Student Loan Debt Clock

Tuesday, May 15, 2012

Today's News on the Student Loan Debacle

 Join the ‘student loan debt’ advocates & champions in the fight towards changing American perceptions; there is a movement to reach and change societal norms and heuristics in regards of how people think of ‘student loan debt’ and the serious repercussions in aggregate when the next financial crisis hits. When the student loan bubble bursts, and it will; the devastation will be long reaching into all our financial institutions, and then society will finally understand the foreboding economic condition and the actors who were involved in allowing this student loan debt catastrophe to happen: the responsible persons for the Student Loan Debacle, is majority of Congress & the Senate. And how did "WE the PEOPLE" and our wishes become a special interest group that those in Washington can negate.
And the thousands of individuals who are rising up and saying to Congress and the Senate “enough is enough, get out of the pockets of special interest groups; quit catering hand and foot to the PACS,” and do the job you were elected to do by the American people, in assisting the American people and not big corporations, you know the United States citizens, the ones who are paying your salaries!

I can’t emphasize enough, walking away from student loans is really not an option. Because, your student loans never go away! EVER! There are many ways in which your debt can be dealt with the utilization of various programs. There is a link on the right, Navigating Through Your Student Loan Nightmare, which may help. More info on restructuring your debt will come later.

Congress and the Senate should be held accountable because of the lack of financial protections they eradicated; or should I say, [the bankruptcy protections] they have done away with, for the sake of their special interest associations.

Become Engaged - become a person who participates in their own life and assists in a greater cause for the good of the whole, and not just for the sum of its parts.

Today’s theme on the student loan debacle; sub-prime economics & unethical business practices within the student debt recovery system which is backed by our federal government.

Sub-prime economics are a true and absolute practice within the student loan industry, when did racketeering become an ethical practice? And when did our government tout agencies that engage in such practices. The logos behind this agenda are backed by our federal government and its actors. When are people going to wake up? When is the special interest group “We the People,” going to be heard, when will our pleas be heard by those who are supposed to represent us the citizens of the United States?

According to, “Last year, Education Secretary Arne Duncan, whose annual salary is just under $200,000, asked the guaranty agencies to choose either debt collection or default prevention. He cited “poorly aligned incentives” because agencies make so much more money collecting on defaults.” (

The collections on defaulted student loans are running rampant; due to massive profit margins, because Congress and the Senate have taken away all protections, for the student loan debt consumers of the United States.

According to The San Francisco Chronicle, “With $67 billion of student loans in default, the Education Department has hired 23 private debt-collection companies to chase borrowers. They include Pioneer Credit Recovery, a unit of SLM Corp., the largest student-loan company, known as Sallie Mae. In the year ended in September, the department received 1,406 complaints against the debt collectors, up 41 percent from the year before - a figure the report said probably understates conflicts with borrowers struggling to repay loans.(

According to The, “More people too deep in college debt to take the jobs they want, buy the cars they want, own the homes they want, and start the lives they want? Really bad news.” Pretty much sums up my life and circumstances in a nut shell. (

According to The Huffington Post, “But there's one challenge that may present an even greater threat to a new grad. It follows them for years -- even decades. It typically can't be forgiven in bankruptcy. The government can garnish wages to make sure a graduate repays it. And it doesn't care what kind of job the graduate gets -- it must be repaid at all costs.” (

It “doesn’t matter what job the graduate gets,” may be the financial aid departments at colleges might want to instruct students on what kind of jobs they will get, with the degrees they worked so hard to obtain? Colleges aren’t held accountable for touting useless degrees, why?

According to The New York Post, “Everyone agrees that there is a “student-loan crisis” — yet few seem to notice the student-loan market and pre-crisis housing lending are looking more and more alike. The result is likely to be no less so. 

Because, so many of the ‘1%ers’ are benefiting off the financial hardships of the poorest individuals in our American society.

Again according to the CBO: “In the past five years alone, new originations increased by nearly three-quarters: from $56 billion in 2005 to $97 billion in 2009 . . . As a consequence, the total amount of federal student loans outstanding rose from $381 billion to $631 billion over that period.” (

A wise voice of reason from Hattiesburg American, “If only we could find some responsible, honest leaders who care more about our nation's future than ostentatious flag-waiving, cronyism and lock-step party politics, perhaps our kids would have a chance.” That would be nice to have leaders in this country who are not in the pockets of the special interests groups. (|newswell|text|FRONTPAGE|s).

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