Overlooking the fact that college tuition is overpriced (and growing more expensive every year), we've set future generations up for failure with a world that encourages high levels of personal debt, enables corporate abuse of public trust and well being, and promises false hope with education that has been rendered useless thanks to outsourcing and offshoring of manufacturing and high-tech.
As many of you know, the Student Loan industry is booming, and not in a way that benefits students and borrowers. One lender in particular, Sally Mae was recently featured on 60 Minutes (video Part I - Part II) in a segment exposing their predatory (and highly profitable) lending practices.
No student borrower wishes to shuck responsibility for his or her loans, however lenders have been given a green light by congress to do whatever they like with regard to dispersion and collection of loans. Colleges & lenders spend comparatively little time explaining in advance the seriousness of borrowing large sums of money at higher interest rates, and how the interest can grow to equal or exceed the amount of the original loan within a relatively short amount of time. Students are typically young and make irrational decisions. We forbid anyone from drinking beer before the age of 21, yet we will gladly ensnare them with long term, high-cost loans which will greatly impact many of their lives - after it's too late. Student Loan lenders such as Sally Mae view young borrowers as easy prey, and something needs to be done about it.
Student Loan Justice recently submitted a call for experienced Attorneys to join a consortium of legal experts to examine the abuse perpetrated by Sally Mae and other predatory lenders:
We are organizing a group of attorneys who will be willing to work with Student Justice and pursue cases against Sallie Mae and other predatory student lenders. We need attorneys with expertise in RICO, Fraud, Truth in Lending, Bankruptcy, Civil Discovery, Student Loan Law and General Litigation and other relevant areas. We will build a consortium of lawyers who can work together. We need a critical mass of at least 25 experienced attorneys and 5-10 inexperienced lawyers. The consortium will be coordinated by Dr. Bruce W. Ebert in California. We will work closely with Student Justice to decide what litigation to pursue. Any questions may be directed to attorney Dr. Ebert at bpsylaw@aol.com, 916 781-7875.
Please, for the sake of what little good is left in America, if you can assist or know someone who can please contact justice@studentloanjustice.org with your information.
Related links
http://ticas.org/... TICAS Student Loan Watch
http://studentloanjustice.org Student Loan Justice (I am not affiliated with SLJ but support them wholeheartedly)
http://temporaryattorney.blogspot.com/...
http://www.generationdebt.org/ Generation Debt
http://studentloanslave.org/ Student Loan Slave
http://www.counterpunch.org/... Sally Mae and the Student Loan Swindle