Successful Internet Entrepreneur Reveals all about his Very Personal Student Loan Debt Horror Story and Becomes a Student Loan Consolidation Evangelist
Successful Internet entrepreneur reveals all about his student loan debt horror story at http://www.StudentLoanConsolidation.ws/ and becomes a student loan consolidation evangelist.
(PRWEB) May 27, 2005 -- While surfing the Internet, I recently found myself
at http://www.StudentLoanConsolidation.ws, a website where the
author tells of a rather disturbing student loan debt story. I was intrigued, so
I decided to contact Steve Brown, the site's creator, to see if I could have a
conversation with him about his experience. Mr. Brown was more than happy to
talk with me, and the first question I asked him was why he created the http://www.StudentLoanConsolidation.ws/ website. "Catharsis,
pure and simple," he began. "I went through hell with my student loan debt and I
really needed to communicate my story just so I could get it off my chest. Now,
I can tell you that I'm very happy that I did because I've already received
emails from people thanking me for sharing my experience; quite a few of them
communicated to me that they would have made the same mistakes I
made."
Steve Brown is a successful Internet entrepreneur with over 380
functioning websites on the World Wide Web. Like many other Internet business
owners I've talked to over the years, Mr. Brown is laid-back and very friendly,
a man who obviously enjoys the way he makes his living.
I asked Mr. Brown
to give me a brief summary of his student loan debt story.
"Well, you can
read the full story by stopping by the website at http://www.StudentLoanConsolidation.ws, but to sum it up for
you: I was ignoring my student loan debt for years and eventually it caught up
with me. The government was able to secure a "judgment" against me in court, and
using the power of that judgment they were able to get access to my business
bank account and take every penny that I had in it, money that I was going to
use to build my nascent Internet business. It was horrible. It was shocking, and
I can tell you without exaggeration that it almost ruined all my
dreams."
Brown admits that he had been miserably irresponsible about his
student loan debt and that in hindsight he knows that he should not have ignored
all those debt collection letters and phone calls he was receiving at his home
and place of work.
I asked Mr. Brown why he thinks so many other people
out there who have borrowed money from the government--money that they obviously
have to pay back--are making the same mistakes he made by not servicing their
debts.
"I don't think that people are disregarding their student loan
debt obligations simply because they don't want to give up their money. I think
the problem is a lot more serious than that. You see, we are now living in a
virtual debt-slavery society. Many Americans are overwhelmed by debt: credit
cards, first and second mortgages, car loans-it's all too much for the average
American to handle, and they feel that they simply can't meet their student loan
debt obligations without giving up the fight and going into bankruptcy. It's a
sad state of affairs but it the reality of middle-class life in America
today."
I asked Mr. Brown, "You know, some people might read your story
and ask themselves, 'that's an interesting story, but is it really true? Is
student loan consolidation really the answer?'"
"The student loan debt
horror story that I have decided to share with the world at http://www.StudentLoanConsolidation.ws/ is 100% true, and you
only have to read the latest headlines for stories that will make you a true
believer! It seems like everyday I'm reading new student loan debt horror
stories, horror stories that are even worse than mine! I just read one story of
a sixty year old man's social security benefits being garnished because he
ignored his student loan debt for decades, and yet another where a couple of
unlucky parents had to pay $30,000 in fees because of problems with the $40,000
of student loan debt that their son had incurred. These stories get to me,
especially because most of these student loan debt problems are so preventable.
In some of these cases, student loan consolidation would not have helped, but in
many others, student loan consolidation could have saved people from some major
financial headaches.
"Folks out there need to understand the seriousness
of their student loan debt. Most people don't know about the change in federal
law that happened back in the late 90's that has basically put an end to the
once common practice of declaring bankruptcy in order to get out of student loan
debt. Folks who consolidate their student loans now will have a much lower
monthly payment than they would otherwise have if they choose not to
consolidate, and the lower monthly payment is locked in for the life of the
repayment period. Interest rates are at record lows and they are on the verge of
going up. Soon this opportunity to save thousands in interest charges will be
gone and I think lots of people are going to regret snubbing the whole student
loan consolidation thing."
When asked if there was one last piece of
advice that he can offer to anyone with student loan debt, Mr. Brown replied,
"Absolutely: if you haven't consolidated your student loans already, do it now
while interests rates are still low. Congress is currently debating whether they
should terminate the whole student loan consolidation option because some in
Congress think that government subsidization of the program is costing American
taxpayers too much money. That means that soon-and I mean in the very near
future-student loan consolidation may not be available to anyone, and that would
translate to a much more oppressive student loan debt burden for
borrowers."
Mr. Brown invites the world to stop by his website which is
located at http://www.StudentLoanConsolidation.ws/, to read his story,
get information about the pros and cons of student loan consolidation and browse
the latest entries in his student loan consolidation blog.
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Source : http://www.prweb.com/releases/2005/5/prweb244598.htm