Borrower Profile #1
Sonya
Age: 34
School Attended: ITT Technical Institute
Years Attended: 2004-2005
Course of Study: Associate’s Degree, Information Technology
Degree Status: Incomplete
Occupation: Full-time Administrative Associate at a not-for-profit home health care firm
Student Loans: 6k in Federal Loans, 14k in Private Loans, both serviced by Sally Mae
Loan Status: Paid Off
Describe the student loan application process:
I didn’t really know what I was doing. The student aid office handled everything for me, all I had to do was sign the papers. My loans covered books and tuition, and I was able to defer payments while I was in school. No big deal.
Talk about your experience while you were in school:
I was renting an apartment and working full time. My classes were weekday nights. Finding time to study and do homework was really hard. I didn’t end up finishing my degree and that was a big reason why.
What happened once you stopped taking classes?
My loans were automatically deferred for six months. Then I had to start making payments to Sallie Mae. The size of my payments was pretty reasonable, and I was able to make one online payment that covered both loans. I think I was paying about $120 a month.
Describe your experience with Sallie Mae:
They’re hard asses. Very “by the book.” One time I knew I was going to be a day late with a payment, so I called them in advance to tell them but they still charged me a late fee. Other than that I didn’t have any problems with them, but that one incident really stands out. They didn't treat me like a customer, more like a prisoner. I’m glad I didn’t have to deal with them for very long.
How were you able to pay off your loans so quickly?
In 2009 I inherited a fairly large sum of money after the passing of a relative. At the time my student loan balance was about $15,000. I decided to just pay it all off, so I made a huge payment. It turns out at the time of the payment interest had not yet accrued for the day, so the next day I had to make another payment for about $1.70. Of course they had to get their pocket change! Then it was totally paid off.
Was it hard not to spend that money on something more fun?
I think about what I could have bought with that money all the time! But I guess I’m glad I paid off the loans. If I had a student loan payment every month I wouldn’t be able to drive as nice a car and I’d be a lot more stressed about money. So yeah, it’s a good thing I used the money for that.
Final thoughts?
School wasn’t really worth it. I use maybe 2% of what I learned at work. But I’m glad I don’t have to worry about the loans right now.
