Default: the Student Loan Documentary
Posted on November 4, 2009
Filed Under Loans | 25 Comments
Default: The Student Loan Documentary is a feature-length documentary chronicling the stories of borrowers from different backgrounds affected by the private student lending industry and their struggles to change the system. In 2005 private student loans were exempted of ALL consumer protections. No matter when their loans were taken, many borrowers now find themselves in a paralyzing predicament of repaying two, three or multiple times the original amount borrowed, with no bankruptcy …
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25 Responses to “Default: the Student Loan Documentary”
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The best college to go to is community college. Period. I regretted leaving CC to attend a private school and I am paying for it. The schools never helps people find a job.
you can try consolidating them through US dept of education’s direct loan program. they’ll buy it all out and you pay only 1 loan with a renewed lower interest. and you get your credit cleaned up.
private message me. i can teach you how to eliminate MOST of your debts. and/or rehabilitate a student loan gone bad.
You must have went to RPI…
They just threaten people with mental tension and they never take it back but only keep increasing the imaginery paper figures.
ISLAM orders and FIXES a NO INTEREST system.
The downfall of WEST is its interest drven economy.
Good Job!!! Sallie Mae keeps saying that “you owe a debt and therefore you have to pay” but they neglect to tell you how they design these so called loans with “capitalized” interest so that you will never be able to be rid of this debt. They also don’t tell you that the school you went to had a secret agreement to recieve a financial reward for every person they sign up with a sallie mae loan, evil. Their loans are deceitful and oppressive , they don’t deserve to be repayed.
soon there will be a riots fighting between the lenders and the slaves.
civil disobedience is already beginning to ensue.
People would have been better off just paying for college with credit cards. Do cash advances for like $5,000 each on 6 or 7 credit cards, in the same day, within the same hour, at several different banks.
Then file for bankruptcy….
I’m a senior graduating this year with about 45,000 in debt. Thanks SallieMae and NYU….
It’s scaring me into getting a job i’m going to hate just because it has a paycheck. Not good.
school is overrated
Amazing that the bought-and-sold US government has trillions of dollars to waste on idiot wars like Iraq, as well as corporate welfare for parasites in the banking and health care industries (so much for “personal responsibility” that so many anti-reform idiots like to spout about).
Yet when it comes to education– the best investment for a strong nation– it shafts students, then lets predatory lenders push them into insolvency. And we wonder why the USA is becoming a laughingstock with this?
Dumb, predatory policies, like these student-loan lenders who use legalized usury to force students into serfdom–THIS is what is driving Americans out of the country for good these days. The brain drain to the Netherlands, China, Germany, Argentina, Panama, Chile- it’s off the charts. Not just student loans but health care (don’t have a baby in the USA, the crooks in the industry will bankrupt you). So the best Americans now do their business in Dutch, German, Spanish- cuz they’re overseas.
BTW, the most unbelievable part of all this– the USA is losing its most talented people to other countries, since its policies are tailored to enrich the already super-rich at the expense of the young, bright and ambitions working their way up, and the poor in general. AKA the definition of a banana republic.
The United States could quickly improve this miserable situation, just by passing the most basic reforms to correct these problems.
or, do they just want to collapse the system and bring about reform to shape an agenda? BTW I’m an independent voter.
no quite that easy. Your name would be tarnished for a long time.
I hope it is a good job and you have a marketable degree. A degree is an investment not a right!
I dropped out of college because I realized it wasn’t worth the money. The work was easy in my engineering classes, but the amount of time and money I would have spent on college would not have sense financially. I am a cnc machinist now and doing fine. I never considered taking out a student loan because I understood the math.
The government should help bail out our student loans and then we could spend that money on a house, car, the economy. But instead they rather bail out huge companies that got us into this mess, giving that money to CEOs and their huge bloated paychecks, so they can buy yet another yacht. Then they expect us to work for nickels and dimes to try to pay back our student loans. What a crooked country we live in, as students can’t even file for bankruptcy anymore, unlike these companies.
See. The BRIGHT ones don’t need school. School needs non-goal reaching kids to prey on nowadays. Doing the math TRULY will SAVE you.
Thank you for making this video. I subscribed to your channel. The average loan at my school is $19,000 a year. I just wish they could keep the interest rates to never go above 6%. Anything more than that is usury.
What people need to keep in mind is that bailing out the average person/student would be a proactive measure to allow a young workforce to create wealth for the nation.
But, the fascist federal government in not in the business of doing what is good for America. And the politicians/corporation’s are subservient to their banking masters. Debt for them is the source of their wealth and power.
The Government needs to bailout ALL student loans going back 15 years or so.
biped19, I agree with you. Debt is a THE source of their wealth & power. I believe, our government will never…..ever bailout student loans. Their making way too much money off of us. When I finished college 6 years ago…my debt was $40 grand. Today…because of interest rates, my debt is now double that amount. There is no light at the end of this financial tunnel.
No just 5 years ago…. jk. Yes but guess what? These mofos put Obama in the White House…..