Archive for March, 2009

Student Debt: Denying The American Dream

Posted in Economy, Higher Education, Student Debt, Student Loan Default, Student Loans, Videos with tags , , , , , , , , , , , , on March 23, 2009 by debtprisoner
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Unethical Student Loan Lending Practices on CNN

Posted in Economy, Higher Education, Media Appearances, Student Debt, Student Loans, Videos with tags , , , , , , , , , , , , on March 23, 2009 by debtprisoner

Forgive Student Loans, Stimulate The Economy

Posted in Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default, Student Loans with tags , , , , , , , , , , , , , , , , on March 19, 2009 by debtprisoner

“The National Association of Colleges and Employers says that average starting salaries for the Class of 2002 range from $27,000 for political science majors to $51,000 for computer programmers. Around $35,000 is the national norm.”

“After taxes, that works out to about $2,000 a month–the rent on a tiny apartment in a borderline neighborhood in New York or San Francisco. When a fifth of your paycheck goes to student loans, it’s hard to afford a car, much less purchase a first home. Economists looking for explanations for declining sales of big-ticket items might start here.

“College tuition is free or nominal in most industrialized, and many Third World, countries. The United States’ insistence that students assume huge debts to pay for their college education is unusual enough that the Chinese government included it in its 2001 report of American human rights violations.”

Excerpted from “Student Loans Are For Suckers” by Ted Rall.

PLEASE LINK TO THIS BLOG AND HELP US SPREAD THE WORD ABOUT STUDENT LOAN DEBT — THANKS!

College May Become Unaffordable For Most In U.S.

Posted in Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default, Student Loans with tags , , , , , , , , , , , , on March 19, 2009 by debtprisoner

“The rising cost of college — even before the recession — threatens to put higher education out of reach for most Americans, according to the biennial report from the National Center for Public Policy and Higher Education.”

“Over all, the report found, published college tuition and fees increased 439 percent from 1982 to 2007 while median family income rose 147 percent. Student borrowing has more than doubled in the last decade, and students from lower-income families, on average, get smaller grants from the colleges they attend than students from more affluent families.”

My response: College is ALREADY unaffordable for most in the U.S. Right now, families are financing higher education through DEBT (often that they will never be able to pay back).

But tuition has finally increased so much (relative to median family income) that it’s starting to make more sense to just skip college altogether. I certainly recommend not attending rather than taking out student loan debt — which is the only option for most families.

Link (via The New York Times)

American College Debt: The Beast That Swallows Its Young (video)

Posted in Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default, Student Loans, Videos with tags , , , , , , , , , , on March 18, 2009 by debtprisoner

Obama Needed Book Sales To Pay Off Student Loan Debt

Posted in Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default, Student Loans with tags , , , , , , , , , , , , , , on March 18, 2009 by debtprisoner

Does it take having TWO NEW YORK TIMES BESTSELLERS to pay off student loan debt in America?

Apparently it did for President Barack Obama, the guy who thinks every child in America should go to college.

“It wasn’t until Barack Obama wrote a pair of best-selling books that he and his wife escaped their student loan debt, an experience Michelle Obama said Tuesday helps the couple understand everyday challenges better than policymakers in Washington.”

“Obama told the crowd that when she and her husband left law school, the monthly payments on their school loan debt was more than their monthly mortgage payment. She said they only got out of that debt when Barack Obama wrote his two books, The Audacity of Hope and Dreams from My Father.”

Surely President Obama would understand what we’re talking on this blog, since he and The First Lady both had massive student loan debt!

So why hasn’t he stopped by StudentLoanJustice.org — or linked to this blog? Why haven’t YOU?

Link (to Michelle Obama: Barack’s Book Sales Paid Off Our Student Loans on Fox News)

Student Debt: Shocking 60% Need Student Loans For A Bachelor’s Degree

Posted in Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default, Student Loans with tags , , , , , , , , , , , , , , , , , on March 18, 2009 by debtprisoner

“In each year between 2000 – 01 and 2006 – 07, an estimated 60% of bachelor’s degree recipients borrowed to fund their education.”

“Average debt per borrower rose 18%, from $19,300 to $22,700 in 2007 dollars over this time period. Average debt per bachelor’s degree recipient increased from $10,600 to $12,400.”

“In 2007 – 2008, lenders provided about $17 billion in private loans, a 592% increase from a decade earlier.

Source: The College Board (Trends in Student Aid – 2008)

60% of students borrowing money to fund a bachelor’s degree?

A 592% increase in PRIVATE LOANS for undergrad college?

The American Student Loan Debt Crisis has become a major problem that is hurting the U.S. Economy.

Find out how you can help solve the problem by visiting Student Loan Justice (link).