Click on this link to bring you to the article on CNN.com. Many thanks to Moni Basu for bringing attention to this serious and ever-growing problem!
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From the article:
"Private loans not only come with sky-high interest rates, but they lack the consumer protections that are attached to federal loans, according to The Project on Student Debt. It is difficult to discharge them in bankruptcy."
It is absolutely absurd that the government hasn't stepped in and policed private student loan companies such as Sallie Mae. Many students have no other choice but to take out student loans, and because we are trapped, these institutions have tacked on outrageous interest rates. These practices are borderline extortion and nobody is holding them accountable. I borrowed $45,000 to complete my education, but interest turned it into a $90,000 loan. My payments are supposed to be over $3,000 a month, and I make $300 a week.
Colleges and universities themselves should also be blamed for pushing students to take out private loans without informing them of the consequences. Nobody once ever told me, a teenager, that my payments would be so outrageous that paying for college would essentially cripple my chances of making a decent life for myself. I would be in a better situation had I not attended college.
I do not have the option of living with my parents so I can pay off my debt. I am completely out on my own, and rent comes first. I will now probably never be able to buy a house or a car, start a business, or do any of the other things that are supposed to be my rights as an American.
Private loan companies have been allowed to irresponsibly lend money at exhorbitant interest rates for much too long. It's shocking and completely despicable. What's even more outrageous is that these companies themselves are receiving bailouts, and have not passed them down to struggling grads at all. There is help for people who can't make car, credit card, and mortgage payments, but young adults just starting out in life are left to fend for themselves against unchecked, predatory lending institutions. Instead of helping grads, the federal government is backing these mafia-like practices.
In a country supposedly run by the middle class, with a president who claims to be a spokesperson for the middle class, college is yet another luxury for the wealthy.
From the article:
Paul Ramirez earned a degree at Art Center College of Design in Pasadena, California. The program was so intense, he said, that he could not work part-time. So he signed on the dotted line for a private student loan. The bank came calling for a $1,200 a month payment after Ramirez graduated. He asked for forbearance and when that was up, he moved in with his parents to make the monthly payment, which had risen to $1,700..
My question is, was he not told of the $1200 per month payment or not made aware of other options he was eligible for? Then that is in my opinion fraudelent.
Was he told of the payment and decided to move forward anyway? Then I'm not sure what protections should apply.
As for Kristin Schlaud with a quarter mill in debt, should a law school student be expected to know better?
In these scenarios, what would be the recommended changes that would have made their situations better?
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