Student Loans - The Gateway Drug To Debt Slavery

[jtuck004]

Funny to be writing this in a place where, I think, most people wouldn't take for their education,
even if it led to their being somewhat grumpy after a while. ;) Congratulations :toast:

But it has become something else. We need more trained (and educated) people to compete with billions of people in a globalized society yet student loans, as of this report, were at $829 billion and rising. Is it a scam? Are we getting value from a system that allowed Al Lord and Tim Fitzpatrick to take home $400 million in profits from Sallie Mae (see the graphic below)? That would have paid $12,000 toward community college tution for 33,334 students. Maybe even some English classes for the editor of this graphic <G>. (You'll see). And it is costing us in Human Capital.

Soon it will overtake Total U.S. revolving debt (98 percent of which is made up of credit card debt): $852.6 billion, as of March 2010

According to the site below the harshest collection methods are reserved for student loans. Miss a few payments and you can
be subject to

Wage garnishment without a court order
Suspension of State Professional Licenses
Garnishment of social security/disability income
Withholding IRS tax refunds

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