They say education is what separates men from animals. Although if you’ve been paying attention to the news lately it seems like the Halls Of Higher Learning are full of very ‘Wild Animals’. But that’s a conversation for a different day. This story is about the Money Monster’s trap of Student Loan Debt.
There was a time when college degrees were only sought after for those motivated to become doctors, lawyers, engineers, etc. The most financially successful individual we know never finished middle school, dropped out due to dyslexia, and went on to become a major glass manufacturing mogul. Now, students are told that unless they get a collage degree they won’t be considered for gainful employment, and will never be able to get their piece of the ever more elusive ‘American Dream’. So off to college they go with no specific professional career goals in mind, racing to add their names to the Debt Slavery register.
How many college graduates are back living with their parents, or working in virtually minimum wage jobs, or even worse have their positions replaced by foreign workers sponsored by the employer’s H1-Visa program after graduating and earning a really good employment opportunity. Let us Not be Naive about the Money Monster’s dreams of having ‘every college aged person’ carrying a student loan obligation that compounds interest upon interest at very high rates during the student’s collage term, and then turns into a ‘long term’ income stream for the Student Loan servicing companies. Not to mention the Originating Student Loan Lender pooling each individual loan into ‘Secularized Trusts’. More than $1.2 Trillion as of April of 2016 (READ ABOUT THIS HERE).
From our perspective the Student Loan debt cycle is to the Money Monsters, what kids smoking cigarettes was to the tobacco companies. Just get everybody into it and watch the numbers ‘rack up’ profits.
A recent article by Brad Poling highlights some of the ‘reality’ of this whole topic, he writes;
“April wasn’t the best month for Navient. The student loan giant came under fire from the Consumer Financial Protection Bureau as allegations of mishandling loans and defrauding students continued to snowball. New details from recently unsealed documents show that Navient, already facing lawsuits from attorneys general in Illinois and Washington, misled student-borrowers while attempting to secure more federally-backed loans, all the while approving subprime loans that defaulted at rates up to 92 percent”
“The new revelations read like a student-debt fever dream. The charges included everything from alarming incompetences – mishandling and losing payments, ignoring instructions from co-signers – to more nefarious charges like steering students away from income-based loan repayment options, and targeting students likely to default”
“As the Navient allegations build, the parallels between Navient’s practices and those employed by for-profit colleges are becoming uncanny. Take, for instance, Corinthian Colleges. The for-profit network faced charges of misleading students about employment rates, tuition costs, job opportunities and repayment options in a number of lawsuits over the last decade. Under pressure from debt-striking Corinthian students, national student labor organizations and legislators, the Education Department ultimately announced a loan forgiveness program for up to 80,000 affected students”
To Read The Entire Article By Brad Poling (CLICK HERE)