I'm 37 years old, and have been fighting a two-year battle against the student loan industry, and the astonishing absence of consumer protections for thes loans that are wrecking people's lives.
I forced myself to Watch MTV for a week, and what I found was beyond disturbing, it was shocking. Enough for me to be compelled to share with you all.
I Sincerely hope that someone picks up on my findings, because it is important.
SO, I've been fighting against the student loan industry for about 2 1/2 years now. It turns out that student loans are the most astonishingly absent of consumer protections, and predatory, of any lending instrument in our nation's history.
I know it sounds dramatic, but it's true. Being just a normal guy with a knack for research, what I found out about the industry , most notably Sallie Mae, got me a ticket into Fortune Magazine, and got me featured on 60 Minutes last year.
So I know a little bit about this industry, and believe me-student loans are evil.
There are almost NO standard consumer protections for this debt. No Bankruptcy protections, no statutes of limitations, no ability to refinance the debt (for public loans), no requirement for the lenders to adhere to truth in lending laws, or state usury laws, or fair debt collection practices. There are also massiv epenalties and fees legally allowed to be attached to delinquent debt, so that it is more profitable for the lenders when one falls behind.
Ok...so last week I forced myself to watch MTV to see what they're up to. Its changed alot since the 80's...They've gone from playing music to being this ambiguous "style council" for our youth. Kind of shocking. What was more disturbing, however, was that nearly EVERY commercial break had an ad for student loans. I counted like 4 different companies hawking student loans at every cycle...mostly the high-interest, private type that also are appallingly lacking in consumer protections like those that I mentioned above.
But MTV claims to be looking out for the interests of the youth, and indeed have an entire section of their website devoted to political action. So this was heartening. "Hopefully they will use it to warn students about the dangers of student loans", I thought hopefully.
The causes they claim to be fighting for are what you might imagine: The Environment, Energy Independence, Peace, Education, etc.
Well...under the "Education" political action tab...I was shocked to find that they haven't even picked up on the fact that the cost of college is out of control, and that student loans are indeed harming vast segments of our youth like none other in history.
The political activities ("Things to Think about") that MTV advocates are nothing more than bubble-gum tips like "Study Hard", "Try to make your school a better place", "Fill out your financial aid forms", "Plan for your future". Nothing even close to the controversial reality of the issues that students face nowadays with regards to paying for college. This sad excuse for a political action agenda sickened me.
But here is the Kicker...
the whole education 'political action' site gently (but inevitably) leads the casual user through a course that includes 'filling out your financial aid forms', and finally, to Sallie Mae.
Yep. That's right. There is no political activity to speak of at this site whatsoever. This is just a long sales pitch by MTV on behalf of Sallie Mae. In fact, going back, I noticed that there were Sallie Mae links EVERYWHERE ON THE PAGE.
When I looked at the "partners" for MTV Education Advocacy, I found that both Sallie Mae, and The College Board (who also make money, and a TON of it, from student loans) were featured prominently.
It was so wrong, seeing them couched in between the Bill and Melinda Gates Foundation, and Amnesty International.
This is what MTV has become.
All I can say...is...
FUCK THE MTV!!