Though their policies are under fire, for-profit college leaders aren’t hurting for cash. Bloomberg reported this week that for-profit college executives earned $2 billion running the schools. Strayer Education Inc. CEO Robert Silberman earned $41.9 million last year — 26 times more than the highest-paid non-profit university president. Seventy-five percent of Strayer’s revenue comes from taxpayers.
For-Profit College Recruiters Caught Lying on ABC News
Posted in Economy, Higher Education, Media Appearances, Student Debt, Student Loans with tags abc news, devry university, higher eduation, huffington post, private colleges, remington college, student loan scam on November 20, 2010 by debtprisonerKiller Student Loans
Posted in Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default, Student Loans with tags elections, halloween, midterm elections, student loan crisis, u.s. economy on October 31, 2010 by debtprisoner“This year Americans’ total outstanding student loan debt from federally funded and private loans was estimated at $833 billion, a sum that exceeds our credit card debt (though the two kinds of debt overlap, since, as the Smith study showed, credit cards are used to help pay tuition). The Chronicle of Higher Education reported in July that the 15-year default rate for federal loans is 20 percent; for loans to community college students, 31 percent; for loans to students at for-profit schools, 40 percent.”
**** HIGHLY RECOMMENDED READING if you are new to the Student Loan Disaster. ****
LINK to “Killer Loans: Student loan borrowers drown in debt as lenders make billions.” in Valley Advocate News
The Student Loan Disclosure Document You Should Read
Posted in Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default, Student Loans on October 31, 2010 by debtprisoner“Very, very few borrowers fully understand the potential ramifications of the loans that they are taking out.”
LINK to “The Student Loan Disclosure Document Every Borrower Should Read” by Zac Bissonnette at Huffington Post
VIDEO: U.S. Students Drowning In College Debt
Posted in Activism, Economy, Higher Education, Media Appearances, Sallie Mae, Student Debt, Student Loan Default, Student Loans with tags art institutes, bill collectors, chiropractic student loans, credit cards, debt relief, economic crisis, jobs, student loan forgiveness, student loan scam, u.s. politics on October 16, 2010 by debtprisonerBankruptcy Protection Bill for Private Student Loans Advances in Congress
Posted in Activism, Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default, Student Loans with tags art institutes, bankruptcy, debt snowball, student loan forgiveness, student loan relief, Student Loans on October 16, 2010 by debtprisonerThe Private Student Loan Bankruptcy Fairness Act (H.R. 5043), originally introduced in the House on April 15 by Reps. Steve Cohen of Tennessee and Danny Davis of Illinois, was passed by a House subcommittee on Sept. 15. The proposed legislation would reverse a provision of a lender-friendly bankruptcy reform bill that, in 2005, created special protections for lenders of private student loans, making private student loans almost impossible to discharge in bankruptcy, unlike most every other form of private consumer debt.
LINK TO FULL STORY
Starting Life With Student Loan Debt
Posted in Economy, Media Appearances, Student Debt, Student Loan Default, Student Loans with tags cartoons, direct loans, political cartoons, Sallie Mae, student loan bailout, student loan scam, third world america, u.s. economy on October 6, 2010 by debtprisoner
Student Loan Scam: the fast road to Debt Slavery
Posted in Chiropractic College Debt, Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default, Student Loans with tags art institutes, chiropractic loans, Economy, obama, private college loans, Student Debt, university of phoenix on September 5, 2010 by debtprisoner
Student Loan Debt Clock — $848 billion and counting
Posted in Activism, Economy, Higher Education, Student Debt, Student Loan Default, Student Loans with tags huffington post, obama, student loan crisis, student loan debt clock, u.s. economy on September 5, 2010 by debtprisonerA new tool lets you watch the country’s collected student debt pile up in real time.
Sponsored by FinAid.org, the Student Loan Debt Clock tallies an estimate of total private and federal outstanding student debt. According to FinAid, now is peak time for debt growth, as more student loans are doled out at the semester’s start.
Link (to Huffington Post)
High Costs, Loan Defaults at For-Profit Colleges
Posted in Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default with tags art institute, for profit college, recession, student loan crisis, university of phoenix, usatoday on September 5, 2010 by debtprisonerFrom USAToday:
According to the Department of Education, 77% of for-profit universities’ revenue — some $24 billion in the 2008-09 academic year — comes from federal grants and loans. Amazingly, even though the industry accounts for only 10% of students, it is responsible for 44% of all loan defaults. On average, more than one in five people who borrow to attend for-profit institutions is in default within three years of leaving school. The schools don’t care because the loans are federally guaranteed — an echo of the practices that led banks to issue subprime mortgages.
Link (to USAToday)
Meet Your New Roommate: Student Debt
Posted in Economy, Higher Education, Student Debt, Student Loan Default, Student Loans with tags cartoons, humor, student loan crisis, u.s. economy on August 30, 2010 by debtprisoner
