Archive for the Sallie Mae Category

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

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

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

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)

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.

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