Bankster And Elite Loan Manipulation Will Keep Poor And Middle Class Out Of College
by Monica Davis
As they did with mortgages, behind the scenes financial manipulators are playing with student load debt. Students are under a triple threat: rising student loan rates, public disenvestment in higher education, and few jobs for college graduates.
Polict analysts say that Congress must act now. American students literally can not afford for them to ignore the July 1 deadline and the doubling of student loan rates.
WASHINGTON—As education leaders across the nation are calling on Congress to act before July 1 to prevent student loan interest rates from doubling, a new report released today by the American Federation of Teachers warns that the combination of massive student debt and public disinvestment in higher education threatens Americans’ ability to gain access to and successfully complete college.
The report—“On the Backs of Students and Families: Disinvestment in Higher Education and the Student Loan Debt Crisis”—outlines a series of policy recommendations aimed at advancing goals that “must be achieved if our nation is to have a prosperous economy, a healthy democracy and a just society.”
Those goals include:
- Relieving the student debt burden for current borrowers;
- Promoting debt-free higher education;
- Enhancing state funding for public higher education;
- Prioritizing academic needs in college and university budgets; and
- Eliminating the fraud and abuse that entrap borrowers in debt. cost of college.” PRESS RELEASE
As the situation currently stands, American students are at the mercy of lenders who are making massive profits from students. Their loans can not be discharged by bankruptcy, and the student loan program does not wait until the student gets a job to demand repayment.
There are cases now of people’s Social Security checks being garnishen for alleged non-payment of student loans. These loans will follow students to the grave.
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