By JLP | August 26, 2009
I’m only writing about this because the guy in this story left a comment on this post along with a link to his website, ForgiveStudentLoanDebt.com. No wonder why this guy wants his debt forgiven and why he founded his website:
My name is Robert Applebaum. I am a 35 year old attorney from Staten Island, NY and the founder of ForgiveStudentLoanDebt.com. This movement began as a proposal I wrote one morning on a Facebook Group called “Cancel Student Loan Debt to Stimulate the Economy.” This is my story:
I am a 1998 graduate of Fordham University School of Law – an education I financed through the Federal Stafford Loan program. By the time I graduated from law school, I had amassed approximately $65,000 in student loan debt.
Starting in 1999, I began working as an Assistant District Attorney in Brooklyn, N.Y. where my starting salary was $36,000 per year. With a strong desire to use my education to serve my community, I was forced to place my loans into forbearance because I simply could not afford to make student loan payments while paying rent at the same time.
Thanks to “capitalized interest” – a racket whereby interest continues to accumulate, which then gets tacked onto the principal, the amount I owed grew exponentially over time. After five years of service as an ADA, while watching my student loan debt grow at an alarming rate, I was forced to make the unfortunate decision to leave a job I loved simply because I felt that I needed to begin to pay down my student loan debt. But for that debt, I likely would have continued in public service indefinitely.
For the next five years, I made regular payments on my student loan debt, never once defaulting on my loans and I continue to make payments to this very day. Despite five years of regular payments, and because of the first five years during which my loans were in forbearance, my principal loan balance is more than $20,000 higher today than it was on the day I graduated. Unfortunately, I’m not alone.
Apparantly Mr. Applebaum has NO IDEA how interest works. You see, people and companies don’t loan money for free. The $65,000 Mr. Applebaum racked up had to come from somewhere. It was loaned to him with the stipulation that it would be paid back at some point in the future with interest. Mr. Applebaum didn’t understand this and then when he figured out he couldn’t pay back the loan, he was surprised to find out that the interest was being tacked on to his loan amount, and therefore increasing his debt.
Come on Mr. Applebaum. You’re a lawyer. You can’t figure this stuff out?
You made a mistake and it shouldn’t be up to the American taxpayer to bail you out. Instead, why don’t you look for a better job or move to a place with a lower cost of living so that you can afford to pay back your loan and pay rent?
I don’t mean to pick on Mr. Applebaum. But, publicizing his plight and asking for the Federal Government to step in and magically wipe away his debt is just too much for me to handle.