Archive for Economy

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

Chiropractors Defaulted on Student Loans “In Droves”

Posted in Chiropractic College Debt, Economy, Higher Education, Student Debt, Student Loan Default, Student Loans with tags , , , , , , , , , , , , , , on August 23, 2010 by debtprisoner

The  chiropractic industry counted a win after it successfully lobbied for  inclusion in a federal student loan program for those studying  health-related professions. Decades later, though, significant numbers  of chiropractors have defaulted on their loans, leaving Uncle Sam to  make up the difference.

Fifty-three percent of  healthcare providers barred from receiving Medicare and Medicaid  reimbursements from patients because they defaulted on Health Education  Assistance Loans (HEAL) are chiropractors, according to an analysis of  the Department of Health and Human Services’ exclusion list.

The data shows people well into middle age–even in their 60s–saddled with debt, sometimes as much as $500,000, from the four years of graduate chiropractic school.

Link (via Sunshine Foundation Reporting Group)

We’ve said it before and we’ll say it again: Don’t become a chiropractor unless you like STUDENT LOAN DEBT you can’t repay — and lots and lots of it. You have been warned.

Suze Orman on Forgiving Student Loans

Posted in Economy, Higher Education, Media Appearances, Student Debt, Student Loans with tags , , , , , , , , , , , , on August 20, 2010 by debtprisoner

Link (via Youtube)

The Homeless At College

Posted in Economy, Higher Education, Student Debt, Student Loans with tags , , , , , , , , , , on August 20, 2010 by debtprisoner

Article in Businessweek about recruiting the homeless to sign up for student loan debt:

Rollins’ experience is increasingly common. The boom in for-profit education, driven by a political consensus that all Americans need more than a high school diploma, has intensified efforts to recruit the homeless. Such disadvantaged students are desirable because they qualify for federal grants and loans, which are largely responsible for the prosperity of for-profit colleges. Federal aid to students at for-profit colleges jumped from $4.6 billion in 2000 to $26.5 billion in 2009. Publicly traded higher education companies derive three-fourths of their revenue from federal funds, with Phoenix at 86%, up from just 48% in 2001 and approaching the 90% limit set by federal law.

Link (to Bloomberg Businessweek)

Americans Now Owe More Student Loans Than Credit Card Debt

Posted in Economy, Higher Education, Student Debt, Student Loans with tags , , , , , , , , , , , , , , , , , on August 10, 2010 by debtprisoner

Americans owe some $826.5 billion in revolving credit, according to June 2010 figures from the Federal Reserve. (Most of revolving credit is credit-card debt.) Student loans outstanding today — both federal and private — total some $829.785 billion, according to Mark Kantrowitz, publisher of FinAid.org and FastWeb.com.

Link (via Huffington Post)

The Dark Side Of Student Loans: NPR Radio Program

Posted in Higher Education, Media Appearances, Student Debt, Student Loans with tags , , , , , , , on March 16, 2009 by debtprisoner

But look at the dark side of those loans, and it’s a scary picture out there. Skyrocketing college costs have pushed new graduates deeper into debt than ever. And the debt itself is often structured as the most unforgiving loans you’ll ever find.

My guest today, Alan Michael Collinge, says it’s a scam just shy of loan-sharking — and that colleges are in on the game.

LISTEN TO THE FULL RADIO INTERVIEW HERE (at On Point with Tom Ashbrook website)

Student Loan Stimulus — Robert Applebaum Interview

Posted in Activism, Media Appearances, Student Debt, Student Loans, Videos with tags , , , on March 16, 2009 by debtprisoner

Stimulate the economy – “Forgive Student Loans” Facebook group creator Robert Applebaum tells TSC’s Debra Borchardt why he created the group.

CLICK HERE TO WATCH THE VIDEO