Friday, December 4, 2009

What's going on at the Washington Post? Why aren't they writing REAL stories about the student lending industry?

 I've been surprised by the lack of stories about the student lending crisis in the Washington Post. The most recent one was downright appalling, and I'm being reserved in describing it as such. Last Sunday they wrote about a young woman who went to GWU. She has been unable to find a job, and she comes from a highly successful and competitive family. Even though it's too bad her brother judges her for being out of work, the story implies two problematic things:

1) most young people, like Ms. Meyer, may not be employed and living at home, but that's really not a big deal. After all, she gets to go to yoga and takes regular hikes with her boyfriend
2) her parents paid for her schooling, which is rare.

Why doesn't the Post actually publish more accurate pieces about people who don't have the luxury of returning home? What about the ones who are drowning in debt? (A 1/3 of college students take out student loans to finance their education. Moreover, Tim Ranzetta over at Student Lending Analytics recently stated that 2/3 of graduating seniors in 2008 . . . incurred debt." Ranzetta is a painstaking number cruncher and always provides invaluable statistical analysis about the student lending industry.

I've also noticed that the University of Phoenix is always advertised in the Post. I imagine that's what is keeping that newspaper afloat, along with Kaplan. Hmmm . . . so is that maybe the reason for the poor coverage of the student lending crisis? (Just to be clear - Kaplan and WP are the same company; Kaplan profits are keeping WP afloat. Also, here's a disturbing tidbit on they way Kaplan hires entry-level admissions advisors).

All them folks on the Hill who make decisions about our lives read the Post. As their sipping their morning coffee in their D.C. offices, they can enjoy fluff pieces like the one about Ms. Meyer. They can think to themselves, "well, the recession isn't hurting this young graduate, so things can't be all that bad . . ." 

Next up: who's gettin' their pockets lined by Sallie Mae and Nelnet - it's time to get organized at the local/state level and call out those politicians who've been bought by the worst of the worst in the student lending industry. I hope these politicians get nervous (some of 'em are up for some heated elections).  Stay tuned! I already have volunteers helping me in numerous states across the country.

Why won't they write about me? I represent FAR more people in this country than Ms. Meyer. Do those politicians we're gonna call out soon give a crap about the fact that they're dumping anvils of financial doom on our heads after we graduate from college? 


Anonymous said...

The WSJ is surely on a roll this week. Check out this article they just posted today entitled "Public Option Campus Revolt". You are sure going to love this one-

Cryn Johannsen said...

That's not even "slanted." It's just an outright lie - it's NOT a public option when private lenders are backed by the government. There is NO comparison to the public option debate that's been going on about health care. And for the WSJ to even write such a piece - absolutely fallacious. 97% of all private loans are FEDERALLY guaranteed. That means if Mary Jo takes out a loan for 30k to fund her B.A., her lender is already covered for that amount of money borrowed. That's why there is s student lending crisis! These lenders have no reason to work with borrowers, because they can only gain with their usurious acts. Just despicable beyond words.

Mr. Slinkard said...

I know you post on Yelena Shusters web site, but here is something funny that I found many people are aware that Yelena Shuster, won $100,000 from an essay contest?

$100,000, what was she able to do that others couldn’t do that now she is complaining about? Ms. Johannsen what could you have done with $100,000 FREE. I would say Yelena Shuster was able to do about $100,000 more than a lot of people.

Here is the info

Cryn Johannsen said...

I have no idea what bearing this has on the way in which Yelena highlighted me on her page. Who cares? If I had $100,000 I'd be do the EXACT same thing I'm doing now - being a political activist for people who have been ripped off by corrupt and unregulated corporations.

Anonymous said...

Mr. Slinkard,
That is awesome! Good for her!

Cryn Johannsen said...

Thanks, Alena. I presume grantsforeducation is your blog?