The Student Loan Racket

[harvey007]

<p><a href="http://www.collegescholarships.org/research/student-loans/"><img src="" border="0" alt="Student Loans Scheme." /></a></p><p><a href="http://www.collegescholarships.org/research/">Infographic</a> by <a href="http://www.collegescholarships.org/">College Scholarships.org</a></p>

[frontrange]

1. Better to go abroad than go into debt in the U.S.

Consider French or Norwegian or New Zealand universities.

Are there other countries that offer affordable, quality university education?

[EstimatedProphet]

2. If this isn't the truth, I don't know what is!

After 10 years out of school, I now have more outstanding student loan debt than ever! The system itself is corrupt!

[Winterblues]

3. One of Obama's very first act was to establish Direct Loaning for Students.

Clinton had the same policy. The Federal Government provides very low or no interest loans directly to the student and after a certain time period some forgiveness. When Republicans are in charge that is eliminated and Banks give the loans with Federal subsidies directly to the Banker and NO Forgiveness...

[harvey007]

6. Both Democrats and Republicans have enslaved working class students

The so-called "forgiveness" programs help only a small percent of those with student loan debts.

And there are traps and tricks in every forgiveness program. In the 10-year public service loan forgiveness program, for example, if you miss one payment or if after 9 years of public service you are laid off, you don't get any forgiveness.

http://www.finaid.org/loans/publicservice.phtml

http://www.finaid.org/loans/forgiveness.phtml

[Greyhound]

8. Don't know how it is now but under Clinton that is simply not true.

In fact, the government was (and probably still is) specifically forbidden from direct student loans. I got pushed over to BofA because of this prohibition.

Turning higher, and now all, education into a corporate welfare program to indenture students, what could possibly go wrong?:shrug:

[FirstLight]

4. just asinine, ain;t it?

I was told "by the time you graduate, you'll be nmaking so much the payments will be easy.."

ya, i was in my 20s and fell for it

now im in my 40s and unemployed and have never been able to make a payment, and still don't have my BA either

there is no negotiating, about once a year i will call and try to see if they will work with me, nope...they just take my earned income credit and i am left with a huge mark on my record, can;t even finish school, i am not eligible for pell grants when my loan is in default....

nice little catch 22, and i am screwn

[RaleighNCDUer]

5. And of course, the burden of this falls overwhelmingly on the middle &

lower-middle class - those who MUST get loans. The wealthy, even if they do take loans, can easily repay them without depending upon their post-educations income to do so.

The student loan program has served to further re-establish higher education as a province of the American aristocracy - everybody else can work at wal mart. Gilded Age II.

[anarch]

7. I was never in debt until I decided to go back and finish college

I stupidly fucked up a scholarship situation back in the day, and had to take out student loans when I went back (which if I had not done, I would not be eligible for promotion at my job...such a promotion has yet to materialize, and seems pretty unlikely at this point because my company is doing everything it can to cut costs...even just the slightest pay increase in recent years has been something that only the top performers get).

Come to think of it, I didn't even have any credit card debt until I went back to school. The loans weren't enough to totally cover tuition, and certainly not enough to buy books and such. I'd say 90% of my debt is due to either education costs or healthcare costs. The other 10% has just sort of built up over time, when I don't have enough cash on hand to buy groceries. Things used to be different when we were a two-income household...

Livin' the American Dream....