Student Loan Debt Clock

Thursday, May 10, 2012

Today’s News on the Student Loan Debacle

There are some champions in the fight to eradicate some of the issues facing the student loan debacle:

Hansen Clarke is attempting to help those with student loan debt, maybe to the chagrin of his career, but ‘we’ those of us with  student loan debt appreciate his magnanimous gestures in submitting the Student Loan Forgiveness Act H.R. 4170 even if it turns out to be futile; at least more people will become aware of the Student Loan Debacle. For more information on Hansen Clarke:

    Peter Welch:

    Bob Jauch & Nick Milroy

    Kirsten Gillibrand:

    Elizabeth Warren:

    I would like to thank everyone who has taken it upon themselves and have gotten involved in the student loan debacle!

    The Consumer Financial Protection Bureau is a new agency that assists (collect complaints & data) from students and offers recourse on how to eliminate the suffering from nightmare dealings with unethical student loan collection agencies.

    According to the Chicago Tribune,

    “Q. What is the CFPB doing to help? (Consumer Financial Protection Bureau)

    A. With the Department of Education, we have launched a financial aid shopping sheet ( that brings information about student debt into a clear, easy-to-compare format. We also have a tool called the Student Debt Repayment Assistant ( for both federal and private student loans. We can tell people about repayment options for government loans, such as deferment and income-based repayment. For private loans, some of those arrangements don't exist, so we help student borrowers understand how they can negotiate with lenders. The key is not to avoid a problem but to attack it head-on.”

    It would seem that if anyone had questions in regards to their own personal student loan crisis and they needed answers, this would be a good place to start. à (Send your questions and comments to

    According to The New York Times opinion page, “…the partisan posturing is a distraction from far more pressing issues that face students and parents who must borrow to cover their college costs.” How can the increase of college tuition by 900% since 1978  for the  last three and half decades be justified? Default student loan collection profits are akin to the discombobulated County Wide scandal and the robo-mortgage investigations it spawned! How many people lost their homes due to that catastrophe?

    How many people will be crippled by the acts of the ‘new kid on the block’ student loan debt cradled within credit swap bundles? How it is that student loan collections and their profits have outpaced every other financial entity on the planet, including medical care? How can these unethical and immoral practices go without oversight, scrutiny, and accountability?

    The shackles of indentured servitude can go and will go for decades; because of so called ‘free money’ which many colleges tout as your way to a better life. Really, a better life, becoming a slave-wager for the rest of your natural born life, really! Just understand that the so called ‘free money’ will hook you and strip away any thoughts you had about: car ownership, home ownership, a future child or children and their college ambitions, vacations; just because student loan collection agencies can get away with unscrupulous manipulation towards unsuspecting students and their parents, due to lack of regulation, ethical concerns, and an inability from our Congress and State Representatives and their failure to do something.

    According to Capital Public Radio, "In the data," Zukin says, "there's certainly a suggestion that the American dream has stopped at these guys' doorstep."

    Zukin says nearly half of college graduates with full-time work are in jobs that don't require a college degree. And very few respondents say their first job will lead to a career. In fact, one-third of recent college grads say they no longer believe education combined with hard work will necessarily lead to success.

    "They don't even see in the foreseeable future a secure job, a comfortable income, starting a family," he says. "And even more — 45 percent — do not see owning a home at any point in the near future."

    I will never own a home, a new car, afford my youngest child an education, let alone have money for retirement and that is not too far away I may add. I will work until the day I drop dead!

    The article also states that unemployment is much higher for those without a college education, that's because they are getting undergrads and grads a for 8.00 an hour! How crazy is that! I worked my butt off for ten years to get an $8.00 an hour job for 16 hours a week, and people tell me I should be grateful for that, are you kidding me. I got paid more as a work study!

    No comments:

    Post a Comment