Contact Your States Representative and Demand they Support these two Measures and if they don’t - ask them why NOT? Richard Durbin - S.1102 Fairness for Struggling Students Act of 2011 & Steve Cohen - H.R.2028 - Private Student Loan Bankruptcy Fairness Act of 2011; Please raise your voice on POPVOX & Open Congress – They Need to Hear US!

Call your Senator and Congressperson Today - Address & Phone Directory: (http://wwwngolavante.blogspot.com/p/congress-senate-phone-address-directory.html).

Twitter handles and Facebook addresses will come later today or tomorrow...

Senator Richard Durbin  D-IL is sponsoring a BILL: 5/26/2011--Introduced. S. 1102 Fairness for Struggling Students Act of 2011:

Support this bill through Open Congress;
http://www.opencongress.org/contact_congress_letters/new?bill=112-s1102&position=support

Revises federal bankruptcy law with respect to the exemption from the exception to discharge in bankruptcy for certain educational loans if excepting such debt from discharge would impose an undue hardship on the debtor and debtor's dependents. Limits such exemption to the existing ones for:
(1) an educational benefit overpayment or loan made, insured, or guaranteed by a governmental unit or made under any program funded in whole or in part by a governmental unit; and
(2) an obligation to repay funds received from a governmental unit as an educational benefit, scholarship, or stipend. Repeals the current exemption for:
(1) any loan made under any program funded in whole or in part by a governmental unit or nonprofit institution; and
(2) any other qualified education loan incurred by an individual debtor on behalf of the taxpayer, the taxpayer's spouse, or any dependent, including indebtedness used to refinance a qualified education loan. (Thus makes both kinds of loans nondischargeable in bankruptcy.)

 

Dick Durban Twitter: @SenatorDurbin Facebook: https://www.facebook.com/dickdurbin    Website: http://durbin.senate.gov/public/

Durbin, Richard "Dick"(D) Senator, IL

Phone numbers: 618-351-1122 Address: 250 W. Cherry Street, Carbondale, IL 62901

Phone numbers: 312-353-4952 Address: John C. Kluczynski Federal Building, Chicago, IL 60604-1483

Phone numbers: 202-224-2152 Address: U.S. Senate, Washington, DC 20510-0001

Co-Sponsors:

Sen. Al Franken [D, MN] Twitter: @alfranken Facebook: https://www.facebook.com/Sen.FrankenWebsite: http://www.franken.senate.gov/

Added May 26, 2011

Phone numbers: 651-221-1016 Address: 60 East Plato Boulevard, Suite 220, St. Paul, MN 55107-1833

Phone numbers: 202-224-5641 Address: U.S. Senate, Washington, DC 20510-0001

Phone numbers: 507-931-5813 Address: 208 S Minnesota Ave, St. Peter, MN 56082

Phone numbers: 320-251-2721 Address: 916 W St. Germain St., Saint Cloud, MN 56301

Phone numbers: 218-722-2390 Address: 515 W 1st St, Duluth, MN 55802

Sen. Thomas Harkin [D, IA] Website: http://harkin.senate.gov/

Added October 12, 2011

Phone numbers: 712-252-1550 Address: Federal Building, Sioux City, IA 51101

Phone numbers: 563-582-2130 Address: Federal Building, Dubuque, IA 52001

Phone numbers: 563-322-1338 Address: 1606 Brady Street, Davenport, IA 52803

Phone numbers: 202-224-3254 Address: U.S. Senate, Washington, DC 20510-0001

Phone numbers: 515-284-4574 Address: Federal Building, Des Moines, IA 50309

Phone numbers: 319-365-4504 Address: 150 1st Avenue, NE - Suite 370, Cedar Rapids, IA 52401

Sen. Sheldon Whitehouse [D, RI] Twitter: @SenWhitehouse Facebook: https://www.facebook.com/SheldonWhitehouseWebsite: http://www.whitehouse.senate.gov/

Added May 26, 2011

Phone number: 401-453-5294 Address: 170 Westminster Street, Suite 1100, Providence, RI 02903

Phone number: 202-224-2921 Address: U.S. Senate, Washington, DC 20510-0001

Support on POPVOX: “A bill to amend title 11, United States Code, with respect to certain exceptions to discharge in bankruptcy.” https://www.popvox.com/bills/us/112/s1102

Representative Steve CohenD-TN is sponsoring a Bill, 5/26/2011--Introduced. H.R.2028 - Private Student Loan Bankruptcy Fairness Act of 2011 - Amends the federal bankruptcy code to remove qualified educational loans as an exception to discharge from bankruptcy.

Support this bill through Open Congress: http://www.opencongress.org/contact_congress_letters/new?bill=112-h2028&position=support

Co-Sponsors:

• Rep. Gary Ackerman [D, NY-5]
  Added May 26, 2011
• Rep. Karen Bass [D, CA-33]
  Added December 06, 2011
• Rep. Howard Berman [D, CA-28]
  Added May 26, 2011
• Rep. Timothy Bishop [D, NY-1]
  Added May 26, 2011
• Rep. Earl Blumenauer [D, OR-3]
  Added December 16, 2011
• Del. Madeleine Bordallo [D, GU-0]
  Added May 10, 2012
• Rep. Lois Capps [D, CA-23]
  Added April 19, 2012
• Rep. Judy Chu [D, CA-32]
  Added May 26, 2011
• Rep. John Conyers [D, MI-14]
  Added May 26, 2011
• Rep. Danny Davis [D, IL-7]
  Added May 26, 2011
• Rep. Peter DeFazio [D, OR-4]
  Added March 29, 2012
• Rep. Michael Doyle [D, PA-14]
  Added May 26, 2011
• Rep. Chaka Fattah [D, PA-2]
  Added August 26, 2011
• Rep. Bob Filner [D, CA-51]
  Added July 07, 2011
• Rep. Raul Grijalva [D, AZ-7]
  Added May 26, 2011
• Rep. Maurice Hinchey [D, NY-22]
  Added August 26, 2011
• Rep. Rush Holt [D, NJ-12]
  Added December 14, 2011
• Rep. Michael Honda [D, CA-15]
  Added March 29, 2012
• Rep. Jesse Jackson [D, IL-2]
  Added May 10, 2012
• Rep. Henry Johnson [D, GA-4]
  Added May 26, 2011
• Rep. Dennis Kucinich [D, OH-10]
  Added July 07, 2011
• Rep. Zoe Lofgren [D, CA-16]
  Added October 14, 2011
• Rep. James McGovern [D, MA-3]
  Added January 31, 2012
• Rep. Jerry McNerney [D, CA-11]
  Added February 01, 2012
• Rep. George Miller [D, CA-7]
  Added May 26, 2011
• Rep. Bradley Miller [D, NC-13]
  Added November 18, 2011
• Rep. Gwen Moore [D, WI-4]
  Added May 26, 2011
• Rep. Grace Napolitano [D, CA-38]
  Added June 03, 2011
• Del. Eleanor Norton [D, DC-0]
  Added May 10, 2012
• Rep. Chellie Pingree [D, ME-1]
  Added January 31, 2012
• Rep. Jared Polis [D, CO-2]
  Added May 26, 2011
• Rep. Laura Richardson [D, CA-37]
  Added May 10, 2012
• Rep. Steven Rothman [D, NJ-9]
  Added August 05, 2011
• Rep. Timothy Ryan [D, OH-17]
  Added May 26, 2011
• Rep. Janice Schakowsky [D, IL-9]
  Added July 07, 2011
• Rep. Fortney Stark [D, CA-13]
  Added May 26, 2011
• Rep. John Tierney [D, MA-6]
  Added November 02, 2011
• Rep. Edolphus Towns [D, NY-10]
  Added May 26, 2011
• Rep. Maxine Waters [D, CA-35]
  Added May 10, 2012
• Rep. Melvin Watt [D, NC-12]
  Added May 26, 2011
• Rep. Henry Waxman [D, CA-30]
  Added July 25, 2011
• Rep. Lynn Woolsey [D, CA-6]
  Added July 25, 2011

Support on POPVOX, H.R. 2028: Private Student Loan Bankruptcy Fairness Act of 2011 Summary: “To amend title 11 of the United States Code to modify the dischargeability of debts for certain educational payments and loans.” https://www.popvox.com/bills/us/112/hr2028

Please join us @ https://www.facebook.com/StudentLoanDebacleSupportNetworkit is a place where you can sit down, drink a cup of coffee, and chat with people about current affairs or whatever; a supportive network for those in any debt crisis. We all need support at one time or another; sometimes it’s just good to have an ear. Sometimes we just need someone to listen or read what we have to say.

Today's News on the Student Loan Debacle

Please call today: Senate & Congress Phone & Address Directory

 (From a FB friend)

Join the ‘student loan debt’ advocates & champions in the fight towards changing American perceptions; there is a movement to reach and change societal norms and heuristics in regards of how people think of ‘student loan debt’ and the serious repercussions in aggregate when the next financial crisis hits. When the student loan bubble bursts, and it will; the devastation will be long reaching into all our financial institutions, and then society will finally understand the foreboding economic condition and the actors who were involved in allowing this student loan debt catastrophe to happen: the responsible persons for the Student Loan Debacle, is majority of Congress & the Senate. And how did "WE the PEOPLE" and our wishes become a special interest group that those in Washington can negate.

And the thousands of individuals who are rising up and saying to Congress and the Senate “enough is enough, get out of the pockets of special interest groups; quit catering hand and foot to the PACS,” and do the job you were elected to do by the American people, in assisting the American people and not big corporations, you know the United States citizens, the ones who are paying your salaries!

I can’t emphasize enough, walking away from student loans is really notan option. Because, your student loans never go away! EVER! There are many ways in which your debt can be dealt with by the utilization of various programs. There is a link on the right, Navigating Through Your Student Loan Nightmare, which may help. More info on restructuring your debt will come later.

Congress and the Senate should be held accountable because of the lack of financial protections they eradicated; or should I say, [the bankruptcy protections] they have done away with, for the sake of their special interest associations.

Become Engaged - become a person who participates in their own life and assists in a greater cause for the good of the whole, and not just for the sum of its parts.

Today’s theme is again on the student loan debacle; sub-prime economics & unethical business practices within the student debt recovery system which is backed by our federal government.

A comment I found on the net:  by Unemployed_Northeastern

1965: Government student lending begins.  Outstanding balance: $0
2000: $200 billion owed
the end of 2008: $440 billion owed

Very Valid Points! (If anyone can prove his claims as to be invalid, I welcome it).

2012: $1 trillion owed, with another $113 billion expected to be borrowed.

Plug those numbers into Excel or a graphing calculator or Wolfram Alpha.  What you have, more or less, is an exponential curve.  Not a linear or geometric increase - an exponential increase.  I would add that a commenter over on CHE said that because these figures are based on "cohort borrowing," they likely do not represent the full amount that is currently owed; nor do these figures take into account the decades of capitalizing interest that will accrue during payback.

1.  The targeted lobbying to rid student loans of all consumer protections - statute of limitations, state usury and consumer protection laws, the Truth in Lending Act, the FDCPA, the ability to discharge in bankruptcy, the unheard of collection/garnishment measures.

2. The role of SLABS (Student Loan Asset-Backed Securities), their [until recently] invulnerability to market downturns because of the draconian repayment measures I listed above in #1; their influence in raising college costs and getting rid of the consumer protections in the first place, and the general public's almost complete ignorance that student loans are sliced and diced into securities the same way that mortgages were (and are).

3.  The deeper players in this puzzle.  One example: the largest higher ed think tank in the country is The Lumina Foundation.  With $1.5 billion in endowment (in 2007, anyways), it is wealthier than all but a handful of universities.  Their stated goal is to have 60% of America hold college degrees of some sort by 2025, and fund a lot of research papers to help promote higher education.  Not a penny of the $1.5 billion goes to student scholarships or the like.  If one roots around their web page for awhile, they can discover that this organization was founded when one student loan provider (USA Group) sold its assets to another (Sallie Mae), then took the proceeds and reinvented itself as a non-profit foundation.  So, the largest pro-college group in the country was founded, funded, and is operated by current and former student loan execs.  There is not, to my eye, one mention of a student loan crisis on their website, as opposed to the lengthy coverage here on the Atlantic, in the NY Times, and elsewhere - but not The Washington Post, since of course they own (and are subsidized by) for-profit education provider Kaplan.

(http://www.theatlantic.com/business/archive/2012/05/the-student-debt-crisis-we-dont-talk-about/257146/)

A little history on who allowed the bankruptcy law to become invalidated towards student loans, wouldn’t you like to ask your representatives why they took your consumer protections away in regards to student loans; when ‘WE’ the tax payers are funding ‘fly by night’ corporations who take our tax dollars and then file bankruptcy and then start all over again with more of our hard earned money as in tax dollars?

Wouldn't you like to ask, why did you allow our bankruptcy protections to go by the waste side, but you can give billions to bail out large corporations. I want to know, WHY!

How many of those who supported the bill to take our consumer protections away, are now in bed and reaping huge profits from the onerous practices of the student loans collection agencies, which are backed and paid for by our federal government… More on that to come.

S. 256 (109th): Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
Sponsor: Sen. Charles Grassley OR 11 USC § 523 - Exceptions to discharge

(8) unless excepting such debt from discharge under this paragraph would impose an undue hardship on the debtor and the debtor’s dependents, for—

(A)

(i) an educational benefit overpayment or loan made, insured, or guaranteed by a governmental unit, or made under any program funded in whole or in part by a governmental unit or nonprofit institution; or

(ii) an obligation to repay funds received as an educational benefit, scholarship, or stipend; or

(B) any other educational loan that is a qualified education loan, as defined in section 221(d)(1) of the Internal Revenue Code of 1986, incurred by a debtor who is an individual;

Sponsor: Sen. Charles Grassley
show cosponsors (12)
Sen. Thomas Carper [D-DE]
Sen. Michael Enzi [R-WY]
Sen. Orrin Hatch [R-UT]
Sen. Ben Nelson [D-NE]
Sen. Jefferson “Jeff” Sessions [R-AL]
Sen. Richard Shelby [R-AL]
Sen. John Thune [R-SD]
Sen. John Sununu [R-NH, 2003-2009] (joined Feb 03, 2005)
Sen. Michael Crapo [R-ID] (joined Feb 07, 2005)
Sen. Jim DeMint [R-SC] (joined Feb 07, 2005)
Sen. David Vitter [R-LA] (joined Feb 16, 2005)
Sen. Charles “Chuck” Hagel [R-NE, 1997-2009] (joined Mar 03, 2005)

http://votesmart.org/bill/votes/7715

Look for yourself?

AK Sr Sen. Lisa A. Murkowski Republican Yea

AK Sr Sen. Ted Stevens Republican Yea

AL Sr Sen. Richard C. Shelby Republican Yea

AL Jr Sen. Jefferson Beauregard 'Jeff' Sessions III Republican Yea

AR Sr Sen. Mark Lunsford PryorDemocratic Yea

AR Sr Sen. Blanche Lambert Lincoln Democratic Yea

AZ Sr Sen. John Sidney McCain III Republican Yea

AZ Jr Sen. Jon Kyl Republican Yea

CA Sr Sen. Dianne Feinstein Democratic Nay

CA Jr Sen. Barbara BoxerDemocratic Nay

CO Sr Sen. Ken Salazar Democratic Yea

CO Sr Sen. Wayne A. Allard Republican Yea

CT Sr Sen. Christopher J. 'Chris' Dodd Democratic Nay

CT Sr Sen. Joseph I. 'Joe' Lieberman Independent Democrat Nay

DE Sr Sen. Joseph Robinette 'Joe' Biden Jr. Democratic Yea

DE Sr Sen. Thomas Richard 'Tom' Carper Democratic Yea

FL Sr Sen. William Clarence 'Bill' Nelson Sr. Democratic Yea

FL Jr Sen. Melquiades Rafael 'Mel' Martinez Republican Yea

GA Sr Sen. Clarence Saxby Chambliss Republican Yea

GA Jr Sen. John H. 'Johnny' Isakson Republican Yea

HI Sr Sen. Daniel K. InouyeDemocratic Yea

HI Jr Sen. Daniel Kahikina Akaka Sr. Democratic Nay

IA Sr Sen. Charles E. 'Chuck' Grassley Republican Yea

IA Jr Sen. Thomas 'Tom' HarkinDemocratic Nay

ID Sr Sen. Michael D. 'Mike' Crapo Republican Yea

ID Sr Sen. Larry E. Craig Republican Yea

IL Sr Sen. Richard J. 'Dick' Durbin Democratic Nay

IL Jr Sen. Barack Hussein Obama II Democratic Nay

IN Sr Sen. Richard G. 'Dick' Lugar Republican Yea

IN Jr Sen. Evan Bayh Democratic Yea

KS Sr Sen. Charles Patrick 'Pat' Roberts Republican Yea

KS Sr Sen. Samuel D. 'Sam' Brownback Republican Yea

KY Sr Sen. Mitch McConnell Republican Yea

KY Jr Sen. Jim Bunning Republican Yea

LA Sr Sen. Mary L. LandrieuDemocratic Yea

LA Jr Sen. David B. VitterRepublican Yea

MA Sr Sen. Edward M. 'Ted' Kennedy Sr. Democratic Nay

MA Sr Sen. John Forbes KerryDemocratic Nay

MD Sr Sen. Barbara A. Mikulski Democratic Nay

MD Sr Sen. Paul S. Sarbanes Democratic Nay

ME Sr Sen. Olympia Jean Snowe Republican Yea

ME Jr Sen. Susan M. CollinsRepublican Yea

MI Sr Sen. Carl LevinDemocratic Nay

MI Jr Sen. Debbie Ann Stabenow Democratic Yea

MN Sr Sen. Norm Coleman Republican Yea

MN Sr Sen. Mark Dayton Democratic/Farmer/Labor Nay

MO Sr Sen. Christopher S. 'Kit' Bond Republican Yea

MO Jr Sen. James M. 'Jim' Talent Republican Yea

MS Sr Sen. Thad CochranRepublican Yea

MS Jr Sen. Chester Trent Lott Sr. Republican Yea

MT Sr Sen. Max S. BaucusDemocratic Yea

MT Jr Sen. Conrad R. Burns Republican Yea

NC Sr Sen. Richard M. BurrRepublican Yea

NC Sr Sen. Elizabeth H. Dole Republican Yea

ND Sr Sen. Kent ConradDemocratic-NPL Yea

ND Jr Sen. Byron L. Dorgan Democratic-NPL Nay

NE Sr Sen. E. Benjamin 'Ben' Nelson Democratic Yea

NE Sr Sen. Charles T. 'Chuck' Hagel Republican Yea

NH Sr Sen. Judd A. Gregg Republican Yea

NH Jr Sen. John E. Sununu Republican Yea

NJ Sr Sen. Frank R. Lautenberg Democratic Nay

NJ Sr Sen. Jon Stevens Corzine Democratic Nay

NM Sr Sen. Jeff BingamanDemocratic Yea

NM Sr Sen. Pete V. Domenici Jr. Republican Yea

NV Sr Sen. Harry M. ReidDemocratic Yea

NV Jr Sen. John Eric Ensign Republican Yea

NY Sr Sen. Charles E. 'Chuck' Schumer Democratic Nay

NY Jr Sen. Hillary Rodham Clinton Democratic Did Not Vote

OH Sr Sen. George V. Voinovich Republican Yea

OH Sr Sen. Michael 'Mike' DeWine Republican Yea

OK Sr Sen. James M. 'Jim' Inhofe Republican Yea

OK Jr Sen. Thomas Allen 'Tom' Coburn Republican Yea

OR Sr Sen. Ron WydenDemocratic Nay

OR Jr Sen. Gordon Harold Smith Republican Yea

PA Sr Sen. Arlen Specter Democratic Yea

PA Jr Sen. Richard J. 'Rick' Santorum Republican

Yea RI Sr Sen. John Francis 'Jack' Reed Democratic Nay

RI Jr Sen. Lincoln D. 'Linc' Chafee Republican Yea

SC Sr Sen. Lindsey O. Graham Republican Yea

SC Jr Sen. James W. 'Jim' DeMint Republican Yea

SD Sr Sen. Timothy Peter 'Tim' Johnson Democratic Yea

SD Jr Sen. John R. ThuneRepublican Yea

TN Sr Sen. Lamar Alexander Republican Yea

TN Sr Sen. William H. 'Bill' Frist Republican Yea

TX Sr Sen. Kay Bailey Hutchison Republican Yea

TX Jr Sen. John CornynRepublican Yea

UT Sr Sen. Orrin G. HatchRepublican Yea

UT Jr Sen. Robert F. 'Bob' Bennett Republican Yea

VA Sr Sen. John William Warner Republican Yea

VA Jr Sen. George Felix Allen Republican Yea

VT Sr Sen. Patrick J. LeahyDemocratic Nay

VT Jr Sen. James Merrill 'Jim' Jeffords Independent Yea

WA Sr Sen. Patty MurrayDemocratic Nay

WA Jr Sen. Maria CantwellDemocratic Nay

WI Sr Sen. Herbert H. 'Herb' Kohl Democratic Yea

WI Jr Sen. Russell D. 'Russ' Feingold Democratic Nay

WV Sr Sen. Robert C. Byrd Democratic Yea

WV Sr Sen. John D. 'Jay' Rockefeller IV Democratic Nay

WY Sr Sen. Craig Thomas Republican Yea

WY Sr Sen. Michael B. 'Mike' EnziRepublican Yea

Supported the Bill,

Senators Diane Feinstein, Barbara Boxer, Chris Dodd, Joe Liebermann, Daniel Akaka, Tom Harkin, Dick Durbin, Barack Obama, Ted Kennedy, John Kerry, Barbara Mikulski, Paul Sarbanes, Karl Levin, Mark Dayton, Byron Dorgan, Frank Lautenberg, Jon Corzine, Charles Schumer, Ron Wyden, John Reed, Patrick Leahy, Patty Murray, Maria Cantwell, Russ Feingold, John Jay Rockefeller IV, Hillary Clinton did note vote.

For more info: http://votesmart.org/bill/votes/7715

Usury laws vary slightly from state to state however the commonality is this; an excessive or illegally high rate of interest charged on borrowed money.  All types of student loans are exempt from theses state laws regarding the practice of capitalizing interest.

Student Loans have become the most profitable and the most oppressive type of debt in our nation’s history. This debt has been the financial ruin of millions of hard working Americans.
Profitability is the key reason these debts cannot be discharged in bankruptcy—lenders have spent millions lobbying for their own interests at the expense of student loan borrowers.

Currently, student loans cannot be discharged when the debtor declares bankruptcy, which means that, unlike most other unsecured debt, student loans will stay with the debtor post-bankruptcy--this was not always the case:

Prior to 1976: Both Federal & private student loans were dischargeable in bankruptcy without exceptions.

1978: With the introduction of US Bankruptcy Code (11 USC 101 et seq), exceptions to discharge were implemented. The ability to discharge is limited to loans in repayment for 5 years or representing an undue hardship.

1990: The five-year period was extended to seven years.

1998: Congress reauthorized the Higher Education Act, eliminating the seven-year rule

2005: The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 expanded to 

include private student loans.

The popular argument against discharging student loans in bankruptcy is that it will be abused--although at the time Federal loans could be discharged, less than 1% were discharged--hardly an abuse.  The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 include a number of safeguards to prevent abuse and fraud and make it difficult to file bankruptcy.  It is also important to note that there is no evidence that student loan debtors are more likely than other borrowers to file for bankruptcy.  

Why then was the law changed making student debt the most dangerous debt in America?  The answer is simple--Lending giants such as Sallie Mae paid for these laws by spending millions of dollars lobbying.

In 2009 alone, Sallie Mae spent 3.4 million dollars lobbying against changes to student loans proposed by President Obama, and since 1989 Sallie Mae has been the single largest contributor to John Boehner's leadership PAC. (History of Sallie Mae lobbying)

The argument of "abuse" is nothing more than a fear tactic perpetrated by the lending industry and the elected officials they own.  Ironically, these lenders, even when intending to defraud the public by overvaluing their holdings, can themselves file for bankruptcy should they chose. 

Today's News on the Student Loan Debacle

Please call today: Senate & Congress Phone & Address Directory

 Join the ‘student loan debt’ advocates & champions in the fight towards changing American perceptions; there is a movement to reach and change societal norms and heuristics in regards of how people think of ‘student loan debt’ and the serious repercussions in aggregate when the next financial crisis hits. When the student loan bubble bursts, and it will; the devastation will be long reaching into all our financial institutions, and then society will finally understand the foreboding economic condition and the actors who were involved in allowing this student loan debt catastrophe to happen: the responsible persons for the Student Loan Debacle, is majority of Congress & the Senate. And how did "WE the PEOPLE" and our wishes become a special interest group that those in Washington can negate.
 

And the thousands of individuals who are rising up and saying to Congress and the Senate “enough is enough, get out of the pockets of special interest groups; quit catering hand and foot to the PACS,” and do the job you were elected to do by the American people, in assisting the American people and not big corporations, you know the United States citizens, the ones who are paying your salaries!

I can’t emphasize enough, walking away from student loans is really notan option. Because, your student loans never go away! EVER! There are many ways in which your debt can be dealt with the utilization of various programs. There is a link on the right, Navigating Through Your Student Loan Nightmare, which may help. More info on restructuring your debt will come later.

Congress and the Senate should be held accountable because of the lack of financial protections they eradicated; or should I say, [the bankruptcy protections] they have done away with, for the sake of their special interest associations.

Become Engaged - become a person who participates in their own life and assists in a greater cause for the good of the whole, and not just for the sum of its parts.

Today’s theme on the student loan debacle; sub-prime economics & unethical business practices within the student debt recovery system which is backed by our federal government.

Sub-prime economics are a true and absolute practice within the student loan industry, when did racketeering become an ethical practice? And when did our government tout agencies that engage in such practices. The logos behind this agenda are backed by our federal government and its actors. When are people going to wake up? When is the special interest group “We the People,” going to be heard, when will our pleas be heard by those who are supposed to represent us the citizens of the United States?

According to Bloomberg.com, “Last year, Education Secretary Arne Duncan, whose annual salary is just under $200,000, asked the guaranty agencies to choose either debt collection or default prevention. He cited “poorly aligned incentives” because agencies make so much more money collecting on defaults.” (http://www.bloomberg.com/news/2012-05-15/taxpayers-fund-454-000-pay-for-collector-chasing-student-loans.html).

The collections on defaulted student loans are running rampant; due to massive profit margins, because Congress and the Senate have taken away all protections, for the student loan debt consumers of the United States.

According to The San Francisco Chronicle, “With $67 billion of student loans in default, the Education Department has hired 23 private debt-collection companies to chase borrowers. They include Pioneer Credit Recovery, a unit of SLM Corp., the largest student-loan company, known as Sallie Mae. In the year ended in September, the department received 1,406 complaints against the debt collectors, up 41 percent from the year before - a figure the report said probably understates conflicts with borrowers struggling to repay loans.(http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/05/07/BUBJ1OEHSO.DTL#ixzz1uwMnnrhJ).

According to The Atlantic.com, “More people too deep in college debt to take the jobs they want, buy the cars they want, own the homes they want, and start the lives they want? Really bad news.” Pretty much sums up my life and circumstances in a nut shell. (http://www.theatlantic.com/business/archive/2012/05/the-student-debt-crisis-we-dont-talk-about/257146/).

According to The Huffington Post, “But there's one challenge that may present an even greater threat to a new grad. It follows them for years -- even decades. It typically can't be forgiven in bankruptcy. The government can garnish wages to make sure a graduate repays it. And it doesn't care what kind of job the graduate gets -- it must be repaid at all costs.” (http://www.huffingtonpost.com/investinganswers/10-states-with-the-most-student-loan-debt_b_1509500.html).

It “doesn’t matter what job the graduate gets,” may be the financial aid departments at colleges might want to instruct students on what kind of jobs they will get, with the degrees they worked so hard to obtain? Colleges aren’t held accountable for touting useless degrees, why?

According to The New York Post, “Everyone agrees that there is a “student-loan crisis” — yet few seem to notice the student-loan market and pre-crisis housing lending are looking more and more alike. The result is likely to be no less so. 

Because, so many of the ‘1%ers’ are benefiting off the financial hardships of the poorest individuals in our American society.

Again according to the CBO: “In the past five years alone, new originations increased by nearly three-quarters: from $56 billion in 2005 to $97 billion in 2009 . . . As a consequence, the total amount of federal student loans outstanding rose from $381 billion to $631 billion over that period.” (http://www.nypost.com/p/news/opinion/opedcolumnists/student_loans_the_next_bubble_cnUurleKnXABfXKkTyiqSM#ixzz1uwidHIdU).

A wise voice of reason from Hattiesburg American, “If only we could find some responsible, honest leaders who care more about our nation's future than ostentatious flag-waiving, cronyism and lock-step party politics, perhaps our kids would have a chance.” That would be nice to have leaders in this country who are not in the pockets of the special interests groups. (http://www.hattiesburgamerican.com/article/20120515/OPINION03/205150305/Student-loan-debt-an-American-issue-?odyssey=mod|newswell|text|FRONTPAGE|s).

Today’s News on The Student Loan Debacle

However, I do disagree with one statement he made; “We’re not yet an oligarchy.” I happen to think the values the politicians and the ‘plutonomy’holds over the so called ‘have not’s’ (me for one) would afford the 1%ers the title oligarchy and American society is definitely not based on meritocracy.

Hansen Clarke is attempting to help those with student loan debt, maybe to the chagrin of his career, but ‘we’ those of us with  student loan debt appreciate his magnanimous gestures in submitting the Student Loan Forgiveness Act H.R. 4170 even if it turns out to be futile; at least more people will become aware of the Student Loan Debacle. For more information on Hansen Clarke:

• YouTube Video: http://www.youtube.com/watch?v=1QEj-vIOIXk

• His Congressional webpage: http://hansenclarke.house.gov/press-release/rep-hansen-clarke-introduces-student-loan-forgiveness-act-2012-hr-4170

• Hansen Clarke & Open Congress needs your support on H.R. 4170: http://www.opencongress.org/bill/112-h4170/show

Senator Marco Rubio states, “he still owes on ‘student loans’” and will support the measure that will freeze student loan interest rates. That is great, now will he assist in the legislative process of finding out the true problem for the crisis that brought the student loans debacle here in the first place? Those student loans and its lending practices are the ‘thing’ that is driving up tuition costs. Colleges should be held accountable for the students who have high student loan debt and defaulting on that debt. Colleges should also be co-signing loans and be held accountable for just being diploma mills and doing little for their Alumni.

Because, many students were sold a bad bill of goods on the degrees those choose. Not one financial aid adviser or officer offered (me) any information as to the amount of money I would make in a life time for my degree. In hindsight, that was my fault, for not doing research on my own, to find out both of my degrees are about useless, economically speaking. And my student support services adviser recommended the degrees I got, so now I have 2 degrees and what do I do with them? I’ll tell you what I will do; I will be an indentured servant for the rest of my natural born life.

Is this my fault, my student loan debacle, mostly that and the lack of jobs, due to the ‘Right to Work’ state I live in and the ‘slave-wages’ who beget that legislation in the first place!

Fox News has an article out today that states the obvious, Student Loans are a Burden, but it’s the lack of Jobs that Hurts America More! Your absolutely correct, when is the Senate and Congress going to do their jobs, and create more avenues for job creation, when are they going to offer many more incentives to bring back American jobs, that they allowed to leave in the first place.
  
Really! NCLC Report Distorts Student Loan Debt Collection

I have added a post on your rights as a consumers in regards to unethical student loans collections practices of what they can and can not do.

52 Days left to pass a rate freeze on Student Loans!

Another person Rep. Peter Welch joins the student loans debt battle, “Welch is pushing for passage of H.R. 3826, which would extend the current 3.4 percent interest rate on Federal Direct Stafford Student Loans.” 

http://vtdigger.org/2012/05/09/welch-brings-vermont-student-loan-debt-stories-to-congress/

Mr. Welch’s plea for assistance for students and the struggles they are facing: http://youtu.be/x2JGEgsJRHs

Can your student loan be forgiven? An article on Fox http://www.foxbusiness.com/personal-finance/2012/05/09/can-your-student-loan-debt-be-forgiven/

It has a great deal of information: for instance, certain loans that are forgiven are tax exempt, there is a form to give to your employers to see if your job qualifies for a non-profit status. “"You don't have to wait 10 years to find out if your job qualifies," Kantrowitz says.”There's a form you can have your employer complete that will say whether your service qualifies.”

Read more: http://www.foxbusiness.com/personal-finance/2012/05/09/can-your-student-loan-debt-be-forgiven/#ixzz1uOsf6zeT