Video: Predatory College Loads – Student Loan Scam
Have federal college student loans become predatory?
What are the long term implications of your student loans? Could college loans actually be a big scam? What can you do now to avoid a potential looming financial disaster? Radio commentator, Ian Punnett spoke with the founder of StudentLoanJustice.org, Alan Collinge, who has spent half a decade into the high cost of college and the crippling effect of student loan debt.
The cost of college has increased at twice the rate of inflation for decades. Student loan debt has now surpassed credit card debt and federal student loans have become predatory, turning a generation student and grads into debtor slaves. Are we in the middle of a perfect storm of college financial ruin?
Check out this clip from the radio show: Coast To Coast AM – 27.5.2011 – 1/4 – Student Loan Scam (note: there are some other intro remarks before getting into this topic):
MP3 www.4shared.com Guests: Alan Collinge Student Loan Scam: During the first hour, Ian Punnett welcomed the founder of StudentLoanJustice.org, Alan Collinge, who discussed how federal student loans have become predatory, turning a generation into debtor slaves. “It’s a socially horrible epidemic,” he declared, noting that America’s total student loan debt now surpasses the nation’s credit card debt. He explained that student loans are particularly pernicious because they contain no consumer safeguards such as bankruptcy protection, statute of limitations, or the ability to re-finance the debt in an open market. As a result of these factors, Collinge said, when a loan is defaulted, it can double or even triple due to penalties and fees. In looking at the source of the problem, Collinge pointed to student loan advocates and the Department of Education as the key entities that “failed to play their part” in overseeing lending practices. According to him, the DOE has been using a faulty metric to determine the default rate on student loans, thus misleading Congress into increasing the allowable limits on colleges for lending. Additionally, Collinge said, the DOE actually makes “about 22% versus what they pay out” for defaulted student loans. In order to fix the student loan epidemic, Collinge endorsed restoring bankruptcy protections for these loans. Should that happen, he said, “a multitude of problems” will resolve themselves, including an “almost overnight” drop in …
Video Rating: 4 / 5
@marls10191
the saddest part is, they wouldnt be able to do it if the elected politicians werent in their pockets.
JP Morg and the rest WERE making more money on defaults rather than if they were paid. no rioting.. ASLEEP and too busy working to keep the roofs or not working and have no money to do anything aboit it
i would say they had a great plan and it is being executed brilliantly…at our expense
@halfextra1 For real. They need to get rid of him already. I don’t even want to listen when he’s on.
Pushing paper and showing up no longer is the norm for graduates. Most outside the not so hypocratic professions must learn to adapt and expect far east wages. We have been spoiled folks most of the world works 10hrs a day just to eat.
whats everyone beef with ian punnet?
he is a great host… unlike noory he doesn’t read from a script and asks intelligent questions
@halfextra1 Yes it is. I remember it now from Midnight Express.
this is only interesting if you currently have a rod in your behind named sallie mae… So I can understand why some might find it boring. But let me say from experience, colleges and loan granters do not use lube. And there really is no control over them. They get you right after highschool when you know nothing about debt. It’s great when the gov. bails out banks for their informed bad decisions while the majority of students live with their uninformed bad decision.
do the ppl at coast to coast who make hiring decisions actually think anybody likes it when ian punnet is hosting???
@cybrmstr chase by giorgio moroder! its catchy aint it
What was the song at 0:00 to 0:25
You have to be willing to be heavy in this matrix and materialistic money hungry, and willing to use people like a doormat to make it big in this 3rd density, or choose live out a meager excistance.
@TheRealNickBravo
that IS an actual argument. what jobs did u expect to get from those degrees?
@Ristar85 make an actual arguement, not some backhanded insult.
@TheRealNickBravo
not to knock u or anything, but i dun see why people would want to employ u.
maybe McD, KFC, Pizza Hut, etc. =
I’m $40,000 in debt for college. 2 degrees, theater and religious studies. I am unemployed and currently living in my van.
boring as always – Ian Punnett sucks
just lie folks….the elite do so why dont you?……naysayers may say well how do i get a guy/gal who is right for the job?? well do your own test…..set your potential employee a task…written or other…or simply talk to them…….you can figure a lot out by just talking to someone….