My son refused to wait for an opening in a community college, and went to a private school that arranged private financing. He now is in the Army Guard in Afghanistan, trying to pay off $30,000 in student loans. And no, he didn’t get a degree of any kind.
I think the student loan ^#$% is like a legalized loan shark, supported by the government.
I have a daughter that is graduating this summer from HS.
She doesn’t want to go to college yet, but I have been watching and reading about this student loan scam.
It is awful.
“In the past decade, student loan debt ballooned over four-fold. In 1977, about $1.8 billion was borrowed. By 1989, it was $12 billion, and in 1996 $30 billion. According to the Student Loan Debt Clock, its cumulative principle and interest exceeds $877 billion, surpassing credit card debt for the first time last June, and will exceed $1 trillion in early 2012.”
“As a result, student borrowers are greatly harmed by unmanageable loan demands. Along with inflation and annual tuition/fee hikes, most graduates face an enormous burden, with no consumer protections, even in default. Once entrapped, escape is impossible. Debt bondage is permanent, and future lives and careers are impaired.”
“Congress ended bankruptcy protections, refinancing rights, statutes of limitations, truth in lending requirements, fair debt collection ones, and state usury laws when applied to federally guaranteed student loans. As a result, lenders may freely garnish wages, income tax refunds, earned income tax credits, and Social Security and disability income to assure defaulted loan payments. In addition, defaulting may cause loss of professional licenses, making repayment even harder or impossible. Under a congressionally established default loan fee system, holders may keep 20% of all payments before any portion is applied to principle and interest due.”
“... relegated to lifetime debt bondage. “
http://warisacrime.org/content/permanent-debt-bondage-americas-student-loan-racket
Some tell of their children being hounded, even when they are dying, taking everything and demanding more. Some were children whose parent took the student loan, and the adult child is expected to pay for the parents loan.
This is debt slavery. No student debt for my child.