Archive for September, 2010

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 , , , , , , 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 , , , , on September 5, 2010 by debtprisoner

A 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 , , , , , on September 5, 2010 by debtprisoner

From 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)