Comments on: Graduating Into Debt

Is The Private Student Loan Industry Headed For A Mortgage Market-Like Meltdown?

[flaya-2009]

I had emailed months ago about this topic since it has happened to me. Like most stories mentioned, you tend to say what the problem is and how to fix it. You never have an answer for those of us who have fallen into this trap.

We need the answers now.

[flaya-2009]

I had emailed months ago about this topic since it has happened to me. Like most stories mentioned, you tend to say what the problem is and how to fix it. You never have an answer for those of us who have fallen into this trap.

We need the answers now.

[collinge-2009]

What I meant to say below is that nowhere in this piece is it mentioned the astonishing range of standard consumer protections that Mr. Dean and his buddies at Sallie Mae convinced their buddies in Congress (Boehner, McKeon, Enzi) to REMOVE from student loans.

This is the real story. This is why you can''t turn on MTV for 5 minutes without seeing an add for student loans.

This is why Sallie Mae''s "fee income" has increased by 107% between 2001-2005.

This is why Premiere Credit of North America- a student loan collection company, has installed a 4000 gallon SHARK TANK in their lobby. Check out their website for 10 seconds if you don''t believe me...www.premierecredit.com

This is why decent citizens are being forced off the grid, are fleeing the country, and even taking their own lives because of their student loans.

This is the real story. C''mon CBS.

[collinge-2009]

Sorry, but this piece is fluff. Nowhere is it mentioned the astonishing lack of consumer protections that Mr. Dean and his buddies at Sallie Mae convinced their buddies in Congress (Boehner, McKeon, Enzi. Protedctions that we take for granted for other types of loans, such as Bankrupty protections, refinancing rights, Statutes of Limitations, Truth In lending requirements, adherence to state usury laws, and fair debt collection practices.

With all due respect the producers of this piece should have looked at the 60 Minutes piece on Sallie Mae. They at least got most of the story right.

As ccmcbride mentions above, come to www.studentloanjustice.org to see what the real, wicked world of student loans is all about.

[ccmcbride]

For the REAL effect of these loans, who did it and what they did, visit
htt://www.studentloanjustice.org.

Personally, I have seen my original 45,000.00 student loan balloon to 110,000 in 2004, when I filed bankruptcy to it''s current balance of 160,000. Most borrowers are not aware that student loans are EXEMPT from bankruptcy if you fall on incredibly hard times, and can result in your social security being garnished.

[tcsor3]

How hard did you have to look to find an accounting major who did not know how he was borrowing, interest rate, terms. etc.? I would "sure" want this guy doing my taxes, finances, etc.!