Attention, Wells Fargo; Even Your Employees Get It

I recently had some medical problems I had to take off work for, not to mention pay for out of pocket.  I'm moving to Nashville at the end of the month, so time and money are very important.  As me and my boyfriend were doing our finances for the move, and the weeks after, I decided I'd try to get an economic hardship forbearance on my student loan($315/month, serviced by Wells Fargo) for the month of November.  I figured that unemployment would be a decent economic hardship.  Turns out I was wrong.

Wells Fargo has changed their forbearance/deferment policies at least 3 times since they've taken over my Wachovia private loans.  The policy changes have included losing any sort of deferment for a private loan, and only one forbearance is allowed per year, no matter your employment status.  I took a forbearance in April, because my shitty job was only scheduling me 3 times a week(at 8.50/hour-- FUCK YOU MAX BRENNER).

I wasn't intending to get upset at the lady.  Dealing with student loan servicers over the past 5 years has taught me that you get much more done when you are nice to a person over the phone.  They are working for a living just like me, and more often than not, are not evil hardasses.  The lady I spoke today was very kind, though maybe not the most well-informed, as I told her about my recent injury.  She checked my account, and regretfully informed me that I had no more forbearance time until next year.  My father co-signed on my loans, so Wells Fargo is much less understanding about my personal circumstances.  To them, the co-signer is one more way to get paid.

I didn't mean to get upset, to cry, but my voice shook as I thanked her for her time.  She apologized, sounding almost on the verge of tears herself.  "You could consolidate, but you already have a better interest rate than you'd get right now.  They have to do something, because these kids can't pay these loans, not right out of college, not anymore.  The money's just not there, the jobs aren't there.  It's just not there."  She sighed sadly, "I'm sorry, honey."   Her unexpected sympathy made me tear up more, so I agreed with her that it was very hard.  She apologized for not being able to help me and we hung up.

My parents helped me get these loans, because few 19 year olds look good enough on paper to guarantee a $50,000 student loan.  I love my parents, and while we've had some rough patches, I respect what they've done for me.  However, if I were the only signer on this loan, and had the choice, I'd default on the fucker as soon as humanly possible.  Wells Fargo has been bailed out by the federal government and is BIGGER than it was BEFORE the stock market crash.  I'm 25 years old, uninsured, a waitress, and about to relocate and there is NOTHING that Wells Fargo can do for me about a $315 student loan payment?  I get emails from them, offering me $25,000 if I switch to paperless statements.  Why can I not get any help?

I urge you, if you have a private student loan from the big four (Wells Fargo, Citigroup, JPMorganChase, or Bank of America):  Default on the fucker.  Take your money out of their banks.  Protect yourself from their corrosive, insidious greed.

On the same topic, I've got two credit cards.  One, a Capital One card,I got when I turned 18.  The other pays for the computer I'm using now.  I've been making more money than I used to at work, and have been paying over the minimum balance on both credit cards.  Next thing I know, my mailbox is deluged with offers not only from Capital One("We see that you've been doing a great job!  Have another credit card!") but from Bank of America, Citibank, Orchard Bank and any number of other shadow companies all under the same big four financiers.  They don't stop, because people still take these credit cards.  When you're under $50,000 of credit card debt, another $500 at 25% interest doesn't seem to be that big of a deal.  They don't stop, because they don't care.

What I'm saying isn't news to anyone, that much is clear from the widespread Occupy protests that have reverberated around the world.  However, the tone of these protests seems a little precious to me, a little too self-aware and immersed in the meta-aesthetic of the Internet.  This doesn't faze a corporation whose government not only saved it from failing, but bolsters it still, and gives it the same rights as a human being, but without the same responsibility of paying taxes.   I'm not sure what the outcome of this movement will be, but I'm certain that until the gap between the poor and the rich is, if not closed, lessened, the discontent and anger that permeates this country will bring everyone- the Big Banks, the little protesters, your parents, your nextdoor neighbor- to their knees.

Stay strong.  And, if anything, Occupy Your Own Mind.  Form a real opinion and make it heard.