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News Link • Education: Government Schools

Serfdom Via Student Loans

At the core of the too big to fail bailouts is the notion that banks made horribly bad bets and needed to walk away. So they did by saddling the American taxpayer with the bill. Yet with student loans banks are lending to anyone and everyone willing to attend any questionable institution. The due diligence is comical and the corruption that is occurring is similar to the mortgage boiler rooms that were dishing out subprime loans to any person that walked in through the front door. The stories of student loan purgatory are starting to fill the internet. Take a look at this post from “Frank” over at Student Loan Justice: “I graduated from law school in December of 97. I have paid on my student loans off and on over the past 9+ years and have paid back an estimated $75,000 on a loan that when I graduated was a little of $100,000. When I last checked the pay off amount it was over $135,000 and thats with paying $75,000 + over the past 9 years. I owe more on it now than when I took them out !! One of my loans is in default, they claim I owe them $23,000+ (which somehow jumped from $17,000 in a span of about 30 days) My two other lenders are close to defaulting and I am unsure if I should just let them default…”

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