The student loan scam: the most oppressive debt in U.S. history, and how we can fight back

Book Cover
Average Rating
Publisher:
Beacon Press,
Pub. Date:
c2008.
Language:
English
Description
Alan Collinge never imagined he would become a student loan justice activist. He planned to land a solid job after college, repay his student loan debt, and then simply forget the loans ever existed. Like millions of Americans, however, in spite of working hard, Collinge fell behind on payments and entered a labyrinthine student loan nightmare.High school graduates can no longer put themselves through college for a few thousand dollars in loan debt. Today, the average undergraduate borrower leaves school with more than $20,000 in student loans, and for graduate students the average is a whopping $42,000. For the past twenty years, college tuition has increased at more than double the rate of inflation, with the cost largely shifting to student debt. The Student Loan Scam is an exposé of the predatory nature of the $85-billion student loan industry. In this in-depth exploration, Collinge argues that student loans have become the most profitable, uncompetitive, and oppressive type of debt in American history. This has occurred in large part due to federal legislation passed since the mid-1990s that removed standard consumer protections from student loans-and allowed for massive penalties and draconian wealth-extraction mechanisms to collect this inflated debt.Collinge covers the history of student loans, the rise of Sallie Mae, and how universities have profited at the expense of students. The book includes candid and compelling stories from people across the country about how both nonprofit and for-profit student loan companies, aided by poor legislation, have shattered their lives-and livelihoods. With nearly 5 million defaulted loans, this crisis is growing to epic proportions. The Student Loan Scam takes an unflinching look at this unprecedented and pressing problem, while exposing the powerful organizations and individuals who caused it to happen. Ultimately, Collinge argues for the return of standard consumer protections for student loans, among other pragmatic solutions, in this clarion call for social action.
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ISBN:
9780807042298
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full_title student loan scam the most oppressive debt in u s history and how we can fight back
author collinge alan
grouping_category book
lastUpdate 2017-08-14 05:04:29AM

Solr Details

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author Collinge, Alan, 1970-
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physical xv, 167 p. ; 21 cm.
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publishDate 2008
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subject_facet College graduates -- United States -- Finance, Personal, Debt -- United States, Student loans -- Corrupt practices -- United States
table_of_contents The rise of Sallie Mae, and the fall of consumer protections -- Who benefited -- Collection abuses -- The borrowers -- The oversight fiasco -- The corruption of the universities -- The grassroots awaken -- Solutions -- Practical advice for borrowers.
target_audience Adult
target_audience_full Adult
title The student loan scam : the most oppressive debt in U.S. history, and how we can fight back
title_display The student loan scam : the most oppressive debt in U.S. history, and how we can fight back
title_full The student loan scam : the most oppressive debt in U.S. history, and how we can fight back / Alan Collinge
title_short The student loan scam :
title_sort student loan scam the most oppressive debt in us history, and how we can fight back
title_sub the most oppressive debt in U.S. history, and how we can fight back