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[must read] America's Student Debt Crisis

 
Anonymous Coward
User ID: 18242091
United States
08/16/2012 02:15 PM
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[must read] America's Student Debt Crisis
Speaker John Boehner, was rewarded by Sallie Mae for doing its dirty work by giving his daughter a job at General Revenue Corporation, Sallie Mae's collections subsidiary. Yes, you read that right. Sallie Mae actually has its own collections agency. When a borrower defaults, he or she can be charged up to 25% of the principal amount owed, including capitalized interest. One could logically conclude that it's in the lender's best interests, and can make far more money, when borrowers default on their loans. Why else would the lenders be so unwilling to work with borrowers to come to reasonable repayment options?

[link to www.huffingtonpost.com]
Anonymous Coward (OP)
User ID: 18242091
United States
08/16/2012 02:24 PM
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Re: [must read] America's Student Debt Crisis
Since 1978, college tuition has skyrocketed by over 900%, while simultaneously, grants and scholarships continue to be slashed. The result? Students are forced to mortgage their futures with student debt, from which there is no escape. In 2010, student debt actually eclipsed credit card debt as the second largest consumer debt in the country (second only to mortgage debt, surpassing $1 trillion in total). The Atlantic recently reported that, since 1999, student debt has increased by 511%.


[link to www.huffingtonpost.com]



So what happened? Why is everything else skyrocketing at unbelievable % and not wages? A few people were telling me about the days when they had one job and it made enough for the entire family... so what happened?
Herman The Kid

User ID: 17951882
United States
08/16/2012 02:25 PM

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Re: [must read] America's Student Debt Crisis
Good info, Sir.

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