Tuesday, June 9, 2015

Author Lee Sigel Calls For Defaulting On Student Loans

And that doesn't go so well over at CNBC.

1 comment:

Anonymous said...

When student debtors get the rare opportunity of air time on a major network, it always seems like the debtor never gets to completely explain the problem and those "experts" who oppose him or her have all the time in the world to confuse the public about what is really going on and claim that since they are the experts, they know better. Who is paying these clowns to silence us?

I like what one of the commenters said: The hallmark of a bully is someone who picks on the weak. She said that students are weak and so we are those who have no voice and no rights.

We need to find a way to let the real story out. People need to know that these are not the kinds of "loans" to which everyone has grown accustomed. They are not like a car loan or a house loan or even most [predatory] credit cards. These loans are designed to keep you in debt forever. Like I said, I allegedly took out $60K with Chase in private loans. I have repaid $75K over the last 10 years and still owe over $55K. In addition to no bankruptcy protections, there is no legal limit to the amount of interest and fees that student loans can accumulate. There is no option to refinance and truth in lending laws were removed so that when debtors took these loans upon themselves, they had no idea what they were getting into.

I am getting so tired of this. So. Very. Tired.