Nor did i ever get my diploma..

I hope these people are held to some accounting.. whom ever they are!

Never get a sallie loan…. EVER. i had a credit score 300 for ten years while i paid it off. I could not even get a bank account.

Ezra Pound wrote: "With usura hath no man a house of good stone." I might add that he also does not have the ability or time to dream or innovate because he may have to take a job or the first job that comes along in order to pay the vig.

Let me tell you, I am trying to file bankruptcy knowing that my private loans may not be helped, but I just ran into an issue with bankruptcy – we do not qualify for chapter 7 because we failed the unconsitutional means test and guess what? We don't qualify for chapter 13 either because our unsecured debt is over $336k (there are debt limits for ch 13). So, the only option is chapter 11 which is used for businesses and as an individual, I cannot afford 20-50k to pay a lawyer to file for ch 11.

Our system is rediculous. Nobody, not even Obama is going to help us.

http://kcts.org/video/borrower-beware

Send this to everyone you know who's affected by the corrupt student loan companies, including college & university staff.

For example, it use to be that student loans were to close the gap between grant money and tuition. For several years (and for many students) back in the 80s I needed ZERO student loans. I had a par-time job and the financial aid I received covered it.

THIS IS NO LONGER THE SITUATION. Today’s student is forced to take out loans because there is not enough grant money. A student simply cannot work more than 20 hours a week and hope to do well. Sure, there are some who do, but most cannot—especially if they are attending a real school and not one of those proprietary diploma mills where they grant As for merely attending.

The schools now know, and operate knowing, that student loans are freely available, hence they raise tuition year in and year out. Sometimes they will even raise tuition semester to semester! They know the student is faced with one of two choices, take a loan or quit school. A few choose to quit. The schools (if they are reputable) have no shortage of potential students waiting in the wings eager to borrow for the chance of a better life. Our society ingrains in people virtually from birth that a college education is a must to have any chance at an above average life.

In fact, today it is common to even suggest that a BS is what a high school degree use to be, hence, there is even some pressure to go on to get a graduate degree. The schools themselves are complicit in fostering this need for a graduate degree.

Now in graduate school the alternatives are even fewer. Some, have the good fortune of getting fellowships, however, others must finance their degree 100 percent! In addition, if it happens to be a degree requiring a thesis or dissertation, the committee can easily add an extra year to two years to the degree program simply because they want to keep the student around to finish THEIR RESEARCH! If you do not think that professors do this to students then you are clueless.

Furthermore, many quality colleges are into INTERNATIONAL DIVERSITY! What does that mean? It means they grant fellowships and graduate assistantships to foreign students at the EXPENSE of the American citizen or permanent resident. The citizen is offered DEBT.

If you believe that a college degree is what a high school degree use to be and society has traditionally paid for a high school degree, then isn’t it about time that we consider that society pays for a college degree? Again, society paid for what was then the standard education level to survive in a manufacturing society. We are still stuck on that model. We need to pay, as a society, for college because it benefits all of us. Just like paying for a high school degree benefited all of us when a high school degree mattered.

At the very least, bail out these people by allowing those who qualify to retroactively amend their bankruptcy to include student loans!

Die Sallie Mae…Die

If these costs would then decrease, then the amount of loans required per borrower would not be as high as current. This would give the borrower a better chance of payoff.

FACT: My ALLEGED student loans, in the principal amount of $19k, have exploded to over $50k, including over $10k in "fees and costs" payable before interest and before principal to aforementioned collection agency. These "fees and costs" are to defray the costs of "locating [me] for collection purposes." I have lived at the same address and have worked at the same job for over 5 years.

FACT: Student loans, high treason, and murder are the only three things in American jurisprudence for which there are no statutes of limitations. Eventually, even rapists and kidnappers are off the hook.

Sallie Mae, et. al. make money through loan default and capitalization during deferment. When the millions who end up in default get their final bill, the the loans have doubled or more. Sallie Mae et. al. add late fees, penalties, then crank the interest to 18% or more. After a time, those fees and interest are capitalized. Then, the lender puts the loan back to the government – the $20k loan that was guaranteed by the taxpayer is now a $40k bill.

There is no free market in student loans. It begins with the student loan administrator at the school Most have "deals" with certain lenders. In the last 24-36 months, administrators at USC, Columbia, Johns Hopkins, U of Texas, Emerson, and others have lost their jobs over financial kickbacks and other items of value they personally received from their "preferred lenders."

Student loans are afforded less consumer protection than any other loans by a longshot. Various politicians such as Buck McKeon, John Boehner, and Lamar Alexander have taken tens of thousands of dollars from loan providers to provide such protections to the middlemen such as Sallie Mae and Nelnet.

Sallie Mae is the group commanding the most attention given the arrogance and greed of their CEO. Everyone was all indignant when the auto industry showed up for taxpayer bailout funds in their private jet. Sallie Mae has THREE private jets. Their CEO has two mansioned estates, one with his very own private 18-hole golf course.

Yeah . . . you're probably right. This situation is the student's fault.