loans of people who couldn't afford to repay them when they got those loans. And she obviously has no regard for the negative impact of her irresponsible actions on society or others . . . those investors who are going to lose due to her defaulting on the loan or the tax payers who are going to have to pay someone for her defaulted amount.
These people are irresponsible, unconscionable, and have no moral compass. They are scheming to use OPM to get ahead in life; but when their "dreams fail to materialize, they simply want to "walk away" and screw those who tried to help them.
Peolpe who take out exorbitant college loans must "have some skin in the game" and be fully resonsible for those loans that they contract for. They should not be bailed out . . .
The U.S. appears to have a generation (or two) who have an ingrained sense of entitlement to being bailed out or to irresponsibly "walk away" from their irresponsible inebtedness of their own volition . . . this undermines the whole INTEGRITY of our economy and credit system; and it destroys the stability of our economy. What about people's sense of personal responsibility. Without DIRE CONSEQUENCES to people defaulting on contracts (loans, mortgages, etc.) our economic system becomes totally unsound . . . and that is where we are at today; and that is going to be a BIG NEGATIVE FACTOR in the "recovery effort". WE MUST STOP these "bailout efforts; it is going to contribute to destroying our capitalism and our economy.
And entitlement? C'mon... stop using the language your dad used... It's a new century and a new age. Change must happen. But if you want to have a negative and fearful attitude, that's your choice. I respect your free will. I empathize with your frustration. It sounds like you're needing empathy for how hard you have worked.
For those with savings, it will have to be an investment in equity or real estate rather than bonds. Less stable, more risk. That's life.
http://www.usnews.com/education/best-colleges/articles/2011/06/28/10-universities-with-largest-financial-endowments
Much thanks to everyone! I hope this is creating much needed dialog about parental involvement, student loans, the value of a college degree, our economy, and financial responsibility!
My dream has NEVER been about money but rather personal development and enrichment through life experience. I've spent my entire life wondering why there's no room in the USA for my dream. I work enough to pay my bills and my taxes (and would gladly pay more if it wasn't squandered on wars and banks) but I have never desired to have the big house on the hill. Yet, unless you work all hours of the day, you can't even make enough to rent a tiny room. My desires aren't outlandish and I am not lazy. I just have a different dream and it baffles me to no end that freedom has somewhere along the line become synonymous with money, which ironically has everyone in shackles.
In the past month, I've put out over 100 resumes and applications, and the best I've gotten is an interview that went nowhere. What did I do today? I went to the mall to see if Kohls and Sears were hiring for the upcoming holiday season. That's what it comes down to now. And all I'm doing this for is to pay bills, namely my student loans, only one of which has given me a 6-month deferment. My Chase Student Loan, on the other hand, won't give me a deferment because I don't have a job and can't give a definite time frame as to when I could resume payments. If I have no income, guess what? I can't make payments.
Both political parties separate this nation by sex, race, religion and wages. A single American Party, the Average Americas sees the problems we all face not the color of skin or the church or even the sex of the person. The first statement under Average Americans is "WE THE PEOPLE" this may seem strange but today it is we the American People against two failed absolute parties. Average Americans can and will work for a country that is growing and the people can have the job and dream. WE THE PEOPLE can do the hard work to make the dream, but we can't when divided-it is time to take off the gloves the words and the glasses and see Americans who want a great nation and understand they have to work together instead of being divided by words that have destroyed our future.
Average Americans.
VIVA THE REVOLUTION!