Archive for October, 2010

Killer Student Loans

Posted in Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default, Student Loans with tags , , , , 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

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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 , , , , , , , , , on October 16, 2010 by debtprisoner

Bankruptcy 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 , , , , , on October 16, 2010 by debtprisoner

The 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 , , , , , , , on October 6, 2010 by debtprisoner