The Student Loan Scam: The Most Oppressive Debt in U.S. History, and how We Can Fight BackAn in-depth exploration and exposé of the predatory nature of the student loan industry Alan Collinge never imagined he would become a student loan justice activist. He planned to land a solid job after college, repay his student loan debt, and then simply forget the loans ever existed. Like millions of Americans, however, in spite of working hard, Collinge fell behind on payments and entered a labyrinthine student loan nightmare. High school graduates can no longer put themselves through college for a few thousand dollars in loan debt. Today, the average undergraduate borrower leaves school with more than $20,000 in student loans, and for graduate students the average is a whopping $42,000. For the past twenty years, college tuition has increased at more than double the rate of inflation, with the cost largely shifting to student debt. The Student Loan Scamis an exposé of the predatory nature of the $85-billion student loan industry. In this in-depth exploration, Collinge argues that student loans have become the most profitable, uncompetitive, and oppressive type of debt in American history. This has occurred in large part due to federal legislation passed since the mid-1990s that removed standard consumer protections from student loans-and allowed for massive penalties and draconian wealth-extraction mechanisms to collect this inflated debt. Collinge covers the history of student loans, the rise of Sallie Mae, and how universities have profited at the expense of students. The book includes candid and compelling stories from people across the country about how both nonprofit and for-profit student loan companies, aided by poor legislation, have shattered their lives-and livelihoods. With nearly 5 million defaulted loans, this crisis is growing to epic proportions. The Student Loan Scamtakes an unflinching look at this unprecedented and pressing problem, while exposing the powerful organizations and individuals who caused it to happen. Ultimately, Collinge argues for the return of standard consumer protections for student loans, among other pragmatic solutions, in this clarion call for social action. |
Contents
The Rise of Sallie Mae and the Fall of Consumer Protections | 1 |
Who Benefited | 22 |
Collection Abuses | 37 |
The Borrowers | 52 |
The Oversight Fiasco | 65 |
The Corruption of the Universities | 79 |
The Grass Roots Awaken | 92 |
Solutions | 106 |
Other editions - View all
The Student Loan Scam: The Most Oppressive Debt in U.S. History and How We ... Alan Collinge No preview available - 2010 |
The Student Loan Scam: The Most Oppressive Debt in U.S. History and How We ... Alan Collinge No preview available - 2010 |
Common terms and phrases
agencies Albert Lord amount Andrew Cuomo bankruptcy protections benefits Bethany McLean Boehner called CHAPTER citizens collection companies Congress consolidation Corus Bank cost defaulted borrowers defaulted loans dent loan Department of Education Direct Loan Program disability e-mail EdFund employees executives federal government federal loans FFEL Financial Partners Fontana Fortune magazine funding garnishment graduate grassroots Higher Education Act Ibid income increased interest rate issue John Boehner legislation Lesley Stahl Lintzenich loan balance lobbying Mae's ment million Nelnet nonprofit organization oversight paid payments penalties and fees percent preferred-lender lists Premiere Credit private loans private student loans problem profitable protections to student received refinancing repay repayment Sallie Mae Senate Social Security standard consumer protections stories student lenders student loan companies student loan debt student loan industry Student Loan Xpress StudentLoanJustice.org Ted Kennedy thousand dollars tion U.S. Department universities USA Group