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DianeB
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Joined: 01/August/2005
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Topic: The Private Institution Catch Posted: 01/August/2005 at 8:35am |
Well, I went to a private institution that, at the time, boasted over 98% of their graduates got jobs in the field. (That stat has since been revised to reflect a far more accurate picture following threats of legal action for erroneous and misleading information.) Unfortunately, going into this institution, I was not made aware of the following: a) Degrees from this particular private institution are not considered anything comparable to degrees from Univerisity.
b) The cost of a degree from a private institution is about triple the cost of a comparable, and ultimately far more marketable degree from a leading University.
c) When receiving funding from the government for a private institution, more often than not students hit their cap on their loans in their final term, making it impossible to continue their education and obtain a degree without finding other sources of funding.
d) The amount of the loan required to obtain a degree at a private institution (roughly 45K) is damn near impossible to pay back if you wish to eat, live in a home, and feed your children.
As a result of severe health problems, I was unable to complete my degree, and at the time, was convinced my lack of completion (I missed two courses) was the reason for my lack earning power. Since, my health problems have gotten much worse, and I am no longer employable. However, as I have observed the individuals from my graduating class, I noted that not one of them has yet managed to gain relevant employment as of yet. (Bear in mind, we finished over 2, nearly 3 years ago.) A good friend of mine recently stopped even trying to repay, when he received a statement showing that following two full years of payment his debt load had actually gone up! This was largely to do with the fact that while working on the rigs to make ends meet, and sending student loans what he could, he was unable to make a large enough payment to even cover the interest on this massive debt!! As a result, interest was continually being rolled over into the principle.
He gave up, closed his bank account, reopened one jointly with his parents that they couldn't touch, and told them they could have his taxes and that was it. As for me, I am coming up on my last period of interest relief, and have no hope in sight of being able to work again. Even in the course of writing this post, I've had to get up several times due to spasms. I am currently awaiting government disability funding, and have made student finance aware of my current situation.
What happens when the interest relief runs out? I'm told I can apply at that time for debt reduction, followed by another 5 IR periods, and can go through that process three separate times before I have to seek other options.
Student loans have then, thus far, been relatively good to me. I do, however, have to question the wisdom behind our government funding these private institutions when comparable degrees are offered at subsidized, Canadian post secondary facilities?? Had I gone to U of C as opposed to the institution I did attend, my loan today would be roughly $16 instead of $45K. And how many students of these private institutions are unable to repay due to the fact that they could not complete their degrees because of lack of funding? Pretty difficult to make a $800.00 payment when you can't get a job earning more than $10/hr. Why is this funding of American Institutions being allowed by our government when this mess is the only real outcome?? Isn't this an immense waste of taxpayers dollars? If I was told I would have to pay for the private institution, but could receive funding for U 0f C or Mount Royal, I would have changed my academic aspirations in a real hurry. Isn't this what student finance should be doing to prevent these enormous, unpayable debts??
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D. Browning
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silence2long
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Joined: 10/January/2005
Location: Canada
Points: 254
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Posted: 02/August/2005 at 1:33am |
DianeB,
There are many....many problems with the system. Unfortunately, you seem to have pointed out a few more.
It is nice to hear that at the present time you are not experiencing any student loan collection issues.... from the above post.... it does sound that it may work out for you.... sounds like you have been informed more than a lot of others..... I wish you continued good luck with you student loan issue.
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silence is a form of fear...fear of the unknown...has kept me silent too long
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silence2long
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Posted: 02/August/2005 at 2:44am |
Just read your other post DianeB
Disregard the good luck post above....
You seem to not be dealing with your consumer debt.... SO.... you will have nothing to worry about when the Student Loan Collectors come a calling..... You do have it all figured out...don't you?
Guess you won't have to own any of it.
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silence is a form of fear...fear of the unknown...has kept me silent too long
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DianeB
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Posted: 02/August/2005 at 6:01am |
I am surprised you would judge me that harshly based upon two posts in a forum. However, in order to clear this up allow me to explain that the only debt I have ever refused to pay, thus the advice posted in the other area on collections, was a debt my ex considerately incurred in my name (without my consent, I might add) by ordering a water cooler + water through a promotion and neglecting to tell me. When I arrived home after spending six weeks East due to a death in my family, the water cooler was there, and he was not. I tracked down the company the damn thing came from, told them to pick it up and didn't give it another thought until the collection agents phoned to tell me it was my bill. Yes, I refused to pay that...I felt that since I hadn't signed any supporting documentation, nor had I agreed or known about the existence of the stupid thing until my return, when I promptly returned it, I shouldn't have to pay for it. If that makes me a bad person in your eyes, so be it, however I stand by my guns on that one and know in my heart I did do the right thing.
In the post you are referring to, I also begin by saying that you should own up to your debts if they are valid, because running is not a solution. Moreover, I have kept in constant contact with NSL to inform them of all moves, changes in income etc. because regardless of what I feel was a mistake, I know it was a mistake I made. More research on my part would have eliminated the entire issue, as I would have chosen to go somewhere else thereby incurring a much smaller debt. Hence why I have always ensured these people knew where I was, and what I was doing. Juding me on the basis of one bad experience, (which was the back story behind the post you are referring to) is unfair.
I've spent my time in tears, and feeling like I couldn't do anything...both as a result of my physical limitations now and my financial restrictions. I've struggled to put food on the table for my little one, knowing I want more for my child than this, but being unable to provide it. I thank God every day that I have supports in my life to ensure there is a roof over our heads and food in the fridge, but I in no way revel in my situation. Each day, waking up is an experience liken only to russian roulette, because I don't know if moving today is going to nearly cause me to pass out, or not. I have gone from being an active, and social person to being a recluse because I am housebound unless someone drives me to the store, etc. I'm in the country, so public transportation/ handi-bus isn't an option.
My life used to consist of going out with my little one after work, or school and playing. I went out with my friends and their little ones often, and though most of what we did was family orientated, it was fun. Now, it's seldom I can do these things because my body is failing me, and I face the possibility of not seeing the one person in my life that I live for growing up to become the amazing person I know I have always been proud to call "my child." You say I seem to have it all figured out, and I tell you not by a long shot...I don't know how long I have left, nor do I know what comes after that moment. I do know this...I have lived my life with honor, and your shallow judgements based on little other than a few paragraphs will not change that.
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silence2long
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Posted: 02/August/2005 at 8:22am |
As shallow of a judgement as you seem to think that I have made, I am human and read what you posted........had you said that your "ex" considerately incurred the consumer debt... and then left you with the bill.... your post would have read totally different.....
As for playing games with the collector of this debt.....that is where your "honor"......came into question for me.....
Anyhow....carry on.
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silence is a form of fear...fear of the unknown...has kept me silent too long
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DianeB
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Posted: 03/August/2005 at 3:43am |
People react differently to stress. Some people cry, some people get angry, and I tend to use humour. My "playing games" with the collection agency was my method of coping with what was an intolerably stressful situation. As I stated in my post, I attempted several times first to explain my position to the agents, but when I realized this approach was getting me nowhere, I changed my tactics. Why this would then call my character into question in your mind is beyond me. I read in one of your posts that your mother suggested (jokingly I understand) calling an agent at home. Now, having said that, I would think you of all people would understand how we can sometimes get to the end of our ropes with these dredges of society.
Perhaps frustration and the associated outcomes apply only to you?
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
Points: 5996
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Posted: 03/August/2005 at 9:38am |
By definition and study, stress is nothing but the reaction a person has to a specific stimulus. In most cases, it is the phobic stimulus that is tweaked by an uncomfortable or unwanted experience. People react in such ways when unwanted or unexpected things transpire that are of a negative nature.
People cope with their triggered emotional responses and/or output by using or doing whatever works. Unfortunately, "playing games" with really strong "game players" could turn out to be more stressful than relieving.
Stress is optional. Unfortunately, it is one of the only available options to people who are inadvertantly exposed to debt crisis. Overcoming these "stressors" is not about wit. It is about becoming aware and empowered to cope with them - control them - and terminate them in the most productive way.
Let's take anger as a triggered response to a stressful situation. That is the most common reactive emotion to something that is unwanted and violating towards an individual.
What does anger do to you? It may feel good as an emotional output in an attempt to counter a threat. What it is really doing to cooking you from the inside out. Not very healthy. There are people who walk around every day witht he affliction of anger because they know of no other rational emotional response to their uncontrolled circumstances in life.
Anyway, carry on.
Johnny
www.cfwgroup.ca
www.cfwgroup.ca/forum
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silence2long
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Posted: 03/August/2005 at 10:56am |
And some just manage the stress.... by asking for forgiveness.
Forgive me... I have been a bad poster.....
You are right DianeB... I love a laugh... the good belly ones that bring you to tears.... especially when in good company... nothing can be finer. I love a good joke... or posts here on the forum that bring it on....
Unfortunately... I would just rather say F*ck off...short and sweet... then play games with the "VERMIN".... because I refuse to let the soul-suckers into my day. Easier yet is a wonderful thing called Call Display........ it totally gives me control.... and keeps them at bay.
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silence is a form of fear...fear of the unknown...has kept me silent too long
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SolveStudentDebt
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Posted: 03/August/2005 at 11:12am |
Hey, that rhymes.
Good one.
Johnny
www.cfwgroup.ca
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CARGO1
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Joined: 13/January/2004
Location: Canada
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Posted: 03/August/2005 at 6:09pm |
A question for John,
If someone is entered into a consumer contract against their will or with out consent or knowledge. Is this contract not null and void.
Should the water cooler company not have to show proof of contractual liability?
Just wondering?
Troy
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  ����The best way to forget your troubles is to wear tight shoes.
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bktropky
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Joined: 12/September/2005
Location: Canada
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Posted: 12/September/2005 at 7:10pm |
DianeB,
I went to said American Private Institution in Calgary, lured by the high employment rate
and thought of finishing a year before fellow U of C students. (accelerated
degree 3 yrs instead of 4) The cost of a degree from there is easily
triple what one could find elsewhere if one were to shop around. THIS IS
NOT A SECRET. I knew this and no one forced me to enroll.
I never finished. I completed 8 of 9 terms before running out of student
loan funding just like you said. I don't blame the institution, the
government, the banks or anyone else. It was poor planning and
inexperience with budgeting on my part, nothing else.
Three years is plenty of time to figure out I wouldn't have enough money.
Three years is plenty of time to plan for obstacles - health related or
otherwise.
I didn't and I live with the consequences, no regrets. Yes, I've had many
nasty dealings with collection agencies and my credit is lousy as a
result.
However, I don't blame the agents for their actions nor do I consider these tax
paying individuals 'the dregs of society'. They get up in the morning, go
to work and perform a service to society I thankfully don’t have to. Can they be more compassionate? One would think, but I’ve never done that job
and don’t know what it entails so I cannot judge. Speaking of which, you asked to not be judged
on only two posts and yet you easily pass judgment on THEM.
I’m not writing to criticize your opinions for I sincerely wish for your health
situation to improve but please don't use it as an excuse to give up. You
are not a victim. You decide if life is
a game liken to Russian roulette or you decide to see each morning as a gift
given to you and your child to make things better. You went to a technical school, you are
intelligent, you write well and put a lot of energy into these posts. Focus
that energy into earning a living!
There are many opportunities out there that do not require you to leave your
house. Write reviews for websites, start a portal funded by advertising,
research government grants, learn ... adapt ... grow. Do whatever you
have to - but please don't give up with so much depending on you.
BK
ps: Johnny, interesting insight.
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"Only you can hold yourself back, only you can stand in your own way ... Only you can help yourself." Mikhail Strabo
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