Student Loan Scam: The Most Oppressive Debt in US History —and How We Can Fight Back.. – Author: Alan Michael Collinge. JANUARY 29, 2009. MICHAEL SAVAGE Show. An in-depth exploration and exposé of the predatory nature of the student loan industry Alan Collinge never imagined he would become a student loan justice activist. He planned to land a solid job after college, repay his student loan debt, and then simply forget the loans ever existed. Like millions of Americans, however, in spite of …
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Please, if you are going to criticize, do a little more research first. Don’t come to the table full of ignorance acting as if you’re so damn bright.
Pick the best student loan
I tried working with Sallie Mae, they would not accept less than $350/month in order to keep out of default. Sound unbelievable? I think so too, all of us facing this feel that way. It simply does not seem possible, but guess what? It’s happening.
I believe there are 2 things about this problem we, those in default, would like addressed: lowering payments and disallowing collection abuses.
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Did you listen at all to this interview? No, I don’t believe that nearly any of us in student loan messes expect that our debts will be forgiven, i think all we want is to pay back the debt we signed up for, not triple+ that amount. I would be happy to pay off the $30K I was expecting to pay over time until it is paid fully, but not so much interested in paying the $110K my debt will bloat to due to charges tacked on by the debtors. It’s like loan sharking, if you’re familiar with that concept.
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Do you believe in a banking structure that charges impossible to pay interest rates because they know you can’t get out of it. Even Jesus preached against these types of lending practices. What I advocate is fair lending practices & getting rid of bankruptcy laws on gambling debts, cars, credit cards. The fact these are okay, yet student loans aren’t does say something about our society.
Bulls*** education? If America is going to survive we need to be educated…or we are doomed.
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If you actually took the time to read about the issue or about what I wrote on Facebook, then you’ll see I don’t advocate for people to not sacrifice and work your way through paying off the debt. What I advocate is against banks making it impossible for people to pay back their debt when they default on a single payment. These banks will raise your interest rate from 8% to 30 to 60 percent (some much higher than that) making it impossible to pay off. I’m in a position to pay my loans at 8%.
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Wait… ***. You want the debt you signed up for to be forgiven? instead of sacrificing and working your way through your bullshit education?
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I’m graduating this year with a Ph.D. I’ve got a loan close to $200k. The payment is going to be bigger than my mortgage.
If you have facebook, there is a group with 200+ thousand members called:
Cancel Student Loan Debt to Stimulate the Economy
There is also a petition which you can find there.
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I would say that’s marginally true but it’s a pretty big generalization. I know doctors who love their job, make tons of money and they are very very important to our society. Because they went to med school. I also know people who got a random art degree because they figured that’s what they were supposed to do, now they are back working at mcdonalds. It goes both ways.
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IT amazes me.. I spent 3 years completing General Education requirements and was about to attend a university this Fall with a Business Administration major BUT I had an epiphony…Millions graduating from that field and only thousands of jobs available… AND I calculated how much debt I was going to be in and it was (after I would be done) $25,000+ !!
This is NOT an Investment, I just woke up.
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oh yeah almost forgot…a wise *** wrote a book about it…lol.
you need that to figure the whole thing ***** to high heaven with gubermint blessing included.
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you just got to wonder who came with this idea of getting young people to start in life saddled with debt with the false promise of good paying jobs.
The greed is their only god.
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“higher education” is a great way to get brainwashed and go deeply in debt.
Consolidate your debt onto a student loan
This is why lenders love young people they will fall for the scams a lot,more then more experienced people in life.Never borrow for anything is not required and make it your last resort.
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College is a bad investment,unless your not paying for the cost. College does not teach people how to work or profit,but slaves.College is a scam.
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Thanks for posting.
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Thanks for posting! Good video
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Wow? 150,000? there is not a bachelors degree on the planet that isn’t ivy league that is worth that kind of investment!
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Please take this video with a grain of salt. If you find yourself underemployed when your loans enter repayment status take a couple steps.
1. Talk to your lender. This gentlemen says he did and instead of a forbearance they put his loans into default. This won’t happen if you talk with them and schedule out a payment plan. I think he isn’t telling the whole story.
2. Find work. Get another job, do what you have to do to make the payments. Default is a very ugly thing!
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oh hell that was predictable albeit funny.