Federal Student Loan Scam Alan Collinge Coast to Coast 05-27-2011 (by MrThemastercleanser)
https://www.facebook.com/CoasttoCoastafterDark
http://www.coasttocoastam.com/show/2011/05/27
In the first hour, Ian Punnett welcomed the founder of StudentLoanJustice.org, Alan Collinge, who discussed how federal student loans have become predatory, turning a generation into debtor slaves. “It’s a socially horrible epidemic,” he declared, noting that America’s total student loan debt now surpasses the nation’s credit card debt. He explained that student loans are particularly pernicious because they contain no consumer safeguards such as bankruptcy protection, statute of limitations, or the ability to re-finance the debt in an open market. As a result of these factors, Collinge said, when a loan is defaulted, it can double or even triple due to penalties and fees.
In looking at the source of the problem, Collinge pointed to student loan advocates and the Department of Education as the key entities that “failed to play their part” in overseeing lending practices. According to him, the DOE has been using a faulty metric to determine the default rate on student loans, thus misleading Congress into increasing the allowable limits on colleges for lending. Additionally, Collinge said, the DOE actually makes “about 22% versus what they pay out” for defaulted student loans. In order to fix the student loan epidemic, Collinge endorsed restoring bankruptcy protections for these loans. Should that happen, he said, “a multitude of problems” will resolve themselves, including an “almost overnight” drop in college tuitions.
Student loan forgiveness act, madness!
My fellow friends from collage seem to be universally supporting Student Loan Forgiveness act. It is a little annoy to say the least. Reminds me of the housing loan bust of a few years ago.
Why does the goverment have to pay off your dept? Considering it is payed from other tax payers. It is not like that money come from thin air. It has to come from someplace. In this case the productive members in our society.
Here is what I would propose to fix the student loan dept issue.
1. Make Sallie Mae follow the same laws as every other loan provider has to follow. Do not give them exceptions, like bankruptcy immunity. Were it is almost impossible for the former student to include his dept in a bankruptcy.
2. Get the goverment out of the loan business. As it stands now. Under Obama care. Student loan under the law can only be done by the goverment. This gives us a monopoly. Lack of competition creates lack of innovation. No developments in new services and products. that can best benefit the student and former student.
Then you also have a system were the goverment can pick and choose winners in who gets loan money, and what schools can accept student loan money, and who can get “Forgiveness”
3. In the short term they can limit the amount of money given out. Like health insurance. Student loans have inflated the cost of education. The colleges think the money from the loans are a bottomless pit were they can keep drawing money from. They don’t need to follow traditional free market principles. They can keep raising the cost forever.
4. Encourage free market to flourish. So we current and former students have employment. Deregulate every thing so business want to grow and hire more people. So we can earn money to pay off our dept, instead of being unemployed.
Just a few ideas I have.
Need work.
I need work. It is so frustrating. I am to educated for my area. Under qualified any were else. I am stuck in a catch 22. People in my industry love my art, but will not hire me because I don’t have 3 years of industry experience. Something that is impossible to do right out of college. Then in my area were I live, I am now unemployed because no one will hire me or others like me who have 4 year degrees. I am at my whits end. Its sending me into a deeper dispersion in the process.
If I knew what I know now. I would not have gone to college. I would have had four solid years of work under my belt, and not student loans. I could have been in a management position by now. Instead I am back at school getting a MBA so I can delay the pain of my student loans. In the end I wont be any more hireable then I was before.
I at this point have no future.
good:
Hustlin’: Why We Should Stop Obsessing Over What College Majors Make Us Rich
We get it, English majors are poor. But instead of following the money, shouldn’t we be asking why our culture undervalues arts and humanities? College students should certainly know what they’re getting into when they choose to study, say, philosophy or German, especially with tuition costs and student loan interest rates rising. But those figures should be coupled with a few important caveats.
I would agree. Yet there are a lot of employers who expect a degree. Even if the work does not need that knowledge. I have a animation degree. I had to get it if I wanted to work in animation. Why? Because the people who hire animators will not even look at my art unless I have that degree. Yet the work and skill does not need the college degree. All you need is good computer and art skills. Things you can gain on your own.
What a sad world we live in.
(via braddogott)
Title:
Student Loan Debt Exceeds $1 Trillion.
Source:
Uploaded by PigMine3 on Oct 20, 2011
From: http://www.youtube.com/user/CBSNewsOnline
October 20, 2011 - Business and economics correspondent Rebecca Jarvis speaks to the “Early Show” anchors about the increase of student loans and gives some tips on paying off debt.
Fed “Resisted” Transparency For $1.2 Trillion in Secret Loans
Uploaded by PenguinProseMedia on Aug 23, 2011
former TARP Special IG Neil Barofsky on lack of Fed oversight as the Central Bank handed out Trillions in loans 2008,09, 2010, half of which went to foreign governments. Fed “resisted” oversight. Thanks to Bloomberg News for excellent reporting on the Fed secret loans scandal.
Coast To Coast AM - 27.5.2011 - 1/4 - Student Loan Scam
Uploaded by MrSuperpotatotomato on May 28, 2011
MP3 http://www.4shared.com/file/7bRKgGH4/Coast_To_Coast_AM_-_2752011_-_.html
Guests: Alan Collinge
Student Loan Scam:
During the first hour, Ian Punnett welcomed the founder of StudentLoanJustice.org, Alan Collinge, who discussed how federal student loans have become predatory, turning a generation into debtor slaves. “It’s a socially horrible epidemic,” he declared, noting that America’s total student loan debt now surpasses the nation’s credit card debt. He explained that student loans are particularly pernicious because they contain no consumer safeguards such as bankruptcy protection, statute of limitations, or the ability to re-finance the debt in an open market. As a result of these factors, Collinge said, when a loan is defaulted, it can double or even triple due to penalties and fees.
In looking at the source of the problem, Collinge pointed to student loan advocates and the Department of Education as the key entities that “failed to play their part” in overseeing lending practices. According to him, the DOE has been using a faulty metric to determine the default rate on student loans, thus misleading Congress into increasing the allowable limits on colleges for lending. Additionally, Collinge said, the DOE actually makes “about 22% versus what they pay out” for defaulted student loans. In order to fix the student loan epidemic, Collinge endorsed restoring bankruptcy protections for these loans. Should that happen, he said, “a multitude of problems” will resolve themselves, including an “almost overnight” drop in college tuitions.
Open Lines:
The remainder of the program was devoted to Open Lines and featured callers responding to the student loan issue as well as sharing their tales of the strange and unusual. “I don’t see UFOs,” Catherine in Arizona insisted, “I’m one of those very boring people who does not have strange things happen.” However, she shared the one strange tale which has flummoxed her for the past two years. She recalled seeing an 18-wheeler, parked at a truck stop, which sported a “holographic picture of a grey” alien on the back. As she got closer, the image became more vivid and then disappeared as she went past it. Despite attributing the sighting to her imagination, Catherine was mystified when the incident repeated itself two weeks later. Strangely, the truck also bore no company identification on it and appeared seamless, “almost like a mirror.”
Later, Hale in Greensburg, Indiana shared the uplifting tale of how his dog sensed his arrival home from the Navy. Hale explained that, upon getting out of the service, he planned on surprising his parents by not letting them know he was coming home. As such, on the day of his return, he was dropped off by a friend on the street corner near his house. Meanwhile, unbeknownst to him, the family’s dog had been so anxious to go outside that Hale’s parents let the canine out to roam. However, the pooch did not go too far, Hale laughed, because “when I got out of the car, on the corner, my dog was sitting there, waiting for me.”
