From 60 minutes on the student loan industry:
Michael Dannenberg of the New America Foundation told Leslie Stahl, "It may be called 'private'but it's not private at all. Frankly it's a socialist-like system. It's not as if this private entity is assuming any risks. No, no, no. The law makes sure that this so-called private entity has virtually no risk."
Ralph Nader commenting on this writes, "It gets worse. Let's say a graduated student defaults. The government pays Sallie Mae both the principal and the interest compounded. But the loan is still subject to collection. Guess who owns some of the largest collection agencies--you guessed it, Sallie Mae. When its collection agency collects, it gets 25% of the recovery. The profits go to Sallie Mae."
counterpunch.org
Lesley Stahl discusses her report on college loan company Sallie Mae here:
cbsnews.com
Senator Ted Kennedy's Student Debt Relief Act
tedkennedy.com
Stop the robbery!!! Our nation's future depends on it. Put the money back in the student's hands.
It is time for change. This thread is dedicated to documenting that change.
Student Loan Justice
studentloanjustice.org
Tell Congress: Pass the Student Debt Relief & STAR Acts:
studentloansanity.com |
