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 Bloomberg.com,
“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.” (http://www.bloomberg.com/news/2012-05-15/taxpayers-fund-454-000-pay-for-collector-chasing-student-loans.html).
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.(http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/05/07/BUBJ1OEHSO.DTL#ixzz1uwMnnrhJ).
According to The
Atlantic.com, “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. (http://www.theatlantic.com/business/archive/2012/05/the-student-debt-crisis-we-dont-talk-about/257146/).
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.” (http://www.huffingtonpost.com/investinganswers/10-states-with-the-most-student-loan-debt_b_1509500.html).
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.” (http://www.nypost.com/p/news/opinion/opedcolumnists/student_loans_the_next_bubble_cnUurleKnXABfXKkTyiqSM#ixzz1uwidHIdU).
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. (http://www.hattiesburgamerican.com/article/20120515/OPINION03/205150305/Student-loan-debt-an-American-issue-?odyssey=mod|newswell|text|FRONTPAGE|s).
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