Are you being SCREWED by your Student Loans?
Link to article
“Student loans have become the most profitable, uncompetitive, oppressive, and predatory type of debt of any in the nation. This has occurred due to legislation that was largely paid for by the the lobbying machine of Sallie Mae, the largest student loan company in America. Vast personal fortunes are being made by both Sallie Mae executives, and others who paid for this legislation, at the expense of decent citizens who were not able to capitalize on their education. This has effectively crippled MILLIONS of decent citizens who want to repay their original debt, but are prevented from doing so by staggeringly higher amounts being demanded from them by both “non-profit”, and for-profit student loan companies. This has truly created a swath of economic destruction across our land.”
From: http://www.studentloanjustice.org:80/
July 29th, 2007 at 12:12 pm
I’ve seen it. I’m living it. Perhaps the loans need to be forgiven, based simply on the fact that the money paid back isn’t being used properly.
August 23rd, 2007 at 11:21 am
The solution to this problem is to eliminate the FFEL loans and provide all student loans through the Ford Direct loan program, administered by the U.S. Department of Education.
There was NEVER any reason for the FFEL program except to line the pockets of private lenders. It makes no sense and costs taxpayers money, both directly and indirectly when collusion by lenders and corrupt financial aid officers steers students to use more expensive sources than is in their best interest.
Senators and Congressmen are now discussing this important issue, and within a few years, I believe that we’ll see the abolition of FFEL. UP should make this a priority, in fact, because education is a core interest of the middle class.
As for your loans being forgiven… that would make no sense. You did borrow the money, and while I am vehemently opposed to FFEL, I would challenge the original article’s casting of the inability to find a job as being a lender’s fault.
In America, you have the right to decide whether you want to pursue a degree in Art History, Engineering, or nothing at all. You also have a right to choose your school. So if you spend $135,000 on music conservatory education and then discover that you only make $18,250 per year… too bad. Your choice, your life, and your debt.
August 30th, 2007 at 7:28 pm
i finally paid off SALLIEMAE a couple of months back. Never wanted to get a divorce so bad, in my life. She’s a real ball and chain.