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Wednesday, April 17, 2013
The Student Loan Scam
Author :Alan Collinge Publisher:Beacon Press Page:184 Format:Pdf Language:English
The Most Oppressive Debt in U.S. History - and How We Can Fight Back
High school graduates can no longer
put themselves through college for a few thousand dollars in loan debt. Today,
the average undergraduate borrower leaves school with more than $20,000 in
student loans, and for graduate students the average is a whopping $42,000. For
the past twenty years, college tuition has increased at more than double the
rate of inflation, with the cost largely shifting to student debt.
The Student Loan Scam is an exposé of the predatory nature of the $85-billion student loan industry. In this in-depth exploration, Collinge argues that student loans have become the most profitable, uncompetitive, and oppressive type of debt in American history. This has occurred in large part due to federal legislation passed since the mid-1990s that removed standard consumer protections from student loans-and allowed for massive penalties and draconian wealth-extraction mechanisms to collect this inflated debt.
The Student Loan Scam is an exposé of the predatory nature of the $85-billion student loan industry. In this in-depth exploration, Collinge argues that student loans have become the most profitable, uncompetitive, and oppressive type of debt in American history. This has occurred in large part due to federal legislation passed since the mid-1990s that removed standard consumer protections from student loans-and allowed for massive penalties and draconian wealth-extraction mechanisms to collect this inflated debt.
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