Archive for Student Loans

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

In Lawsuit, Students Claim College Deceived Them

Posted in Economy, Higher Education, Media Appearances, Student Debt, Student Loans with tags , , , , , , , , , , on August 22, 2010 by debtprisoner

Bernal says she was told that with a fashion merchandising degree from Westwood, she’d pull down a $65,000 salary after graduation in three years. The cost of the degree was a bit of a shock — $75,000 — but Westwood helped Bernal get federal student loans.

Two years after graduating, the only work she can find is a $12 per hour, part-time job as a bank teller.

Link (to National Public Radio)

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)

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)

Chiropractic College Student Debt – Must Read Links

Posted in Chiropractic College Debt, Student Debt, Student Loans with tags , , on March 16, 2009 by debtprisoner

Anyone considering a career in chiropractic should read the following BEFORE signing up for student loans: