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March 13, 2012
I Owe My Soul To the Company Store
Today they go bankrupt for a surfeit of virtue. If the subprime mortgage crisis was rooted in the quest for affordable housing, the curtain now rises on a scene laid waste by the student debt bomb. Student loan debt is now $704 billion bigger than total US credit card debt. Families which believed they were investing in the future find themselves facing eviction tomorrow.... “President Obama has said he will help ease student loan debt, claiming he doesn’t even need Congress to do it. It seems the Education Department has the cash to back him up.”-- Belmont Club ｻ
Posted by gerardvanderleun at March 13, 2012 9:33 AM. This is an entry on the sideblog of American Digest: Check it out.
Your Say
My sister has a small beauty school. When the government took over all financing options for student loans, she had to actually take a mandatory course on paperwork, procedures, abbreviations, acronyms, etc. She had to fly to San Francisco to take the test in order to maintain her accreditation. She had to be inspected by the Department of Education, and receive their stamp of approval for receiving student loans.
Nine months of grueling preparations, and she passed their insane mandates with flying colors.
Her students were approved in January to receive more than a half million dollars worth of loans. They received approval letters saying that they could receive their money.
Except no monies have come. Not to the students, and not to my sister's school. But! And here is where it gets so good! But, her students have received BILLS for loans they haven't gotten, though they've been approved. BILLS showing the amount of interest they also owe!
How kind.
Sister of mine is so angry she had her students bombard the Dept of Ed with phone calls during classroom time. She's had them call their congressmen.
I don't know how it will turn out, but she's seeing the end of 30 years of work going into the crapper.
Posted by: Jewel at March 13, 2012 10:01 AM