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The student-loan scam

 
Shadow
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User ID: 218478
Canada
04/11/2007 09:29 AM
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The student-loan scam
...Securities and Exchange Commission documents revealing that financial aid directors at three prominent universities as well as a senior official at the U.S. Education Department each had significant personal investments in a private student-loan company
...
Every company wants to be a college's "preferred lender," competing fiercely to get on such lists. But the dirty little secret of the guaranteed student-loan market is how concentrated it is: Only 32 lenders hold 90% of the loan volume. What's more, the Education Department has found that at about 300 colleges, one lender controls 99% of the loan volume essentially holding a monopoly on those campuses.

more:
[link to www.latimes.com]

This is so wrong on every level. Students saddled with high-interest loans and the directors taking kick-backs to work in the lender's best interest not the student's.
Unreal
Over the side and damn the barracuda
Anonymous Coward
User ID: 221701
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04/11/2007 09:33 AM
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Re: The student-loan scam
yeah its completely fucked up. I'm a junior at a university and we only have one company that we are allowed to take out a loan from. The whole system is designed to immediately put you in debt so that you are a wage slave as soon as you graduate until you retire. Hopefully, the system will collapse soon.
Shadow  (OP)

User ID: 218478
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04/11/2007 09:45 AM
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Re: The student-loan scam
we only have one company that we are allowed to take out a loan from.
 Quoting: Anonymous Coward 221701


You absolutely have to borrow from this lender, or no student loan?
I posted this so maybe some students would know to look at other options besides the 'preferred lenders' but it seems even that isn't possible.
They're stealing your future. gaah
Over the side and damn the barracuda
Anonymous Coward
User ID: 216993
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04/11/2007 09:51 AM
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Re: The student-loan scam
refuse to participate.
Anonymous Coward
User ID: 124991
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04/11/2007 04:10 PM
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Re: The student-loan scam
Test
icey ice
User ID: 221873
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04/11/2007 04:45 PM
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Re: The student-loan scam
Plan B:

step 1:
open course ware at MIT online and anywhere else you can find effective information (won't get you a degree, but will give you the education of a degreed wage slave)

step 2:
after gathering some chump change from working menial jobs, start your own companies (no it doesn't take alot)

step 3:
you decide

sidestep the extortionists and they will go out of business. unfortunately, it's hosted by government controllers so it's hard to circumvent their propaganda machines.
icey ice
User ID: 221873
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04/11/2007 04:48 PM
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Re: The student-loan scam
ps. i'm not only a theorist, i'm also a sucess story!

got a GED, no college degree, but now own 2 small companies. more to come as i amass funds! you can do it too! it takes hard work and a dedicated mind, but if you do what you like, you will like what you do and it will come natural.
Anonymous Coward
User ID: 221551
United States
04/11/2007 05:15 PM
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Re: The student-loan scam
more power to you icey ice...show these mother f*kkers what 'real-world education' IS!
Anonymous Coward (OP)
User ID: 218478
Canada
04/13/2007 09:42 AM
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Re: The student-loan scam
Sallie Mae may be in buyout talks

April 13 2007: 8:06 AM EDT

NEW YORK (CNNMoney.com) -- Sallie Mae, the largest U.S. student loan company, might be in talks for a private equity buyout worth more than $20 billion.

One potential bidder for Sallie Mae (Charts) is the Blackstone Group (Charts), according to a New York Times report Friday. Other potential bidders were not named but are thought to include a financial services firm.

The deal for Sallie Mae, which has a market value of $16.7 billion, would be well in the range of other recent buyouts, but the company is still an unusual target for private equity, the Times report says.

The talks come just days after Sallie Mae reached a $2 million settlement with New York Attorney General Andrew Cuomo's office after an investigation into its business practices.

Investigations of a number of student loan companies found that some lenders offered payments and perks to college officials to gain a place on their preferred lender lists.

[link to money.cnn.com]

I wonder if Sallie Mae is the "one lender that controls 99% of the loan volume at 300 colleges"? [from OP]
jlazarus

User ID: 185585
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04/13/2007 09:51 AM
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Re: The student-loan scam
I'm a junior at a university and we only have one company that we are allowed to take out a loan from.
 Quoting: Anonymous Coward 221701

That is amazing to me. Why would a university care where the money comes from? I think I must be missing something here.

If I were 19 and needed a loan, and went to say, this site:

[link to www.estudentloan.com]

and found a company willing to lend me money (private loan) and secured this loan and then used it to pay for my tuition, how would the university even know where the funds were sourced? I must assume there is something about this I am missing - can someone fill in the blank for me?
I will accept any rules that you feel necessary to your freedom. I am free, no matter what rules surround me. If I find them tolerable, I tolerate them; if I find them too obnoxious, I break them. I am free because I know that I alone am morally responsible for everything I do. ~ Robert Heinlein
Anonymous Coward (OP)
User ID: 218478
Canada
04/13/2007 09:59 AM
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Re: The student-loan scam
Why would a university care where the money comes from? I think I must be missing something here.

 Quoting: jlazarus


Because the school finance admin gets kick-backs from the lenders for recommending them to students.
jlazarus

User ID: 185585
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04/13/2007 10:10 AM
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Re: The student-loan scam
Why would a university care where the money comes from? I think I must be missing something here.



Because the school finance admin gets kick-backs from the lenders for recommending them to students.
 Quoting: Anonymous Coward 218478

I understand that. But what I mean is, if I were to secure a private loan (without their help) how would the university know (this was in response to the statement that a university may only accept funds from companies offering the kickback to them)?

My point simply that if they don't have any idea from where the money was sourced, how could they refuse it? I'm not saying I don't believe the statement about certain universities only accepting funds from specific companies (yes, I can believe that), just wondering how the university would know if I secured the loan myself?
I will accept any rules that you feel necessary to your freedom. I am free, no matter what rules surround me. If I find them tolerable, I tolerate them; if I find them too obnoxious, I break them. I am free because I know that I alone am morally responsible for everything I do. ~ Robert Heinlein
Shadow  (OP)

User ID: 218478
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04/13/2007 10:18 AM
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Re: The student-loan scam
just wondering how the university would know if I secured the loan myself?
 Quoting: jlazarus


Guessing here, but it would be unsecured because you're a student that needs a loan, so automatically you're entered as such in the database which we all know is available at lender's fingertips. If the ed. system places strictures on a student's freedom to choose a lender, you would be declined a loan. Like I said, just hazarding a guess.
Over the side and damn the barracuda
Anonymous Coward
User ID: 180349
United States
04/13/2007 10:20 AM
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Re: The student-loan scam
The Department of Education is just a Banking Operation!!! It works for the banks - not the students!!
In 1991 Bush Sr signed into law that Student Laws no longer have Statute of Limitations Protection!!! This means though schools and businesses do not have to hold records beyond 7 years - the Department of Education, at any time, may claim that you are in Default on a Student Loan, whether you are or not!!! If you ever attended College and applied for a Student Loan they can pull your name from a hat at any point, even 10-50 years or more down the lane, and claim that you own them money!!! You then have to "prove" your innocence - even though records have been destroyed - to an organization (DOE) that is the judge, jury and benefactor of your demise!!! There are many former Students that this has been done to!!
Shadow  (OP)

User ID: 218478
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04/13/2007 10:29 AM
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Re: The student-loan scam
The Department of Education is just a Banking Operation!!! It works for the banks - not the students!!
 Quoting: Anonymous Coward 180349


Anybody with a need for fiat (a student for ie) and something tangible to offer in return is a commodity. Found this at WRH:

>Recently, most students at the University of Vermont (UVM) in Burlington received an email with the heading ARMY PAYS OFF STUDENT LOANS in their university email box. The general message of the mass mailing was that if a student was nearing graduation and wondering how they were going to pay off the massive debt today's US college students incur, they should join the army. In essence, this email was a college student's version of the poverty draft that entraps so many working class and poor young people into enlisting in the service. The sender was a military recruiter working out of the US Army recruitment office in the Burlington suburb of Williston. Given that the university has a very clear policy forbidding these types of solicitations on their email servers one wonders how the recruiting office was able to obtain the address list. The university administration has been reticent when asked this question by various faculty, students, and parents. It is fair to assume, however, that the email list was released to the recruiter under the compliance sections of the so-called Solomon Amendment. For those unfamiliar with this legislation, it essentially forbids Department of Defense (DOD) funding of schools unless those schools provide military representatives access to their students for recruiting purposes.<

[link to counterpunch.org]
Over the side and damn the barracuda
Anonymous Coward
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04/13/2007 10:55 AM
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Re: The student-loan scam
great thread shadow...thanks for bringing this to peoples attention
Shadow  (OP)

User ID: 218478
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04/13/2007 11:03 AM
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Re: The student-loan scam
Thanks. Kids these days are up against enough without being shackled by the world of corporate greed before they even know it exists.
Over the side and damn the barracuda
9net
User ID: 222605
Israel
04/13/2007 11:16 AM
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Re: The student-loan scam
I never wanted to be an educated sheeple.
I'm a highschool dropout.You can educate yourself.
Anonymous Coward
User ID: 180349
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04/13/2007 11:44 AM
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Re: The student-loan scam
I was going through College part-time, as I could, here and there for years. One Semester in the 90's, after having recently applied and recieved a student loan the previous Semester, I got a notice from my school saying that I owed them for the Semester that I was currently in the midst of because I was in Default on a Student Loan and that all my grants and loans had been suspended!! The notice had my name incorrectly - the middle initial - and claimed that I owed a loan from the 80's (Note - YEARS before the signing of the Bush Law of 1991)at a school that I had attended for one Semester - but the loan date was of another year!!!
I called the Registar of my school to tell them that it was, obviously, some kind of mistake and that I would call the Department of Education to have it corrected. I called the DOE to inform them of the incorrect information and told them that this was not me!! They took my information and then sent me a letter with the information "corrected" in their Database - now with my middle initial and the dates of the semester that I had attended!!!!!!!!! What should have been the end of this mistake was only the beginning of years of phoney "Hearings" that only led to my "guilt", speaking with the most arrogant, hateful, biased employees of the DOE, lawyers that said that I had a case but it would take thousands of dollars and years to stop this - with no financial reimbursement, letters to every politician imaginable, of which those that did respond simply told me that I had to take this up with the DOE (duh!), ruined credit, denial of grants and loans,and then an automatic IRS taking of Income Tax Returns to a ficticious "loan" that had increased at that point by 3 fold with fees, fines, and incruing interest and ever increasing in size!!!
Shadow  (OP)

User ID: 218478
Canada
04/13/2007 11:50 AM
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Re: The student-loan scam
They took my information and then sent me a letter with the information "corrected" in their Database - now with my middle initial and the dates of the semester that I had attended!!!!!!!!!
 Quoting: Anonymous Coward 180349


Extortion. No other word for it.
Over the side and damn the barracuda
Isaac Brock died for us

User ID: 83547
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04/13/2007 12:02 PM
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Re: The student-loan scam
My kids don't have to repay their student loans if they return to the NWT for 5 years.
I keep telling them to watch their finances because they might want to see the larger world after university, but they keep telling me they like "the mellow life in Yellowknife."
owner of an extensive collection of curios from the exotic orient
Shadow  (OP)

User ID: 218478
Canada
04/13/2007 12:13 PM
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Re: The student-loan scam
But Isaac, Canadian tuition is about 1/10th what it is in the US. Not a fair comparison. I went to a top tech institute that today charges ~4kCDN/yr tuition.
Over the side and damn the barracuda
Anonymous Coward
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04/13/2007 12:24 PM
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Re: The student-loan scam
25 years ago, I took out a student loan and paid it off early, or so I thought. About 10 years ago, I get a notice that I owed them the accumulated interest from 15 years of having an outstanding debt of about 97 cents. I ended up having to pay them over $300.00 in penalties for being a good, responsible moron and paying off my debt nice and early. They didn't like that
Anonymous Coward
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04/13/2007 01:25 PM
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Re: The student-loan scam
Sallie Mae may be in buyout talks

April 13 2007: 8:06 AM EDT

NEW YORK (CNNMoney.com) -- Sallie Mae, the largest U.S. student loan company, might be in talks for a private equity buyout worth more than $20 billion.

One potential bidder for Sallie Mae (Charts) is the Blackstone Group (Charts), according to a New York Times report Friday. Other potential bidders were not named but are thought to include a financial services firm.

 Quoting: Anonymous Coward 218478



Aaaaaa!!!! EEEEK!!!!

Blackstone Group is BushCo Daddy, GHWB and Jame Baker criminals who were involved in finance/insurance of WTC.

RUN!!!!! NO!!!!!

Another rip-off here... another raping.

NAZI FUX!
Anonymous Coward
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04/13/2007 01:34 PM
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Re: The student-loan scam
Best way to finance education?

Deal.
Anonymous Coward
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04/13/2007 01:47 PM
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Re: The student-loan scam
WHAT I WOULD LIKE TO KNOW IS ,.. IF THE CLASSES ON ALL SUBJECTS ARE THE SAME EVERYWHERE,...WHY DOES IT COST SO MUCH TO GET INTO THE IVY LEAGUE SCHOOLS?,... IS THEIR MATH BETTER MATH?, THEIR SCIENCE BETTER SCIENCE?,IT SHOULD BE THE SAME , NO? WHY THE PRICE HIKE?, SHOULDNT THERE BE A SET PRICE FOR CLASSES EVERYWHERE?.WHY DOES IT MATTER IF YOU WENT TO YALE , OR HARVARD OR COMMUINITY COLLEGE?, WHY MAKE A DISTINCTION ABOUT WHAT SCHOOL YOU GO TO, IF THEY ARE ALL SUPPOSED TO BE TEACHING THE SAME THING?.
IF A SOCIETY WANTED TO BE SUCCESSFUL, IT SHOULD GIVE ALL OPPORTUNITIES TO ALL OF ITS PEOPLE, NOT A SELECT FEW WHO CAN AFFORD IT. IT MAKES SENSE TO WANT YOUR POPULATION TO BE A SMART AS THEY CAN BE, ALL OF THEM, AS MANY MINDS ALL WITH HIGH INTELLIGENCE, COMBINED CAN ACHIEVE MORE, AND THERE WOULD BE A GREATER POTENTIAL FOR THE ADVANCEMENT OF HUMANKIND.
Anonymous Coward
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07/05/2008 03:37 PM
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Re: The student-loan scam
bttt





GLP