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The $1 Trillion Student Loan Rip-Off: How An Entire Generation Was Tricked Into Taking on Crushing Debt That Just Enriches Banks


Society & Culture  (tags: education, crime, youth, politics, society, law, government, freedoms, dishonesty, ethics, rights, world )

AWAY AWHI
- 2825 days ago - alternet.org
Young people accepted a home mortgage worth of debt before they ever even had a regular income based on phony promises.



   

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Comments

Teresa W (782)
Friday October 21, 2011, 4:36 am
horrible
 

Ellen m (215)
Friday October 21, 2011, 9:12 am
As far as i'm concerned this should be one giant class action lawsuit! Thank Cal
 

Stephen Brian (23)
Friday October 21, 2011, 9:58 am
I think I saw this before.
Yup, this is part of the education bubble.
Larger loans become available -> prospective students have access to more money -> price goes up -> people complain about how education is only for the rich -> larger loans become available ...

What it misses, again, is how the attempts by Congress to level the playing field and get everybody through school, getting more student loans out there, is a vital link in the chain of rising debt, even more important than the bankruptcy law that it described. I wonder when we'll see an article in AlterNet complaining about how the government is giving out too large student loans.
 

Kamila A (141)
Friday October 21, 2011, 11:33 pm
Karma never stops. Education always worthwhile. At the end of this justice will prevail
 

Douglas S (1)
Saturday October 22, 2011, 6:17 am
Yep and noted
 

Esther Z (94)
Saturday October 22, 2011, 7:31 am
Noted. Another scam perpetuated by the financial industry, with a little help from our government. It's a crushing debt that can't be written off through bankruptcy.
 

Rita White (55)
Saturday October 22, 2011, 8:23 am
thanks for the informaton
 

David C (75)
Saturday October 22, 2011, 10:50 am
the great irony is what my 12 yo just told me.....the cost of Iraq war & occupation (which thankfully is hopefully coming to an end asap) is $1 trillion....could have covered this....
 

Past Member (0)
Saturday October 22, 2011, 12:59 pm
I've been buried in USA student loan debt since 1986 and am not even close to paying it off. It's scandulous.
 

Hartson Doak (39)
Saturday October 22, 2011, 1:28 pm
My 37 year old son is still paying on his student loan.
 

Nelson Baker (0)
Saturday October 22, 2011, 5:15 pm
What a shame.
 

Past Member (0)
Saturday October 22, 2011, 6:29 pm
A degree, a student loan.....no job!

We are fortunate they are peaceful.
 

Lori K (56)
Saturday October 22, 2011, 9:18 pm
It's sickening. Even worse, the Republican led banking industry is raising tuition even more, and dooming more students to an ever more crushing debt load.
 

TERRANCE N (65)
Saturday October 22, 2011, 9:37 pm
There is a definite goal of the ruling corporate and political elite to turn us into indebted slaves. Want to began to fight back? Go to www.occupywallstreet.org and www.getthemoneyout.com. Just complaining will not solve this and other problems. We must organize and fight back.
 

Shane C (3)
Saturday October 22, 2011, 9:44 pm
It's sad that they can get away with this. Most people I know are still paying off student loans. Even my parents still are!
 

Jonjon Hoy (146)
Sunday October 23, 2011, 2:32 am
Great post Cal. Theirs always a loophole to screw people over like a loan shark.
 

Jonjon Hoy (146)
Sunday October 23, 2011, 2:36 am
Bank have become a whats mine is mine and whats yours is mine bank. Are they related to congress or owned by them.
 

. (0)
Sunday October 23, 2011, 4:40 am

An entire generation was tricked into taking crushing student loan debts by evil bankers?

Are you telling me that not one of these poor innocent students couldn't figure out that their $150,000 dollar loans for that 'Hospitality and Travel' degree for a job that pays $51,000 a year wouldn't cut it?

(Google it - I am not kidding!)

Are you saying that we should throw personal responsibility into the wind and blame something or someone else?
 

Olive Tassell (7)
Sunday October 23, 2011, 4:12 pm
Governments conviently looking the other way or taking part to inceace the ta base. Orwell may have never thought corporations could be this ruthless with their partners the banking industry.
 

Bill Eagle (41)
Sunday October 23, 2011, 4:40 pm
Some people will spend their entire lives trying to pay off their student loans. The cost of American education is unreasonable, and will soon be only for the wealthy.
 

Bill Eagle (41)
Sunday October 23, 2011, 4:43 pm
Thomas Jefferson founded the University of Virginia. His desire was to create a school that would be free to everyone. Abe Lincoln signed the law that founded Land Grant Colleges. This too, was to create a system of free education for Americans.
We no longer have such a thing as a free College education.
 

Duke D (0)
Tuesday October 25, 2011, 6:40 pm
What!!! I'm shocked. Now were feeling the effect of prohibition the criminals bought and shot their way into our government now were in the grip of their legit rackets so not surprised criminals are in charge. So thanks Temperance movement good intentions paving the road to hell once again.
 
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